Fraud Rife in Australian Banking: How to Protect Yourself

The banking system in Australia has seen a staggering number of fraudulent activities, with many individuals unaware they’ve been targeted. Experts believe that almost every adult has had at least a brush with fraud or scam.

“It’s very hard to find somebody that has not had at least a brush with fraud or a scam,” said Cottell, a leading expert in the field. “Everyone should be aware they could be targeted - that is the scale of the problem.”

To avoid becoming a fraudster’s next victim, Australians can take four crucial steps:

Step 1: Practice Good Digital Hygiene

• Create unique and strong passwords for each online account, including email, social media, and banking.
• Use a password manager to help with this.
• Limit the amount of personal information available online and avoid storing sensitive documents in email accounts.

Step 2: Verify Claims Independently

If someone claiming to be from a bank or telco requests unusual or suspicious action, take time to independently verify their claim by:

• Sourcing the organization’s correct contact details through the web.
• Not acting on any requests without verifying the authenticity of the caller or message.

Step 3: Focus on Authentication

Take advantage of two-factor authentication services offered by most Australian banks. This requires two types of authentication before certain account activity occurs, providing an additional layer of security.

Step 4: Report Suspected Fraudulent Activity

If you suspect fraudulent activity has occurred, report it to your bank and the ACCC’s Scamwatch immediately. This can help recover lost funds and aid authorities in catching fraudsters and protecting other Australians.

As experts warn that it’s only a matter of time before every Australian is targeted by fraudsters, taking proactive steps to protect yourself is crucial. By following these four simple steps, you can reduce your risk of becoming a victim and stay one step ahead of scammers.