Fraud Prevention in Online Banking: Know the Scam Red Flags to Protect Your Money
As online banking continues to grow in popularity, Australians are being warned to be vigilant against increasingly sophisticated scams. Scammers are using a range of tactics to trick victims into parting with their personal and financial information, leaving them vulnerable to identity theft and financial loss.
Common Scam Red Flags
• Unexpected phone calls, text messages or emails asking for sensitive information or requesting that you click on links or download software onto your computer or phone. • Scammers posing as family members or friends in trouble, or claiming that you owe a debt or risk being arrested if you don’t comply with their demands. • Claims to be representatives of the bank, asking for details such as passwords or PIN numbers, or requesting that you transfer money to a new account. • Attempts to trick you into providing information to enter a lottery or competition, or to claim a prize.
How Scammers Operate
Scammers use various tactics to deceive their victims. They may:
- Claim to be representatives of the bank, asking for sensitive information or requesting transactions
- Pose as family members or friends in trouble, asking for financial assistance
- Contact you via phone, text message, or email, claiming you owe a debt or risk being arrested
Prevention and Detection
Bank Australia is taking steps to prevent and detect fraud. Customers are advised to:
• Never click on links or provide personal banking details unless they are certain it is a legitimate request from the bank. • End unexpected calls immediately and contact Bank Australia’s fraud team on 132 888 if asked for sensitive information.
Staying Safe Online
To stay safe online, customers can visit useful websites that offer tips and advice on how to protect themselves against fraud. Additionally, Bank Australia’s team may:
- Contact you via phone, email or SMS to confirm transactions
- Send letters if there is no contact information attached to the account
Remember: vigilance is key in preventing online banking fraud. Stay informed, stay safe!