As the Christmas holiday season approaches, Virgin Money is urging customers to remain vigilant against a surge in scam activities. 

Australians lost $224 million to scams in 2024 according to the Australian Competition and Consumer Commission (ACCC). November and December are particularly high-risk months for scams, coinciding with Black Friday, Cyber Monday and Christmas shopping. Scammers exploit the increased online shopping activity during these periods.

Victims often experience stress and anxiety due to financial and personal information theft.

Key scams to watch out for:

• Online shopping scams: Fake websites and fraudulent advertisements are being used to lure shoppers into providing payment details. The National Anti-Scam Centre reported a significant rise in fake websites imitating genuine online retail stores last year with nearly 3,000 fraudulent sites leading to over $500,000 in losses.
• Parcel delivery scams: False parcel tracking notifications are tricking recipients into revealing personal information.
• Credit card fraud: The increased use of credit cards during sales periods has led to higher instances of card-related scams.
• Phishing: Emails and text messages posing as legitimate retailers or financial institutions are being used to steal personal and financial information.

Vulnerable groups

The elderly and less tech-savvy individuals are particularly susceptible to scams due to a lack of familiarity with digital security.

All online shoppers are at risk, especially those not as vigilant  about their personal cybersecurity.

Preventive measures

Online shoppers are advised to verify website authenticity, use secure payment methods and be cautious of unsolicited communications. 

Virgin Money also recommends to:  

• Use strong passwords: Ensure your online accounts are protected with strong, unique passwords. Avoid reusing passwords and keep your business and personal emails separate.
• Monitor bank statements: Regularly check your bank statements for any unauthorised transactions.
• Be wary of unsolicited offers: Avoid clicking on links or downloading attachments from unknown sources.
• Update software: Keep your devices and software up to date to protect against the latest security threats.

Virgin Money advises customers to contact our support teams immediately if you notice anything unusual; and stop scammers in their tracks by following ScamWatch’s advice:

1. STOP – Don’t give money or personal information to anyone if unsure.
2. THINK – Ask yourself if the message or call could be fake.
3. PROTECT – Act quickly if something feels wrong.

By following these steps, customers can protect themselves from scams and enjoy a secure holiday shopping season.

Virgin Money is committed to safeguarding the financial security of its customers and the broader community. We work closely with law enforcement and industry partners to identify and mitigate scams and cyber threats, ensuring a safe banking environment for all.