Sydney’s Mortgage Refinancing Scams: Avoiding Loss Of Profit

Sydney’s Mortgage Refinancing Scams: Avoiding Loss Of Profit – The biggest news in recent weeks has been the Reserve Bank’s hold on rate hikes. Four other stories stood out:

According to CoreLogic, Australian property prices rose 0.6 percent in March – the first monthly increase since April 2022.

Sydney’s Mortgage Refinancing Scams: Avoiding Loss Of Profit

But while prices rose across the country, including Sydney, Melbourne, Perth and Brisbane, they fell in four smaller cities.

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According to Tim Lawless, director of research at CoreLogic, the economy may rise again because the rental market is tight, there is a housing shortage and rents are rising quickly.

“At the same time, with immigration at record levels and increasing, many permanent or long-term migrants cannot find housing, leading them to jump on the ladder rent and buy a house quickly.” he said.

New jobs have grown significantly from $13.7 billion in February 2021 to $16.2 billion in February 2022 and, according to the latest data from the Australian Bureau of Statistics, now stand at a record $19.9 billion in February 2023.

The restructuring began in 2021, when interest rates were low – at which point many borrowers refinanced to lock in fixed interest rates.

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This increase in rates was revived in May 2022 when the Reserve Bank started raising interest rates. Many borrowers refinanced low-interest mortgages to “cancel” them.

There is no doubt that the mortgage market has changed a lot in a short period of time. So if it’s been at least two years since you refinanced, your interest rate probably won’t be as high. My advice is to make an appointment so we can review your loan and see if there is anything better.

Property investors are speaking out after the Australian Taxation Office (ATO) announced it would investigate tax refunds from an effort to recover about $1.3 billion in missing taxes.

The ATO told the Guardian that 17 financial institutions – including major banks – are using “standard data collection efforts” to provide information about 1.7 million depositors.

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This allows the ATO to assess the total income and expenses of the investor over the year and compare them to their tax returns.

That’s why it’s often a good idea for real estate investors to get professional help when filing their taxes. If you want to meet a reliable accountant, please contact us and I will be happy to recommend someone to you.

The latest information: Scamwatch received 14,603 reports of bank fraud in 2022, resulting in more than $20 million in losses, according to the Australian Competition and Consumer Commission.

The ABA advises consumers to question the authenticity of texts, emails or phone calls from people claiming to be a bank or trust organization. The ABA emphasizes the importance of registering a payment ID (only with the bank, not with another party) and using it when available. Customers must set up two-factor authentication for online accounts, verify the authenticity of bills, and report suspicious activity to their bank.

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I hope you enjoy the newsletter. I love helping people, so if you need a new loan or want to refinance an existing one, please contact us or check out our latest Offerstab. Phishing was the most reported fraud in the first half of 2022, with almost 32,000 reports, compared to 28,500 in the same period last year.

Whether scammers are trying to sneak up on you by phone, text, or social media, your best defense is to stay one step ahead, and that means knowing the basics. five is phishing where criminals come online to try to impersonate you. . It is necessary.

Smack uses mobile phones as a platform for artists to attack. The threat is made by text or SMS, giving the attack the name “SMiShing”. The scammer will conduct the scam with the intention of collecting personal information, including social security or credit card numbers.

In funny texts, people often use the company’s logo, with a sense of urgency and often in a way that drives the focus to click on a bad link in the text.

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The problem with catching scammers is that most of us trust a text message more than an email, especially since we all have cell phones.

Many companies are also increasingly using mobile messaging as a means of communication with their customers. The combination of loyal users and the increasing use of SMS communication makes plain text a breeding ground for cybercriminals. unsuspecting customers are being sent malicious communications via SMS messages. Criminals can innocently click on these fake links to steal personal information and commit crimes such as identity fraud.

If you think a scammer has texted you, it’s best to avoid clicking on any links and report the scam to the ACCC’s Scamwatch service immediately. Also, only contact a company through the official channels usually listed on their website and do not provide personal information to an anonymous source.

Helpful resources for spotting these types of scams can be found on the websites of companies that scammers are trying to impersonate.

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Fraudsters have honed their skills by targeting regular online banking users with fake ads on search engines like Google, Yahoo and Bing. to web pages.

The search engine looks legitimate, but the website is fake and exists only to steal personal information or money from unsuspecting targets.

We remind all members of Security Bank, we do not include Internet banking links in Google or other search engine advertising.

Even if you use a local payment method, you can find yourself in the notification of the use of the internet.

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Tollway SMS scams are phishing scams that use tolls in our major cities like Melbourne and Sydney.

If you receive a message that appears to be from a payment method provider, delete the message and do not click on any links. Also take a screenshot and report the incident to your payment service provider.

If you have provided your financial information to a fraudulent carrier or credit card information to a fraudulent company, contact the Bank of Protection.

In the case of Netflix, subscribers are sent an email or text message asking them to update their payment information.

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“Your membership has been canceled due to a failed payment. Please update your credit card information to maintain your membership,” it added, along with a link to a fake Netflix account page.

Other messages may ask for your Netflix account, email address, phone number, password, or payment method. Whatever the message, the movie streaming service is questionable.

The purpose of the scam is to trick the user into providing personal financial information, such as credit card numbers. , which can be used by hackers for other criminal activities and illegal transactions.

Phishing is a form of social media in which fraudsters pose as consumers to trick consumers into stealing their sensitive information.

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This problem is especially painful when a dissatisfied customer complains about a service or product on the company’s social media, such as Facebook.

Usually, when a complaint is made on Facebook, someone from the company’s social media team will respond to resolve the issue. During this interaction, the representative of the company may ask for contact information, shipping address, etc., especially if it is a matter related to articles.

The hapless customer will gladly provide this information, but this seemingly innocent information provides an opportunity for malicious attackers.

Fraudsters use this technique to create fake social media accounts for existing businesses, especially those that rarely respond to complaints. of customers. Fake company representatives offer help and ask the target to click on a hyperlink they send. This link usually provides the customer with a form to fill out personal and financial information or damage.

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When the customer clicks on the hyperlink, he will receive a form in which he must fill in their information, including financial information, or malware will be downloaded and infect their device. Malware is a program that can disrupt, damage, or gain unauthorized access to a computer.

Hackers create legitimate accounts using official logos and include fake accounts in their profiles. The success rate of this phishing method is high because disgruntled customers are expected to contact the company in the middle of an angry outburst. In addition, attackers know exactly what their targets are complaining about.

Phishing similar to romance is one of the most popular ways to trick unsuspecting people on social media.

These are scams.

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