Protect yourself from bank scams

Financial security is increasingly important as we get older. Unfortunately, scammers are always looking for new ways to exploit vulnerabilities, and they have older Australians in their sights. 

This article outlines some common banking scams and provides tips to help you stay safe.  

What it is: 

• Phishing is when a scammer sends an email that appears to be from a trusted source, often including an urgent ‘call to action’ like asking you to provide sensitive information. 
• SMiShing is a type of phishing where the message is sent via SMS text message rather than email.

How to avoid it:  

• Never click on links or open attachments from unknown senders. 

• Hover your mouse over the link to see the actual URL. If it looks suspicious or doesn’t match the expected domain, avoid clicking.

• Always question any SMS that has a link, even messages from familiar companies under the same contact or message thread.

• Contact your bank directly using the phone number on the back of your card or from your official bank statement to verify any suspicious activity.  

What it is: An impersonation scam is where scammers trick you into believing they are someone else – they may pretend to be from a trusted organisation, a friend or family member or someone else you can trust such as law enforcement, government employees etc., in order to steal your money and/or personal information.

How to avoid it:  

• Be wary of unsolicited calls. 

• Financial institutions, government agencies and most organisations will never contact you requesting access to your device, share your passwords, security codes, PIN’s or other personal information via a pop-up or a phone call. Never share these with anyone, regardless of the claims being made. Always call organisations back on trusted numbers found on their website or phone directory to validate any of these types of requests.

• If you receive a suspicious call, hang up and contact your bank directly using the number on the back of your card. 

What it is: Remote access scamming occurs when targets are contacted via phone, text or email by a scammer falsely claiming to be from a familiar company, such as a bank, telco, software company or government agency. They'll often give a fake but credible story, to trick you into giving them remote access to your computer or device. This gives the scammer full access to your computer – and personal information – from a remote location.

How to avoid it:  

• Never allow anyone you don’t know to remotely access your devices.  

• Be cautious of unsolicited calls offering technical support. 

• If you receive an unexpected phone call, text or email about your computer and remote access is requested, hang up or delete immediately – even if they mention a well-known company or entity.

What it is: Scammers offer you enticing investment opportunities with guaranteed high returns that are are often too good to be true. To appear legitimate, scammers may use websites, documents or apps that look professional. They may even pay out the first few investments to convince victims to invest even more.

How to avoid it:  

• Be wary of investment opportunities that promise high returns with little or no risk. 

• Do your research and consult with a financial advisor before making any investment decisions. Research and check reviews by searching the investment name with the word ‘scam.’ 

• Never invest in something you don’t fully understand.