Tasmanians are being urged to exercise added caution online due to the increase in online scams since the outbreak of COVID-19.
According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch, there have been more than 700 reports of scams related to coronavirus since 1 January 2020, with figures expected to further increase.
“While people come together to support each other during these times, there is also a dark side,” said MyState Bank General Manager of Digital and Marketing, Heather McGovern. Criminals, she observed, are using highly sophisticated scams to obtain personal information from members of the community, especially the most vulnerable.
The current environment is ripe for criminals looking to exploit fear and anxiety around the virus, threatening people’s financial wellbeing.
“The most common ways fraudsters are trying to line their own pockets during this time is through phishing scams sent via email or text messages providing seemingly ‘official’ information about coronavirus.” With people overloaded with information at this time, it can be difficult to determine what is legitimate and what could be a scam.
Heather McGovern, MyState
“The sender claims to be from government departments, health agencies such as the World Health Organisation (WHO) and even legitimate businesses in the travel and telecommunications sectors,” she explained.
In addition, phishing scams may be forwarded or shared via social media by a relative or friend in good faith. McGovern urged people to be cautious of such forwarded information. “These emails will often ask receivers to click on an attachment or embedded link which will likely download malicious software onto their device to allow scammers free reign over their personal information or financial data,” she said.
Following the announcement of the Government’s economic support package around early release of superannuation, there have also been instances of scammers attempting to get their hands on the super of unsuspecting victims or offering unnecessary services for a fee. “People should be aware there is no need to involve a third party or any fees involved in the early release of superannuation entitlements,” McGovern said.
MyState joins COVID-19 loan guarantee scheme
MyState Bank, the banking subsidiary of MyState Limited (ASX:MYS) has announced that it is an approved lender under the Federal Government’s Coronavirus SME Loan Guarantee Scheme.
This enables eligible small and medium businesses to access unsecured loans up to $250,000, with concessional repayment terms.
The loan terms are for three years, with no repayments for the first six months, with principal and interest payments after that period. To assist cash-flow, funds can be drawn down in three instalments over the initial six months with interest capitalising only on the drawn-down amount.
The variable interest rate is 5.5 percent per annum and there are no establishment, draw-down or ongoing account keeping fees.
Managing Director and CEO Melos Sulicich said small business was the backbone of the economy and MyState Bank wanted to assist the State’s small and medium enterprises to navigate this unprecedented period.
“We’re here to support businesses and we want to make sure that they not only survive but are able to flourish when we come out of this emergency,” Sulicich said.
“The funding, guaranteed by the Commonwealth, can help our small and medium enterprises remain in business and prepare for the better times ahead.”
Loans are available to eligible existing MyState Bank and TPT Wealth customers, as well as to eligible new MyState Bank customers with a turnover of less than $50 million.
They must be new loans, cannot be used to refinance existing debt, or to purchase property and equipment. The loan must be for business purposes to support current and working capital requirements.
Applications are now open and detailed information is available on the MyState Bank website (www.mystate.com.au).
