The federal government’s National Anti-Scam Centre (NASC) has issued a new warning for consumers to be wary of bank scams. The NASC has advised customers to think twice before responding to any apparent contact from a bank.
This includes unsolicited calls, emails or messages from someone claiming to be from their bank. Requests for personal or financial information, or a fund transfer over the phone should be treated with the utmost caution. A request for a one-time security code should also be treated with suspicion.
What makes many of these scam attempts particularly galling and difficult to detect is that many perpetrators claim to be from bank fraud departments. Such callers cite an account compromise, suspicious transaction, or online banking outage to try to create a sense of urgency.
Where possible customers receiving such calls should try and make an in person visit to their nearest bank branch.
Beware of technology bank scams
Scammers are using ever more sophisticated methods in an effort to appear legitimate. Techniques have evolved to use the latest technology, making such attempts harder to distinguish genuine contact from financial institutions.
The technology allows scammers to make their calls appear to come from the bank’s legitimate phone number. It can even infiltrate genuine text message conversations between a customer and their bank. Subsequent messages in the same conversation thread can appear as genuine bank messages.
Scammers may also use numbers that are very similar to the bank’s legitimate phone number. Their hope in such instances is that victims won’t detect the difference, or will think the call is coming from another phone at the same branch.
Catriona Lowe, deputy chair of the Australian Consumer and Competition Commission (ACCC), added her voice to the warning. “If you receive an SMS with a telephone number to call, do not use it.,” she said. “Instead, call your bank direct on a number you have sourced yourself.
“Likewise, hang up if you receive a call from someone claiming to be from your bank requesting you to transfer money to ‘keep it safe’. Your bank will never ask you to do this. Ask for a reference number and call your bank back using contact details you have found independently.”
Protect yourself
The NASC recommends taking appropriate precautions and actions by adhering to the following three-step process.
STOP: Don’t be rushed into providing personal or financial information, or transferring money. Your bank will never ask you to transfer your money into another account to keep it safe. Never provide online banking passwords, one-time security codes, PINs or tokens to anyone over the phone. Don’t click on links sent via email or in a message on your phone, even if they appear to come from your bank.
CHECK: Verify who you are talking to. Contact your bank using your banking app or a phone number you have sourced from your banking app, bank website, statement, or card.
PROTECT: Act quickly. If you have transferred funds, provided access to your account or information to a scammer, contact your bank immediately. Also, report your experience to scamwatch.gov.au to help protect others. Tell your friends and family. This helps to share your experience so they can give you support, and also so you can help them stay safe from scams.
Have you or someone you know been a victim of a bank scam? What method did the scammers use? Let us know via the comments section below.
Also read: Small banks need to do better on scams, says ASIC
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