Don’t Fall for the Trap: Navigating the Minefield of Financial Scams with Stuart Wemyss

In an age where financial transactions have largely moved online, the prevalence of financial scams has surged, catching many Australians off guard.

The Australian Competition and Consumer Commission reports that Australians lost a record $3.1 billion to scams in 2022. This is an 80 per cent increase in total losses recorded in 2021.

This staggering loss highlights not just the cunning of scammers but also their ability to adapt to changing technologies and exploit new vulnerabilities.

So, in today’s podcast with independent financial advisor Stuart Wemyss, I want to ask him how to spot the signs of a scam.

Our conversation today is an eye-opener, revealing common tactics scammers use to exploit the digital landscape and deceive individuals. We touch on personal experiences and the various types of scams, such as phishing and false billing.

Whether you're an experienced investor or a beginner, this episode is packed with practical insights and data-driven predictions to help you make informed decisions. 

Amidst sharing these insights, we underscore the significance of safeguarding personal and financial information and discuss how banks' robust security measures, though sometimes inconvenient, are critical in protecting us from these fraudulent activities.

Links and Resources:

Michael Yardney

Stuart Wemyss – Prosolution Private Clients

Stuart’s Book – Rules of the Lending Game & Investopoly

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Join us at Wealth Retreat 2024 – www.WealthRetreat.com.au

Shownotes plus more here: Don’t Fall for the Trap: Navigating the Minefield of Financial Scams with Stuart Wemyss