Fake Faces. Real Losses
Artificial intelligence was supposed to save humanity. Instead, it has apparently decided to impersonate economists on WhatsApp.
ASIC has issued a stark warning after sixteen Australians lost more than $2.7 million in just two weeks to sophisticated “pump and dump” investment scams. The fraudsters are using artificial intelligence to create convincing fake endorsements from respected finance experts and celebrities before directing victims into WhatsApp groups where they’re encouraged to buy legitimate shares that have been artificially hyped. Once the price rises, the scammers cash out and everyone else is left holding the financial equivalent of yesterday’s fish. Older Australians appear to be among the most common targets because they’re most likely to have accumulated savings.
Once upon a time, a conman needed charm, a shiny suit and a dodgy moustache. Today, he just needs a laptop and a celebrity’s face. Progress is a wonderful thing.
Compulsory Super. Optional Customer Service
A mystery-shop survey of Australia’s largest super funds paints a miserable picture of the way they treat customers. Advocacy group, Super Consumers Australia, found that industry call centres averaged just 49 out of 100 points for customer service. No fund scored above 55. AustralianSuper reportedly failed to answer 90 per cent of calls within fifteen minutes.
Australians have spent many many years being told to contribute to super. Nobody mentioned getting someone to answer the phone wasn’t compulsory. The investment strategy is balanced, but the call queue is undeniably growth oriented.
Source: Super Consumers Australia
Support at Home… Or Somewhere Else?
Governments have a remarkable talent for describing reforms as “once in a generation”. It’s just unfortunate they rarely specify which generation will eventually enjoy them.
Eight months after the Support at Home program replaced Home Care Packages, an informal poll of about 150 aged-care professionals found 94 per cent believed the new system had made things worse for older Australians. Providers cited higher costs, greater complexity, longer waits, funding shortfalls and an assessment system that often ignored individual circumstances. While the poll was not scientific, it reflected the views of people delivering care every day.
Source: HelloCare
Your Doctor Called… So Did The Hackers
There was a time when your doctor promised confidentiality. Now, it appears, your medical history is an open file to any crook with a little time on their hands. It’s a conclusion reached after news that Partnered Health, which operates 57 medical clinics across Australia, has suffered a major cyber attack resulting in personal and medical information being stolen from patients at multiple clinics. The company says names, addresses, Medicare details, consultation notes and pathology information may have been compromised and is warning patients to be alert for scam attempts using stolen medical information.
I shed a tear of sympathy for the obviously impoverished owners of 57 medical centres who, it appears, can’t afford to protect their customers’ data.
Borrowing From Yesterday
If an Australian’s home is their castle, it’s also an ATM – at least for more than 40,000 of us who now hold reverse mortgages. According to new figures, retirees are increasingly tapping into the equity in their homes instead of selling. Advocates say that reverse mortgages allow senior citizens like you and me to stay in familiar surroundings and supplement retirement income, while financial advisers caution that compounding interest can steadily erode equity and reduce future inheritance.
Keating’s Next Big Idea
Love him or loath him, Former Prime Minister Paul Keating, has never suffered a shortage of ambition.
He is arguing that Australia’s retirement system should be overhauled to integrate super funds with Centrelink and Age Pension administration. Super funds would become the primary point of contact for retirees reducing bureaucracy and red tape. That’s assuming they pick up the phone (see above).
Supporters argue it would simplify retirement, while critics question whether private super funds should take on responsibilities traditionally handled by government.
It’s a thought bubble, rather than policy, but coming from the man who played a major a role in developing our current superannuation system, it will have been thought through. Anyone who has struggled with the complexities of the retirement bureaucracies will understand exactly what he means.
Still Kicking After All These Years
Australia will host the Over-70s Football World Cup later this year, including what organisers say will be the world’s first over-80s category in any team sport. ABC News informs us that among the players will be 83-year-old David Mudge, who already holds the Guinness World Record as the oldest person to complete a competitive football match, and 70-year-old rock photographer Tony Mott, who says broken fingers never stopped him photographing the Rolling Stones—or playing goalkeeper.
Meanwhile, somewhere in Australia, a healthy 52-year-old is telling everyone he’s “getting a bit old for that.”
Source: ABC News
While You Were Paying Bills…..
Money For The Bush. The Government has opened another $311 million round of grants to help aged-care providers continue delivering services in rural, remote and specialist communities. Good news—provided someone can still find the staff.
RSV Isn’t Finished Yet. Health authorities say RSV has overtaken both influenza and COVID this winter, with more than 83,000 cases already recorded. If you’re eligible for the free vaccine, your GP would probably rather see you before RSV does.
Emergency Alert Test. Don’t panic if your phone suddenly screams at you on July 27th. Australia’s new AusAlert emergency warning system is conducting a nationwide test. This is one alarm you’re supposed to ignore.
Wellbeing Taking A Hit. New ABS data suggest almost one in ten Australians report very low life satisfaction, with cost-of-living pressures continuing to weigh heavily. Turns out constantly paying more for less isn’t terrific for morale.
Family Isn’t Always Safe. Equity Trustees is urging older Australians to plan early against financial abuse, warning that around half of reported cases involve family members. Sadly, sometimes the wolf already has a key to the front door.
The Salty Summary
This week’s news offered a valuable reminder that getting older isn’t the hard part. It’s dealing with the irritations and absurdities that come with it. The fake bloke on social media who wants your retirement savings. The super fund that keeps you on hold forever. Companies that can’t protect your medical records. Governments promising to make life simpler, usually by introducing another acronym and three new forms.
If you’re wondering whether common sense has quietly packed its bags and moved overseas, you are not alone.
Fortunately, not every absurdity is frustrating. A bunch of seventy and eighty-year-olds are pulling on the boots for a Football World Cup, proving that growing older doesn’t mean growing old.
Someone Had to Say It!
