Invest
Scammers posing as Telstra cost Aussies millions
Scammers posing as several well-known companies, including Telstra, have cost Aussies more than $4 million in 2018 so far, the consumer watchdog warned this morning.

Scammers posing as Telstra cost Aussies millions
Scammers posing as several well-known companies, including Telstra, have cost Aussies more than $4 million in 2018 so far, the consumer watchdog warned this morning.

Telstra, the NBN, Microsoft and even the police have been used as fronts by scammers looking to steal banking details, the Australian Competition and Consumer Commission (ACCC) has warned.
The ACCC said it has seen a “significant spike” in these scams in 2018, with $4.4 million in losses already.
“The spike in remote access scams is very concerning; losses so far in 2018 have already surpassed those for the whole of 2017, and sadly it is older Australians that are losing the most money,” ACCC deputy chair Delia Rickard said.
“The scammers are becoming more sophisticated. The old trick scammers used to use was to call people and say there was a virus on their computer that needed fixing but, in a new twist, scammers are now telling people they need their help to catch hackers.”
She explained that scammers will tell their target that their computer has been compromised by hackers, and that they need to use the target’s computer to catch the fake scammer.
They will then pretend to deposit money into the target’s account by swapping money between the target’s accounts to give the appearance of a deposit. However, money is then sent out of the target’s account and into the scammer’s pocket.
“Unfortunately there are many stories from people who give a scammer access to their computer and are then conned into giving access to online banking,” Ms Rickard said.
“It’s vital that people remember they should never, ever, give an unsolicited caller access to your computer, and under no circumstances offer your personal, credit card or online account details over the phone.
“If you receive a phone call out of the blue about your computer and remote access is requested, it’s a scam 100 per cent of the time. Just hang up.”

Cryptocurrency
Musk’s fortune tumbles alongside bitcoin following Twitter warning
Elon Musk has been dethroned, losing his title as the richest person in the world after Tesla shares dropped 8.6 per cent on Monday, instantaneously wiping US$15.2 billion off his fortune. ...Read more

Cryptocurrency
Over 100k bitcoin addresses hold over US$1m each
With forecasts emerging that Tesla is set to make more from bitcoin than profits from selling its electric cars in 2020, new research has revealed that there are now over 100,000 bitcoin addresses hol...Read more

Cryptocurrency
Ethereum’s all-time high ‘just the beginning’
The latest run for the second-largest cryptocurrency, ethereum, has seen it surge to a new record high, with an analyst stating its record run is “just the beginning”. ...Read more

Cryptocurrency
Bitcoin could surge 100% in 2021, investors believe
While some investors are feeling uneasy after bitcoin more than doubled in value in less than a month, others predict it could hit US$100,000 per coin over the next several months. ...Read more

Cryptocurrency
Aussie brands start transacting with bitcoin
Aussie watchmaker Jacopo Dondi has announced that it’s now accepting bitcoin as payment, having welcomed the world’s most popular cryptocurrency as a sign of its willingness to embrace the unconve...Read more

Cryptocurrency
Top 10 cryptoassets by trades
Bitcoin is still as popular as ever, based on analysis of the trades undertaken by crypto investors across the month of August. ...Read more

Cryptocurrency
5 ways to keep cryptocurrencies safe
Like normal money, cryptocurrencies can be vulnerable to theft, but there are ways to minimise the risks, according to an encryption specialist. ...Read more

Cryptocurrency
Cryptos fail safe haven test
Despite being touted as digital gold, cryptocurrency markets have shed billions of dollars during the pandemic, proving that they are not immune from wider fluctuations in sharemarkets. ...Read more

Cryptocurrency
Musk’s fortune tumbles alongside bitcoin following Twitter warning
Elon Musk has been dethroned, losing his title as the richest person in the world after Tesla shares dropped 8.6 per cent on Monday, instantaneously wiping US$15.2 billion off his fortune. ...Read more

Cryptocurrency
Over 100k bitcoin addresses hold over US$1m each
With forecasts emerging that Tesla is set to make more from bitcoin than profits from selling its electric cars in 2020, new research has revealed that there are now over 100,000 bitcoin addresses hol...Read more

Cryptocurrency
Ethereum’s all-time high ‘just the beginning’
The latest run for the second-largest cryptocurrency, ethereum, has seen it surge to a new record high, with an analyst stating its record run is “just the beginning”. ...Read more

Cryptocurrency
Bitcoin could surge 100% in 2021, investors believe
While some investors are feeling uneasy after bitcoin more than doubled in value in less than a month, others predict it could hit US$100,000 per coin over the next several months. ...Read more

Cryptocurrency
Aussie brands start transacting with bitcoin
Aussie watchmaker Jacopo Dondi has announced that it’s now accepting bitcoin as payment, having welcomed the world’s most popular cryptocurrency as a sign of its willingness to embrace the unconve...Read more

Cryptocurrency
Top 10 cryptoassets by trades
Bitcoin is still as popular as ever, based on analysis of the trades undertaken by crypto investors across the month of August. ...Read more

Cryptocurrency
5 ways to keep cryptocurrencies safe
Like normal money, cryptocurrencies can be vulnerable to theft, but there are ways to minimise the risks, according to an encryption specialist. ...Read more

Cryptocurrency
Cryptos fail safe haven test
Despite being touted as digital gold, cryptocurrency markets have shed billions of dollars during the pandemic, proving that they are not immune from wider fluctuations in sharemarkets. ...Read more