High net worth (HNW) individuals and families are being urged to protect their personal and business information or risk being a victim to cybercrime and fraud, NAB Private Wealth warns.
Between March 2023 and June 2024, NAB’s scam payment alerts have assisted customers to abandon more than $100 million in potential payments to scammers.* However, HNW individuals, families and their businesses remain a large target for phone and online investment scams.
NAB Private Wealth Executive Michael Saadie urges HNW clients to be vigilant with their personal and business data.
“Scammers are becoming increasingly sophisticated and are targeting wealthier Australians. It is essential to recognise the warning signs early to protect your yourself, your wealth and your investments,” Mr Saadie said.
“Personal information is one of your most valuable assets and in the wrong hands, details like your name, date of birth, tax file number and online account logins could be used to carry out fraud – like taking out loans and credit cards in your name.”
The latest tools used by scammers include AI voice impersonation, QR code phishing and remote access chat.** Scammers either target people directly, take advantage of details leaked in a data breach or gather information through various online sources.
“Ignoring the warning signs of an online scam or cyber-attack can be costly and have a significant impact. Impacted businesses can face costs ranging from tens of thousands of dollars to millions depending on the scale of the scam or attack,” Mr Saadie said.
Scammers will try to create a sense of urgency, so it is important for HNW individuals to take a deep breath, slow down and give themselves time to think before reacting, so they can avoid being scammed.
“One tip for spotting a red flag is to pay attention to the level of transparency,” Mr Saadie said. “If someone is reluctant to provide clear and comprehensive information or if the details seem vague, it’s time to dig deeper or walk away. Scammers rely on confusion and pressure to rush decisions, so always take your time and verify everything.”
Self-education remains the best defence against scams. On Thursday 29th August, during Scams Awareness Week, NAB will be hosting ‘The Big Scam Education Conversation’.
“We’re aiming to have a conversation about scams with our customers and the community to help them learn how to protect themselves, their families, and their businesses,” Mr Saadie said.
“Both customers and non-NAB customers can register to join the conversation by registering at nab.com.au/scamsawareness .”
