Scammers target millions of Australians and Australian businesses every day, using increasingly sophisticated techniques to cause major financial losses and stress for victims.
Federal Government website Scamwatch reports that Australians lost a total of $2.03 billion to scams in 2024.
Brokers hold a position of deep trust, managing sensitive financial and personal information shared by their clients, making them a potential target for scammers. The threat of scams means brokers need to know how to protect themselves, what steps to take if they are targeted, and – most importantly – how to support customers who have been affected.
That is why the Mortgage & Finance Association of Australia has released a comprehensive guide for its members titled MFAA Resource: What to do if you’ve been scammed.
The highly practical and informative resource, released to coincide with Scams Awareness Week, which runs from 25 to 29 August, covers the common types of scams experienced by brokers and their clients. This includes payment redirection scams, email interception scams, and impersonation scams.
This resource is designed to help brokers strengthen their own scam-prevention practices, while also providing practical tips to prepare and protect their customers. It sets out the key steps to take if a scam does happen and explains where and how scams can be reported.
MFAA CEO Anja Pannek said this resource will be invaluable for MFAA members.
“Working with our members, we frequently hear a broker only discovers a scam when their client has flagged a concern – and this is after financial loss has happened.”
“What to do if you’ve been scammed will help brokers be ready. It will help our members not only identify and respond to scams but, more importantly, implement practical steps to protect their business, their clients’ data, and reduce the likelihood of being scammed in the first place,” Ms Pannek said.
Ms Pannek said What to do if you’ve been scammed is a welcome addition to a suite of practical resources the MFAA has released this year for its members, including the Home Buying Schemes in Australia guide on the MFAA Find a Broker website, and the resource What to do when someone leaves your business.
“It’s another example of how the Association is committed to equipping our members with the support and resources they need. We’re focused on protecting the interests of brokers and their clients, which in turn makes our industry stronger. ”
MFAA Members can access the What to do if you’ve been scammed resource in the Member Portal here: https://portal.mfaa.com.au/broker-toolbox/legal-and-compliance/general/
You can sign up for free by creating an account. If you are new to the portal, select "Create an account" to register and gain access to a range of free and useful resources.
If you already have an account, simply log in. Once logged in, you can easily apply for membership. If you need assistance, call our support team on 1300 554 817 for assistance.