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Money

The “realistic” tricks hackers are using to steal your savings

Published

2 years ago

on

ANZ Bank

In the realm of cybercrime, phishing stands as a nefarious and pervasive threat, defrauding savers of millions of dollars annually.

This insidious tactic, driven by social engineering, preys on human emotions and behaviors, proving alarmingly successful in coaxing personal information from unsuspecting victims.

Phishing, A Deceptive Art

Distinguished from overt monetary requests, phishing operates in a more covert manner, exploiting emotions and employing meticulously designed websites and software scripts to manipulate individuals into divulging their private details. This craft is what cybersecurity experts term “social engineering,” leveraging human psychology to orchestrate deception.

The modus operandi of phishing often begins with an email or text message that masquerades as communication from a legitimate entity, such as the Australian Tax Office or popular streaming services like Netflix.

These communications, often accompanied by a sense of urgency, compel recipients to swiftly address an issue with their account or reaffirm their contact details.

Subsequently, victims are directed to counterfeit websites, skillfully mimicking the look and feel of authentic platforms.

Crafting this facade requires phishing kits, available for purchase ranging from $10 to $1,000. These kits equip scammers with the HTML elements and scripts to create these deceptive landing pages.

Manipulation of Human Behavior

Phishing’s success hinges on manipulating human behavior through an intricate blend of urgency, emotion, and deception. Urgent demands for action, such as paying a purported tax debt or reactivating a suspended bank account, employ fear and impulsive thinking to bypass rational decision-making.

Research by Ofir Turel, professor of information systems management at the University of Melbourne, reveals that sleep deprivation, trust in the scam source, and loneliness elevate susceptibility to phishing.

However, emotional manipulation extends beyond fear. Scammers exploit positive emotions too, like enticing the success of the Matildas with fake websites peddling discounted tickets to Women’s World Cup games.

The Pervasive Impact

The prevalence of phishing in Australia continues to escalate. In 2022, Scamwatch reported 74,573 phishing-related complaints, a 4.6% increase from the previous year.

Victims often fall prey to meticulously designed emails and text messages, lured into divulging sensitive information on counterfeit websites that mimic genuine organizations. Financial losses from phishing in 2022 exceeded $157.6 million, yet this figure remains a mere fraction of the actual toll due to under-reporting.

The Complexity of Countermeasures

Fighting back against phishing poses formidable challenges. Advances in artificial intelligence (AI) and machine learning have endowed scammers with tools to create convincing scams with flawless grammar and code. Consequently, detecting scams through errors or typos is no longer a foolproof strategy.

Regrettably, scams are chronically under-reported.

While the Australian Competition and Consumer Commission notes that $3.1 billion was lost to scams in 2022, a mere $21 million was compensated by major banks.

Nonetheless, efforts are underway to fortify consumer protection. Assistant Treasurer Stephen Jones asserts that forthcoming industry codes of practice will demand accountability and compensation from financial institutions.

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Money

Governments struggle to tax effectively without harming citizens

Governments’ excessive taxation on citizens risks wealth creation, necessitating strategic wealth management to avoid economic collapse.

Published

2 hours ago

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May 22, 2025

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Governments’ excessive taxation on citizens risks wealth creation, necessitating strategic wealth management to avoid economic collapse.

 

In Short:
Dr. Steve Enticott discusses the challenges of government debt and the need for careful tax structuring to protect citizens’ wealth. He emphasises that excessive taxation can harm wealth creation, urging a proactive approach to financial management for sustainable economic growth.

Dr. Steve Enticott explores the issue of government debt and taxation.

He highlights the struggles faced by heavily indebted governments worldwide as they seek to fund ongoing projects.

Taxation is their primary method for extracting financial resources from citizens and businesses.

Enticott points out the importance of effective tax structuring, the strategic deployment of wealth, and risk diversification.

These approaches are vital for protecting individual wealth amidst growing government demands.

The phrase “you can’t get blood from a stone” illustrates the futility of overtaxing already burdened citizens.

Excessive taxation can backfire, leading to reduced incentives for wealth creation, which in turn harms tax revenues.

Governments must be cautious when implementing tax policies as they risk damaging the very sources of income they rely on.

