You are currently viewing Aussies lose $2.6m to ‘Hi Mum’ scams

Aussies lose $2.6m to ‘Hi Mum’ scams

Australians jostle for revenue boost as CEOs make millions, ‘Hi Mom’ scam nets $2.6m and Tesla splits shares three-for-one. Here are five things you may have missed this week.

7 million Aussies scramble to make extra money as CEOs make millions

Stagnant wages and rising costs of living see one in three Australians (34%), or 6.8 million people, scrambling to boost their income.

The most popular strategy – adopted by 14% of income seekers in the last three months – is to sell personal effects like clothes and furniture according to Finder.

Almost one in 10 took a second job and a similar proportion started a side job.

Relief could be in sight, with a survey by recruitment firm Robert Half showing that 96% of business leaders are increasing their salary budget this financial year – by 20% on average

But this is unlikely to narrow the gap between bosses and workers.

A report by the Australian Services Union found that the CEOs of Australia’s top 100 listed companies now earn around 100 times the average adult income.

To put that into perspective, the yellow bubble in the image below represents the annual income of the average worker: $69,000, which is dwarfed by the average annual salary of an Australian CEO of $9.15 million.

‘Hi Mum’ scam nets criminals $2.6 million

Warnings about the latest “Hi Mum” scam have been making the rounds on social media. But that didn’t stop 1,500 Australians from being duped, with reported losses of $2.6million.

Victims of these scams are contacted, usually via WhatsApp, with a message beginning with “Hi mum, this is your oldest”.

The scammer claims to have lost or damaged his phone and makes contact from a new number. After establishing a relationship, the scammer asks for money.

ACCC Vice President Delia Rickard said, “We’ve seen an explosion in the number of ‘Hi Mom’ scams over the past two months.”

Women over the age of 55 have been the hardest hit, accounting for two-thirds of the victims of these “family impersonation” scams.

Rickard is warning Australians to be wary of messages from unknown numbers claiming to be from someone you know.

“If you are contacted by someone claiming to be your son, daughter, relative or friend, first call them at the number already saved in your phone to confirm if it is no longer in use. If they pick up – you know it’s a scam,” says Rickard.

Tesla splits its shares

Elon Musk’s company, Tesla, has just completed a three-for-one stock split.

This means that for every share held by Tesla investors, they now have two additional shares.

A stock split doesn’t impact a company’s financial performance, but it can make stocks more affordable, encouraging retail investors and employees to buy.

Tesla isn’t the only stock split. Other market heavyweights that have taken over this year include Amazon and Google-owner Alphabet.

A NASDAQ study found that stock splits aren’t necessarily a bad thing. The value of a share can increase by 2.5% after the announcement of a split and can still be higher by 5% 12 months later.

Interested Australian investors can purchase Tesla shares directly through brokers offering access to overseas markets.

A number of exchange-traded funds listed on the Australian equity market also provide access to Tesla, including general equity funds such as Vanguard’s MSCI Index International Shares ETF (ASX: VGS) and specialist funds such as Battery Tech & Lithium ETF (ASX:ACDC) .

Big date shoppers save for

As spring approaches, consumers may be inclined to spend less – for a few weeks at least.

A Power Retail survey found that 77% of Australian shoppers are deliberately withholding spending until online sales launch. And the main event that three in five people (58%) save for is Black Friday.

This American-inspired sales extravaganza will launch in Australia on Friday November 25, with Monday November 28 being Cyber ​​Monday when bargains go live.

The Boxing Day sales – once the star event of a bargain hunter’s calendar – seem to have lost their luster. Only 40% of shoppers say they save for the post-Christmas sales.

The $3.6 billion cost of dodgy advice

The misconduct in the financial advice sauce has (hopefully) come to an end, with ASIC reporting that six of Australia’s largest financial institutions have paid or offered to pay a total of $3.6 billion in compensation to customers left behind. sidelined by non-compliant people or non-existent advice.

AMP, ANZ, CBA, Macquarie, NAB and Westpac have all undertaken remediation programs to compensate affected customers. However, the scale of past wrongdoing is staggering.

As shown in the table below, over 1.4 million Australians have been eligible for compensation, and another 11,000 have been compensated for non-compliant advice.

Charges for no fault of service
Institution Remuneration paid or offered Number of clients paid or offering compensation
GPA $626,869,836 331,994
ANZ $217,301,375 65,489
ABC $290,579,310 144,659
macquarie $4,628,000 1105
NAB $1,247,058,303 772,235
Westpac $942,173,093 117,018
Total $3,328,609,917 1,432,500
Source: ASIC

Receive stories like this in our newsletters.

Leave a Reply