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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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Retirement

$320k in losses reported from charity scams

By Stephanie Aikins

October 29 2018
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Retirement

$320k in losses reported from charity scams

By Stephanie Aikins
October 29 2018

Fake charity scams are on the rise, with more in reported losses so far this year than the whole of 2017.

$320k in losses reported from charity scams

By Stephanie Aikins

October 29 2018
Share

Fake charity scams are on the rise, with more in reported losses so far this year than the whole of 2017.

The consumer watchdog’s Scamwatch has already received 689 reports of fake charity scams in 2018, with losses totalling more than $320,000. This is a jump up from 2017, during which $313,563 worth of losses were reported.

In a statement issued for Charity Fraud Awareness Week last week, ACCC deputy chair Delia Rickard said scammers often target individuals at times of disaster or emergencies, such as the current drought. She said these scams could take the form of fake charities or be impersonations of legitimate ones.

“It’s important people are aware of these scams and take precautions to ensure their money is going to a genuine charity,” Ms Rickard said.

Fake charities can target people in a number of ways, including on the street, at their front door, through fake websites or via email or phone.

Adam Murchie, director at property investment firm Forza Capital, said the best means of avoiding such scams was by calling the charity directly.

“Anything involving the transfer of significant sums of money, make sure you make a phone call to verify,” the director said.

“We (Forza Capital) now do it that you have to have verbal confirmation from someone at the organisation regarding the transfer of money or the exchange of bank account details to avoid that risk.”

This echoes the advice given by the ACCC, which says individuals should also check the legitimacy of a charity by checking its credentials on the Australian Charities and Non-for-Profits Commission (ACNC) website.

This warning comes a month after the ACCC released figures showing a 3,800 per cent increase in false celebrity endorsement scams. Such scams typically appeared as an online advertisement of a product via social media and could possibly extend to the use of a celebrity’s image to endorse a fake charity.

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