'I work in fraud and scam recovery. You wouldn’t believe the stories we come across.'

There's nothing worse than hearing a story about a vulnerable person, or someone just like you, being scammed — except, maybe, the gut-wrenching worry that you’re not equipped to keep yourself and those around you safe from a similar fate. 

When it comes to scams and fraud, information is power, and I mean that on both sides: your personal information is powerful in the hands of potential scammers — but information about common scams, how they work and what to look out for is the key to keeping you safe. 

It's an area where the experts know best. So, Mamamia spoke to Audrey Pajmon, Bankwest's Executive Manager of Fraud Management Services, to share her wisdom. 

Here are 8 of her most important takeaways. 

1. The type of scam you're most likely to be targeted by depends on your age. 

Pajmon said the most common types of scams to watch out for depend on your demographic. 

"Phishing scams, like text messages offering supermarket points, are the leading method targeting under 34s. But scammers will often target older Australians with investment traps, or relationship scams."

And as scammers get more sophisticated, so do their fake product offerings. "The product collateral scammers are producing is looking very sophisticated," Pajmon said. That means you might think you’re looking at, for example, a legitimate investment website, when in fact the whole thing is manufactured. 

2. Time is of the essence if you've fallen for a scam. 

If you think you've fallen victim to a scam, Pajmon said acting quickly is the best approach. It's never worth waiting to see what happens if you suspect there’s something iffy going on. 

"You should immediately contact your bank and talk through your suspicions, as the bank can then respond as soon as possible, such as halting any in-progress transactions."

"Victims often remain silent due to shame and embarrassment," Pajmon said, which can actually impede efforts by banks and the police to recover their funds: "Every minute is crucial to recall and recovery efforts." 

3. Scams don’t always involve the transfer of funds... at least at first. 

It’s a common misconception to assume that just because you aren’t being asked to transfer money, you aren't being scammed. 

In fact, many scammers use an initial approach to take your personal information, including your name, phone number and who you bank with, so that they can later contact you impersonating your bank or another trusted institution. 

The same goes for being asked to transfer just a small amount of money (often under the guise of "verifying" your payment details so you can receive a larger sum). It's tempting to think that the risk is low, because the transfer amount is so small, but it’s actually the scammer finding out who you bank with so they can impersonate them. 

"They would then phone the victim, acting as a bank representative, informing them the micro payment they just made was a scam, and they were going to help them," Pajmon said. 

4. A sense of urgency should always be a red flag. 

"A common sign of scams is the sense of urgency created, whether through what is known as 'threat or penalty' texts, or a scammer contacting a victim for an issue that must be acted on immediately, like an overdue fine," Pajmon said. 

Scammers are counting on people panicking and paying without stopping to think, but a legitimate business or fine collector would never demand immediate payment with no warning. There's always time to double-check that things are above board, including with a phone call to your bank using the number on their website. 

5. Victims are polite to scammers at their own risk. 

"In my job, I listen in on a lot of conversations with people concerned about scams," Pajmon said. "Often, a bank employee will be talking to the customer, and we’ll hear their wife still talking to the scammer in the other room, too polite to hang up. You have to hang up on these criminals — you don't owe them anything, and they aren't your friends!"

6. It pays to keep your details private. 

The most important takeaway? Pajmon confirmed we need to treat our mobile devices, and the information they contain, as privately as we would our homes. 

"Treat your phone like you would closing your blinds," she said. "Don’t share your passwords or your one-time codes with anyone." Where possible, you should enable two-factor authentication – a security feature that requires you to enter a second form of authorisation, and will most commonly be a six-digit code received via SMS or email. Always remember that no legitimate institution will ever ask you to share these two-factor authentication codes.  

"If you are being asked for a one-time code, something serious is about to happen," Pajmon cautions, "so you should be very careful about how to proceed. If in doubt, always pause, check with your bank, and reject any further contact."

7. If it sounds too good to be true, it probably is. 

Pajmon emphasised that people should trust their gut when it comes to identifying scams. 

"We’re encouraging people to trust their scam-sense because we've likely all heard the saying, 'If it sounds too good to be true, it probably is.'" It never hurts to check if an investment, request for payment or contact purporting to be from an 'official' source is legitimate – and you could save yourself a lot of trouble in the long run. 

A common scam story can involve a victim seeing an advertisement for an investment opportunity on social media, where they're required to complete a form that poses as an 'expression of interest'. This provides the scammers with the victim's contact details — where the scammers will contact the victim, acting as legitimate investment bankers. 

The scammers will often be so sophisticated that they can provide convincing brochures and portfolio information on the 'investment opportunity' and, once the victim transfers money, the ruse will also include username-and-password access to a personalised dashboard that purportedly shows the performance of the investment. 

This false sense of security can instil further confidence in the victim, who invests further funds. It's only when they attempt to withdraw their money that they become aware of the scam and that everything they thought was authentic, was a front.

8. Scammers are smart, so know what to look out for. 

Scammers are becoming increasingly sophisticated, so awareness and vigilance are a critical defence. 

Bankwest is accelerating investment in digital services to deliver safer banking. The latest scams education is featured on their Bankwest Security Hub, which shares the most recent activity that scammers are up to. Bankwest also stay one step ahead of scammers with digital tools like NameCheck, that "cross-checks entered account information against available payment information to warn of any mismatches and potential scams," Pajmon explains. 

It's also wise to know the steps you can take in case you notice any suspicious on your account. The Bankwest app offers temporary card lock as well as a feature that helps users identify unknown charges with Look Who's Charging.

Explore the Bankwest Security Hub to find out the latest scam and fraud information, and how Bankwest can help keep you protected.

Feature Image: Supplied.