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.
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.
Phishing scams.
Impersonation scams.
Gift card scams.
Dating and romance scams.
Family member SMS scams.
Inheritance scams.
Investment scams.
Online shopping scams.
Other helpful information.
Keeping you safe online
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Warning signs of a scam
No two scams are the same, but there are some common warning signs.
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