Scams on the rise as bank branches close

Closures mean older people are at greater risk of losing money to scammers. When regional banks close, people must either travel many kilometres to their nearest branch, use the local Post Office, which has limited services, or go online.

The paper says financial elder abuse is a key concern because senior citizens have relied on cash and traditional banking practices.

In related news according to Scamwatch, part of the federal government’s Australian Competition and Consumer Commission (ACCC), scammers are becoming more sophisticated, inserting fake messages into legitimate texts from banks and other financial institutions.

In one case a victim was tricked into handing over up to $500,000.

Scamwatch reports total losses to phone and text scams increased significantly in 2022 with over $169 million lost.