Instead of merely focusing on extracting funds, there should be an emphasis on fostering an environment where wealth can thrive.

Enticott advocates for a proactive approach to financial management, urging individuals to recognise the situation and adapt.

By finding ways to work within the current system, citizens can protect their wealth while still contributing to society.

Money Matters underscores the need for positive action in the face of challenging economic realities.

Government approaches to taxation and debt management require careful consideration to ensure long-term sustainability and growth.

Dr Steven Enticott is a finance professional, speaker, regular columnist, and author of The Man With A Plan.

For more information www.ciatax.com.au

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Money

Experts warn new Australian tax laws could lead to ‘great theft’

Experts Warn New Australian Tax Laws Could Lead to ‘Great Theft’ and Alter Superannuation Perceptions Amid Unrealised Gains Taxation.

Published

2 hours ago

on

May 22, 2025

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Dr. Steve Enticott critiques Australia’s new tax laws

 

In Short:
Dr. Steve Enticott is concerned about new Australian tax laws taxing unrealised gains, calling it the ‘great theft’ as taxpayers will pay tax on assumed profits without actual transactions. He warns that these changes could significantly impact superannuation and retirement savings for many Australians, urging individuals to stay informed and prepared.

Dr. Steve Enticott has raised concerns regarding recent changes in Australian tax laws.

He refers to these changes as the ‘great theft.’

The new tax structures involve taxing unrealised gains on assets.

This means individuals pay tax on assumed profits without actual transactions taking place.

If an asset’s value doesn’t increase, taxpayers will not receive any refunds for the tax paid.

Dr. Enticott warns this could have a significant impact on a broader segment of the population over time.

He predicts that the perception of superannuation in Australia may shift as these laws take effect.

The discussion highlights the potential long-term consequences of these tax changes.

There is a growing need for individuals to stay informed about evolving tax laws.

Understanding these changes is crucial for managing superannuation effectively.

The implications of taxing unrealised gains could affect retirement savings for many Australians.

Dr. Enticott’s insights urge citizens to carefully consider how tax policies may influence their financial futures.

Awareness and preparedness are essential in navigating these new tax regulations.

As the situation develops, it is important for individuals to seek information and advice.

The evolving landscape of tax laws may reshape financial planning for years to come.

Dr Steven Enticott is a finance professional, speaker, regular columnist, and author of The Man With A Plan.

For more information www.ciatax.com.au

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Money

Historical patterns inform modern investment strategies and responses

Historical patterns inform investment strategies, highlighting recurring themes of greed, crisis, and societal response amidst technological change.

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2 hours ago

on

May 22, 2025

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Historical patterns inform investment strategies, highlighting recurring themes of greed, crisis, and societal response amidst technological change.

 

In Short:
Dr. Steve Enticott argues that while history doesn’t repeat, it shows similar patterns that can inform current investors and business owners. He highlights the importance of recognising these trends and adopting technology to remain competitive amid recurring themes like greed, fear, and economic instability.

Dr. Steve Enticott explores the idea that while history does not repeat itself, it often exhibits similar patterns.

He draws parallels between historical events and current circumstances, offering valuable insights for investors and business owners.

Enticott emphasises the need for individuals to recognise and anticipate future trends by observing these recurring patterns.

He also encourages the adoption of technological advancements as a means of reducing costs and maintaining competitiveness in a changing economic landscape.

Common themes such as greed, fear, power struggles, and economic bubbles continue to manifest, albeit in different forms.

For example, the 2008 financial crisis showed similarities to the Great Depression, with both crises stemming from causes like over-leveraging and speculation.

However, their outcomes diverged due to modern economic interventions.

Additionally, parallels can be drawn between the fall of Rome and current political instability, particularly in terms of overexpansion, wealth inequality, and deterioration of leadership.

Pandemics also reveal historical echoes; for instance, responses to COVID-19 mirrored those of the 1918 flu, highlighting societal patterns of denial, panic, scapegoating, and eventual adaptation.

Understanding these historical patterns can provide critical guidance for navigating present and future challenges in the business landscape.

By learning from history, stakeholders can make informed decisions that prepare them for what lies ahead.

Dr Steven Enticott is a finance professional, speaker, regular columnist, and author of The Man With A Plan.

For more information www.ciatax.com.au

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