Common Scams

Common banking scams — and how to avoid them.

Progress in banking technology has made it faster and easier for Australian consumers to access their money, but this has also introduced new opportunities for financial scams.

This is true regardless of whether you're making a transaction through Internet Banking, a Mobile Wallet or Mobile Banking app. The wide variety of schemes out there makes it vital to understand what warning signs to look out for.

To help, we've put together a list of some of the most common financial scams and how to avoid them.

If you think you have been scammed, start by calling us on 13 25 85 or visiting your local branch.

If something seems to good to be true, then it probably is.

Beyond Bank will never ask you to make a transaction, share online banking security codes or request remote access to your device. If you receive unsolicited requests for personal or financial information by phone, text message or email, do not hand over your information. If in doubt, call us on 13 25 85.

Report a Scam

Credit card scams.

One of the most common financial scams is the theft of credit card details. This can be achieved in different ways, ranging from hacking into a computer system that stores this data through to simply stealing a new card from somebody's letterbox and activating it online.

Once a scammer has somebody's credit card details, they're able to use it to make purchases via the Internet. In more serious cases, a scammer may even gain access to the card's PIN, making it possible to withdraw cash from ATMs.

It's important to regularly check your online banking statements to make sure each transaction was made by you. If you're at all concerned about the possibility of credit card fraud, contact your bank immediately and cancel your card.

Theft of personal information.

While credit card fraud is a hugely stressful crime to fall victim to, these schemes typically won't provide the scammer with access to your bank accounts. This means your other accounts won't be at risk, but there are other ways criminals may attempt to gain access. The most common of these is the theft of your personal information, usually through emails, texts or phone calls that pretend to be from your bank.

This approach is known as 'phishing,' and it's easy to fall victim to if you're not aware of the dangers. Common signs of a phishing scam include calls from a bank that you're not a customer of, emails that include links where you must enter your personal information, and messages that do not refer to you by your full name or an identification number.

If you're ever in doubt about the validity of a message, it's always best to contact your bank directly and ask. If all is above board, they'll be able to quickly let you know, giving you peace of mind that your personal details are safe.

Other common types of scams.

Computer and mobile device scams.

You receive a phone call or email advising that your device is infected by a virus. They will sell you anti-virus protection however the software tracks your device and gives access to your passwords, social media, email and your banking.

Phishing scams.

They impersonate a government agency, business or your bank via email, phone or text message. The attention to detail is normally poor and you should be able to see some errors in language, grammar or the email address.

Impersonation scams.

Phone calls or emails pretending to be from your bank saying that your account has been compromised and they can help you. Scammers may ask you to provide your passwords, codes sent via SMS or email, or to transfer funds to another account.

Gift card scams.

Some scammers will ask you for a payment using gift cards, making it hard to trace if you end up reporting the scam later.

Dating and romance scams.

These scammers take their time and build your trust. Often, they are located overseas or in a different location to you. Eventually, they will ask you for money to help with an illness, injury, travel costs, family crisis or an emergency.

Family member SMS scams.

These messages appear to be targeting parents and pretending to be their children or other family members. Scammers will use a different phone number and ask for money.

Inheritance scams.

You are told that you have an inheritance from a relative (generally overseas) but to access the inheritance you must send a sum of money.

Investment scams.

A risk-free investment with a guaranteed return. For example, invest $100,000 and receive a $300,000 return. 

Online shopping scams.

Scammers pretend to be online shops, either with a fake website or a fake ad on a genuine retail site. They often request unusual payment methods such as upfront payment via money order, wire transfer, international funds transfer or gift cards.

View our Common Scam Fact Sheet