Digital wallets have become an increasingly popular way to store and manage money, but they are not immune to scams. The past year has seen an influx in Digital Wallet scams where scammers take advantage of innocent individuals via SMS or email, potentially providing access to your device. This allows scammers to create Digital Wallets using other people's information, resulting in many individuals' financial losses.

Types of digital wallet scams to look out for:

Phishing scams:

Scammers can send fake emails or text messages that appear to be from a legitimate digital wallet provider, asking you to click on a link to update your account information. This link takes you to a fake website designed to steal your login credentials.

Fake Wallet apps:

Scammers can create fake digital wallet apps and publish them on app stores. These apps may look like legitimate digital wallets, but they are designed to steal your money or personal information.

Trade or Cryptocurrency investment scams:

Scammers may ask you to invest in a new digital currency or a new blockchain project through your digital wallet. These scams often promise high returns, but they are just a way to steal your money.

Accidental payment:

Scammers may send you an SMS saying they accidentally sent you money and asking you to return the funds. You can see the money in your wallet, but if you return the money, the funds will be transferred out of your funds.

Customer Support scams:

Scammers may pose as company personnel and send you links to lure you to a compromised site to provide your digital wallet information.

Friend or family member scam:

If you suddenly receive a message from a friend or family from a different number, saying they need money in a hurry, this may be a fraudster. Fraudsters use a sense of urgency, expecting you to act on the request without calling to confirm.

How to protect yourself from digital wallet scams:

  1. Make sure only to download digital wallet apps from trusted app stores.
  2. Never click on links in emails or text messages from unknown sources.
  3. Enable two-factor authentication on your digital wallet account, such as a password/pin and a fingerprint scanner, to ensure more robust security.
  4. Regularly updating your digital wallet software can help prevent security breaches and protect your funds.
  5. Be cautious of investment opportunities that seem too good to be true.
  6. Before sending money to someone you supposedly know, call them to confirm.

If you receive a suspicious phone call, SMS or email and have been pressured into providing important information, call us immediately on 1300 36 2000.