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Scammers are constantly looking for ways to trick you into supplying your personal and financial information. We have recently discovered scams, specifically pretending to be from Australia Post and PayPal. Below we have demonstrated how you could better protect yourself and your loved ones from these scams. Scams targeting Australia Post customers You may receive a phone call or email from someone pretending to be from Australia Post. The caller or email informs that Australia Post has a refund for you and will ask for your credit card details to process the refund. Should you receive one of these phone calls or emails, please do not hand out any personal information. It is a scam, please either hang up the call or delete the email immediately.  Another Australia Post scam that has been circulating during August involves false text messages informing you of a delivery notice and urging you to click on a link to confirm the address. The link will direct to a fake Australia Post website to get your personal and financial information. Below is an example of the text message: Below is an example of a fake Australia Post website: We suggest you treat this text message the same way as you would approach any suspicious emails you receive if in doubt remove immediately. Please note that Australia Post will never email or text message you to request personal and financial information. To learn more about scams targeting Australia Post customers, please visit Scam alerts on the Australia Post website.  Scams targeting PayPal customers If you use PayPal, please be cautious with scam emails with a subject line such as Suspicious Activity on Your Account or Your account has been limited. These emails will inform that your account details have been altered and hence your account has been limited. Such emails will advise that you need to log in via a specific link to change your personal information. The email may try to force you into supplying your details by warning to lock your account if you do not update your details by a specific date. Below is an example of the scam email Need help? If you believe someone has gained access to your personal details, even if the scam appears unrelated to your finances, you should contact your Bank immediately. A prompt response can be crucial in providing you with the best chance to prevent any loss. If you have concerns about your Unity Bank account contact us on 1300 36 2000 If you have been the victim of identity theft, IDCARE can guide you through the steps to reclaim your identity. Contact them on 1300 432 273 or via https://www.idcare.org You can find out how scams work, how to protect yourself, what to do if you’ve been scammed or report a scam to the Australian Competition and Consumer Commission (ACCC) via the Scamwatch website scamwatch.gov.au

2020 was another highly successful year for Unity Bank. Review our financial summary and see how our Member-first approach has made all the difference. Read now

Australians aged 25 to 44 have overtaken retirees and the elderly for reported cases of identity theft. According to data published by ACCC’s Scamwatch, reported cases are a third higher (32%) in 2020 than the corresponding period for 2019. Historically, Australians over 65 report the most cases, but we are now seeing younger age groups of 25 to 34 and 35 to 44 move to the fore, suggesting a generational shift in this criminal activity. This change reflects broader societal trends for digital technology. Unfortunately, it is easy to focus on the benefits and overlook the pitfalls of sharing information so readily. It can be as simple as clicking on what looks to be a personalised email that actually has a dangerous payload within. Within minutes your device has downloaded a virus that will access personal information such as bank statements, identity particulars and your address book. A good trick is to validate the sender's email address by checking its domain name on Google. If you don’t recognise it, delete it immediately. Alternatively, the criminal starts with one piece of personal information and gradually builds up a profile by harvesting information from social media. In a digital world we tend to disregard traditional mail, but items such as superannuation statements and renewal of driver’s licence cards are pure gold for criminals. Many people are aware of scam activities but most targeted people are caught by surprise when they are contacted by a business chasing payment, or the heart wrenching moment when they realise a criminal group has used their details to take out loans in their name. Losing control of your identity can start a downward spiral with many activities we take for granted severely impacted, whether obtaining a loan, buying a house, starting a business, or even starting a new relationship. It can take hundreds of hours to reclaim a stolen identity and recover from a blemished credit history. Don’t overshare on social media and use privacy settings wisely. Protect your devices and pay attention to security upgrade messages. Lock your email inbox, clean out the junk, and never click on unsuspecting links, even if it is addressed to you. If you think you have provided your account details to a scammer, please contact us immediately on 1300 36 2000. We also encourage you to report it to the ACCC via the report a scam page. This helps them warn people about current scams, monitor trends and disrupt scams where possible.

