Scammers are impersonating your bank: How to protect yourself

Aussies are being warned of an alarming rise in scammers calling, emailing or messaging people and pretending to be from their bank so that they can steal funds.

The scammers will try and trick you by claiming to be investigating a problem with your account, such as an account being hacked, a suspicious transaction or an online banking outage.

The phone call, email or message will appear legitimate and as if it comes from the bank. The message may also appear in the same message thread as a previous legitimate banking message.

The scammers will request your personal or financial information such as account details or security codes. They will then use your account details to steal your money.

We’re warning consumers to watch out for scammers impersonating their bank to manipulate them into sharing their personal or financial information, transfer money or provide a one-time security code. Share these tips with your network and report scams. https://t.co/B9mOA5vhtx pic.twitter.com/ckjNtUKPT2

— National Anti-Scam Centre (@nascgovau) October 17, 2024

Australian Competition and Consumer Commission (ACCC) Deputy Chair Catriona Lowe warned, “If you receive an SMS with a telephone number to call, do not use it. 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,” Lowe added.

The National Anti-Scam Centre recommends the following precautionary measures for those looking to stay one step ahead of scammers and protect their personal information.

STOP – Don’t give money or personal or financial information like passwords, security codes, PINs or tokens. Don’t click on any links if you’re unsure. Say no, hang up, delete.

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 and report to Scamwatch. Tell your friends and family; it helps to share your experience so they can give you support and to help them stay safe from scams.