Unexpected money and inheritance scams: How to spot them and what to do if you’ve been scammed

Estimated reading time
 5 min

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• What are unexpected money scams?
• How can you spot an unexpected money scam?
• Common unexpected money scam scenarios
• How to protect yourself against unexpected money scams
• What to do if you think you’ve been scammed
• Who can you contact if you’ve been scammed?

We’ve all heard stories of people winning the lottery and suddenly living a dream life - paying off their mortgage, quitting their job, and never looking back.

These stories are compelling because they do happen, and they spark hope that it could happen to us too. That hope can make us vulnerable to scams that promise fast money or life-changing rewards.

We’re going to take you through unexpected money and inheritance scams - what they are, how to spot them and how to help protect yourself.

What are unexpected money scams?

An unexpected money scam is when a scammer contacts you claiming you're entitled to a sudden prize or payment, like a lottery win or inheritance, to trick you into sharing personal information or sending money. The scammer might contact you through email, phone call, SMS or social media. 

How can you spot an unexpected money scam?

For these scams to work, the scammers will attempt to provoke a strong emotional reaction from you, in the hopes of clouding your judgment so you’ll look past any red flags.

• A call, email, or message coming out of the blue to say you’ve won, inherited or are entitled to money.
  
  
• A sense of time pressure or urgency (the scammer will push you for an immediate response).
  
  
• Being asked to reveal personal information (passwords, usernames, PINs, one-time passcodes (OTPs)).
  
  
• Being asked to download something or follow a link.
  
  
• Being required to pay a small fee (usually administrative or legal) to receive your prize money or inheritance. 
  

Common unexpected money scam scenarios

The ‘prize money’ scam

You might receive a call or message claiming you’ve won a competition or giveaway. To claim your “prize,” you're asked to share personal or financial details - or even pay a fee or tax upfront. These are common tactics used by scammers to steal your information or money. 

The ‘long-lost relative’ inheritance scam

This scam usually starts with a surprising message or call - someone tells you you've inherited money from a distant relative you’ve never heard of. The person may pretend to be a lawyer and ask you to pay upfront fees to release the inheritance. They might sound professional and convincing, but their real aim is to take your money.

The ‘tax refund’ scam

In this scam, the scammer will impersonate someone from the taxation office informing you about a tax refund that is owed to you.

You will be prompted to follow a link to a fake government website controlled by the scammer to fill in your credentials – often including sensitive information such as banking details.  

How to protect yourself against unexpected money scams

Firstly (and rather disappointingly), it pays to remember that the chances you will win a large sum of money out of the blue may be exceptionally unlikely (again, we’re sorry to burst that beautiful bubble).

Beyond keeping that in mind, these strategies can help you stay scam-safe:

• Remain sceptical of any unexpected correspondence. Pause, and consider the legitimacy of the contact, especially if it seems too good to be true.
  
  
• Do not click on any links sent to you via an unexpected email or message
  
  
• Never share sensitive or personal information, including bank details, PINs or passwords.
  
  
• Don’t pay to claim a prize. While some competitions may charge an entry fee or require you to purchase a lottery ticket, legitimate organisations won’t ask you to pay to receive winnings or refunds.

What to do if you think you’ve been scammed

If you think you have been scammed, know that you’re not alone. It’s natural to be angry, as it can feel violating to have your good faith used against you. Below are some immediate actions you can take to protect yourself from further financial harm.

• If you have shared financial information or believe you have transferred money to a scammer, notify your bank immediately.  If you’re an ANZ customer, please contact us immediately.
  
  
• If you shared credit card details, temporarily block or cancel those cards immediately. If your cards are with ANZ, you can do this through the app. Learn more.

Who can you contact if you’ve been scammed?

• Report the scam to the Police through the Australian Signals Directorate’s ReportCyber portal. This resource is there for reports of scams where money or personal information has been lost.
  
  
• Help others by reporting to Scamwatch to help them prevent future losses, monitor trends and educate the population about emerging threats. 
  
  
• You can also contact IDCare, a not-for-profit organisation providing support to those experiencing identity and cyber security issues.