Sadly, instances of elder financial abuse are increasing and are predicted to escalate as our population ages. You may not be familiar with the crime of elder financial abuse, which is defined by Relationships Australia as: “The illegal, mismanagement or improper use of the older person’s finances. This includes stealing money or possessions, controlling their finances without permission, threats or coercion to gain power of attorney or pressuring them for early inheritances.” This crime is usually committed by a person or people who are trusted by the older person and it can take place over a considerable period. Anyone can be targeted, but those over the age of 50 are most at risk. Warning signs of elder financial abuse include: You have not been receiving your usual mail, including your bank statements, but you have not cancelled the service. You feel that you have to request permission from another person to spend your own money. Someone is pressuring you to sign a power of attorney granting control of your bank account to them, or someone else. Someone is very interested in your Will and is perhaps forcing you to change it. If you have appointed someone as your power of attorney, you feel that they are not acting in your best interests, i.e. they are using your money for their own interests. Someone else has control of your bank account/s – your access card/PIN/credit cards – without your consent. Your signature has been forged on cheques or legal documents. Unexplained transfers, withdrawals or payments have appeared on your account statements; be particularly suspicious of large amounts. You have become aware of new investments, debts or loans in your name or are being pressured to take out such investments, debts or loans in your name. Your bills have not been paid, despite requesting someone to arrange this for you. Someone is arranging to sell or is threatening to sell your property without your permission. You are experiencing threatening behaviour, such as someone threatening to isolate you from your family and friends if you do not comply with their wishes. Someone is making you feel guilty if you do not give them money. You are feeling intimidated, possibly involving verbal abuse, cajoling, anger or threats. You no longer feel in control of your finances. If you feel that you or your loved ones are at risk, get support Build strong relationships with people who can help you or your loved ones. Ideally, create your support team from a mix of contacts, for example, your GP, your accountant, a friend and a family member. Need help? If you are worried that you or your loved ones are vulnerable, seek help: Relationships Australia publish a list of state and territory assistance services, such as the NSW Elder Abuse Hotline 1800 628 221. Lifeline provides support 24 hours a day, 7 days a week for those in crisis. moneysmartgov.au publish a range of resources that can help you. The Australian Institute of Family Studies also publish a list of elder abuse support services. Be Connected provides online learning resources to empower all Australians to thrive in a digital world. At Unity Bank, our team has been trained to help identify the warning signs of financial abuse. Our members can contact us on 1300 36 2000 (8.00am – 7.00pm weekdays) to discuss any concerns with their account. We’re ready to help you. You may find the article What is elder financial abuse? of interest.

Elder financial abuse is increasing, and instances of this crime are predicted to rise as our population ages. Those over the age of 50 are most at risk but it can happen to anyone – including you. Relationships Australia define elder financial abuse as:“The illegal, mismanagement or improper use of the older person’s finances. This includes stealing money or possessions, controlling their finances without permission, threats or coercion to gain power of attorney or pressuring them for early inheritances.” This crime is not committed by a stranger, but by a person or people who are trusted by the older person. As such, instances of elder financial abuse can be difficult to talk about and are often unreported because victims are too frail or ashamed to report the fraud. This type of abuse manifests in many ways and can take place over an extended time period. Why does elder financial abuse occur? Isolation and dependence on others: older people can become isolated and dependent on those they trust: family members, neighbours or carers, which makes them especially vulnerable. Others at high risk include those who have a physical or mental disability or a limited understanding of financial matters, perhaps due to language skills or cultural attitudes. Sadly, anyone who is reliant on others is at risk of financial abuse. Inheritance impatience: this is the biggest cause of elder financial abuse and refers to family members pre-empting their inheritance to purchase goods using their elderly relative’s funds. Instances of this wrongful sense of entitlement are increasing, which has prompted a banking industry push for new legislation. According to the Australian Banking Association, six out of ten Australians have concerns that someone they know will become a victim of elder financial abuse. How to protect yourself  Make sure you have access to your own mail and do not leave any mail lying around unopened. Keep your account access, i.e. access card/s and PIN/s, secure. Do not write PINs or passwords down or store them in your wallet or around the house. Do not keep large amounts of cash at home. Ensure that your cheque books and legal documents, such as your Will and property deeds, are stored securely. Consolidate your accounts where possible so that it’s easier to spot any unusual activity. Review your bank statements regularly to make sure there are no unauthorised transactions. If you are considering a power of attorney, think about nominating more than one person and decide whether they will act separately or together. Do not sign any documents unless you fully understand them. Get support It is important to build strong relationships with people who can help you or your loved ones. Ideally, form your support team from a mix of contacts. For example, your GP, your accountant or financial adviser, a friend and a family member.   Need help? If you are worried that you or your loved ones are vulnerable, seek help: Relationships Australia publish a list of state and territory assistance services, such as the NSW Elder Abuse Hotline 1800 628 221. Lifeline provides support 24 hours a day, 7 days a week for those in crisis. moneysmartgov.au publish a range of resources that can help you. The Australian Institute of Family Studies also publish a list of elder abuse support services. At Unity Bank, our team has been trained to help identify the warning signs of financial abuse. Our members can contact us on 1300 36 2000 (8.00am – 7.00pm weekdays) to discuss any concerns with their account. We’re ready to help you.

  Creating an emergency fund may seem daunting for some. A lot of people may think you need to put away hundreds of dollars each week, which is delaying them from starting one. It doesn't matter how much you are putting in this account as long as you have begun.   Figure out what you can spare each pay Crunching the numbers and working out how much you can allocate for your emergency fund will help you understand how you are spending your money. For example, James figured out that he could spare $50 from his weekly pay for his emergency fund. He worked out that if he puts aside $50 each week for one year, he could save approximately $2,600.   Starting a separate savings account for your emergency fund By opening a second account, you can keep this money separate from your everyday expenses and preventing yourself from spending it.   Set up auto transfer on payday  By setting up a regular auto transfer, you won't have to worry about manually transferring the money into your emergency fund savings account on each payday.    Make extra contributions when you can If you happen to receive extra money during the year, like a pay rise or tax return, consider using some of those funds to boost your emergency fund.  We hope these tips help you in starting your emergency fund or improving it. For more information, please visit https://moneysmart.gov.au  Source:https://moneysmart.gov.au/saving/save-for-an-emergency-fund