Twelve years ago, during a business trip, I experienced a financial ordeal that left me stunned. The debit card I used exclusively for travel expenses—a card I rarely touched otherwise—was cloned. It likely happened at a restaurant where the staff took the card out of sight or perhaps during a taxi ride the following morning. This was before banking apps made it easy to monitor transactions, and I didn’t notice anything was wrong for almost a month.

It wasn’t until I went to pay for a travel expense and the card bounced that I realised something was amiss. When I checked my account, I was flabbergasted. Someone had been systematically withdrawing cash from ATMs just below the daily limit and shopping at Coles every day for a week. What shocked me even more was that my bank—usually quick to flag suspicious transactions—had completely missed it.

When I notified the bank, they were clearly embarrassed and promised to rectify the situation. However, the refund process was a nightmare. Instead of issuing a single reimbursement, they refunded every fraudulent transaction individually. Since I was using QuickBooks at the time, I had to match each refund to its corresponding fraudulent charge manually, a process that took days. After filing a formal complaint, the bank offered me a $400 credit and a short letter of apology.

This incident opened my eyes to just how vulnerable we all are to scams, especially when travelling. Scammers target travellers because we’re often distracted, unfamiliar with our surroundings, and reliant on cards for convenience. Sadly, my experience is not unique. In 2023 alone, Australians lost over $2.74 billion to scams, with more than 601,000 incidents reported.

The top five scams, who they target, and how to protect yourself

1. Investment scams

Fraudsters promise guaranteed high returns, often through cryptocurrency or “exclusive” opportunities.

Who gets scammed? Middle-aged professionals and retirees with savings to invest, especially those looking for quick growth.

How to avoid it: Verify investments through ASIC and avoid acting on unsolicited offers. Consult a financial advisor.

2. Phishing attacks

Scammers impersonate banks, government agencies, or companies, asking for personal information through email or text.

Who gets scammed? Anyone, but older Australians and less tech-savvy individuals are particularly vulnerable.

How to avoid it: Always check the sender’s email address, and never click on unsolicited links. Contact the organisation directly.

3. Romance scams

Scammers develop fake online relationships, gaining trust before asking for money for emergencies or travel.

Who gets scammed? Lonely retirees and widowed individuals looking for companionship.

How to avoid it: Be wary of anyone asking for money you’ve never met in person. Verify their identity with a video call.

4. Remote access scams

Claiming to be tech support, scammers convince victims to allow access to their devices.

Who gets scammed? Seniors less familiar with technology, often targeted through landline calls.

How to avoid it: Legitimate companies won’t cold-call for tech support. Hang up and contact the company directly.

5. Lottery and prize scams

Scammers claim you’ve won a prize or lottery you never entered, asking for fees or details to claim it.

Who gets scammed? Younger people active on social media, who may be less aware of such scams.

How to avoid it: If you didn’t enter, you didn’t win. Ignore and delete these messages.

Lessons learned

This experience taught me the importance of vigilance, particularly when travelling. Only use cards with limited access to your main funds, monitor accounts regularly, and keep cards in sight during transactions. Sharing these stories helps remind us all to stay alert.

Scammers are getting smarter, but with awareness and caution, we can protect ourselves and each other. Because when it comes to your money, there’s no such thing as being too careful.