ACCC issues advice on rising coronavirus scams, how to keep your money safe

During times of crisis, it’s not uncommon for online scammers to prey on vulnerable Aussies and their fears.
And according to new research by the Australian Competition and Consumer Commission (ACCC), scammers are using anxiety around the coronavirus to make money and obtain personal details.
Since January 1, the ACCC’s ScamWatch received 94 reports of scams about coronavirus and the organisation has warned that the number of cases that the number of cases will continue to climb.
“Unfortunately, scammers are using the uncertainty around COVID-19, or coronavirus, to take advantage of people,” said ACCC Deputy Chair, Delia Rickard.
“We’ve had a wide variety of scams reported to us, including fake online stores selling products claiming to be a vaccine or cure for coronavirus, and stores selling products such as face masks and not providing the goods.”
RELATED: Gen Z falling victim to scams at alarming rate, finds ACCC
Other scams include misinformation about cures for coronavirus and investment scams, which detail opportunities on how to make money during the outbreak.
Rickard explained that while a cure will eventually be released to the public, Aussies should sit tight for now and await updates from experts.
“There is no known vaccine or cure for coronavirus and a vaccine isn’t expected to be available for 18 months. Do not buy any products that claim to prevent or cure you of COVID-19. They simply don’t exist,” she said.
“Understandably, people want information on the pandemic, but they should be wary of emails or text messages claiming to be from experts. For the most up-to-date information about the coronavirus, visit the Department of Health and the World Health Organization websites directly.”
How to protect yourself from online scams
With hackers and scammers using the latest technology to obtain personal information and create highly realistic websites, there’s never been a better time to brush up on your online safety habits. Here are four tips to stay safe and protected online:
Keep up with legitimate payment options - Afterpay, Paypal, credit cards - there are a number of common ways to pay online. Steer clear of online sites that ask for uncommon payment methods such as wire transfers, preloaded cards or cryptocurrency.
Delete, delete, delete - If you receive an email or text message from an unrecognised source, do not click on any links or attachments. These may download viruses onto your computer or device that can steal your banking or personal details. Play it safe by deleting any emails or text messages you don’t recognise.
Download up to date computer security software - One way to safeguard your computer is to keep anti-virus and anti-spyware software up to date. Of course, when you are downloading the software, be sure it’s from a reputable source.
Do your research - If you plan on donating to any charities or crowdfunding platforms, do you research to be sure the organisation is legitimate. Read the terms and conditions of funding platforms and ensure charities are registered on the Australian Charities and Not-for-profits Commission Charity Register before making a donation.
Compare bank accounts - last updated 9 December 2023
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AMP Cash Manager
$0.00
Apple Pay, Google Wallet, Samsung Pay
0.60% p.a.
Earn up to 4.80% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
CompareCompareAMP Cash Manager
Earn up to 4.80% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
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- $0.00
- Payment Options
- Apple Pay, Google Wallet, Samsung Pay
- interest rate
- 0.60% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.60% p.a.
Balances from $10,000.01: 4.80% p.a.
Balances from $250,000.01: 4.35% p.a.
Balances from $5,000,000.01: 0.00% p.a.
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Read our Mozo Review to learn more about the AMP Bank AMP Cash Manager
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$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
0% p.a.
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Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
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- interest rate
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- ATM networks
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Read our Mozo Review to learn more about the MyState Bank Glide Account
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$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit, Garmin
0.05% p.a.
IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.
CompareCompareWisdom Saver Account
IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.
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- interest rate
- 0.05% p.a.
- ATM networks
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EFTPOS
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- Balances from $0: 0.05% p.a.
Balances from $10,000: 1.65% p.a.
Balances from $50,000: 2.05% p.a.
Balances from $250,000: 2.55% p.a.
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Mozo experts choice awards won:
- Travel Debit Card - 2023
Everyday Options
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
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An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
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- Payment Options
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- interest rate
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- ATM networks
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- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
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$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
0% p.a.
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
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No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- none
- What kind of card?
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Read our Mozo Review to learn more about the ubank Spend Account
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