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$20,000 Gone in Seconds

Can you imagine losing $20,000 in seconds?

This happens a lot. We have clients who have lost thousands. Some are in the tens of thousands.

And because many medical professionals are busy it happens to them a lot more than they admit.

And before you snigger and think they were stupid or silly, let me tell you these are highly intelligent, smart people (all medical professionals are). If it can happen to them it can happen to you too.

Gone are the days when robbers raided a bank. They have become cleavers and have worked out that in the digital world, they can raid you via CBA from a desk in Bulgaria whilst consuming a large Big Mac with fries.

Our phones are great, but they are also a cyber security nightmare. I get daily texts saying I have not paid for tolls, telling me to log into myGov, or some telling me I have inherited billions from someone I don’t know or care about living in Africa.

But sometimes, these texts could be legitimate. Here is an example of how smart people can easily get caught out.

The 32-year-old man, let’s call him Bob, who banks with Ubank, received a strange text message with the sign-off “Ubank”. It appeared to come from a random Australian number, so he was suspicious from the start. The text message said:

“Suspected fraudulent transaction of $0.0 has been detected … Please respond CANCEL if you would like us to cancel your card and reissue a new card to your address”.

Bob thought this was a scam, so he called Ubank and was told it was a legitimate text message.

Three weeks later, he received a call from Ubank, and minutes later, $20,000 was gone.

Here is the detail.

The man on the other end of the phone had an Australian accent. The person knew the last four digits of his credit card and the most recent transactions on his bank account, and they also gave him a reference number.

In other words, they already had possible access to his bank account, but because of the two-factor ID, funds could not be transferred. They needed a 4-digit code that would be received by SMS on his phone, and Bob gave it to them.

It is so easy to do. So, to keep yourself safe (and your money safe), follow these simple rules.

  • Banks never send links via text message. The text message will usually say/ ask you to ‘log in’ to your account but not send the actual link.
  • Work the opposite way. Assume any text message you receive from contacts you do not know as suspicious. Check and double-check before you do anything.
  • Equally, banks never call customers and ask them to provide personal information, one-time passcodes, or PINs.

Looking after and preserving your cash is step 5 of our 9 steps to working less, earning more and creating wealth. If you would like to know more contact Hitesh at hitesh@medisuccess.com.au or call 07 3161 9548.

Hitesh Mohanlal ACA, CA, Author. Lover of cars, his Team & Family, and Passionate About Making a Difference in People’s Financial Lives.

Hitesh Mohanlal is the majority owner of the WOW! Accountants and Business Advisors Group which consists of WOW! Accountants, MediSuccess & CrystalClear bookkeeping.

He is the author of Double Your Profits & Reduce Your Working Hours for Medical Practitioners and The Passport to Wealth & Real Financial Freedom for Medical Professionals, and written two guides for medical professionals; Blueprint for a Wildly Successful Medical Practice for Medical Professionals and The Ultimate Guide for Medical Professionals Who Want to Pay Less Tax!