In an increasingly digital world, the threat of banking scams is more prevalent than ever. 

Protecting your savings from scams is crucial to ensure your financial security. Here’s an overview of common banking scams and how you can protect yourself from falling victim. 

• Fake invoicing scams: Scammers send fraudulent invoices, often appearing to be from legitimate suppliers, tricking businesses and individuals into paying for services or goods they haven’t ordered. 

• Phishing calls/texts: Scammers impersonate banks, sending fake alerts via phone calls or SMS to trick you into providing personal information or transferring money. 

• Fraud using data breaches: Data breaches expose personal information that scammers use to access bank accounts or create new fraudulent accounts. 

• Crypto scams: These scams involve convincing individuals to transfer money into cryptocurrency investments that are unregulated and often fraudulent. 

Fake invoicing 

• You receive an invoice via email from what appears to be a known supplier. 

• The invoice contains legitimate-looking logos and contact information. 

• The email requests payment to a different bank account than usual. 

Phishing 

• You receive a call or text claiming to be from your bank. 

• The message warns of suspicious activity and asks you to verify your account details. 

• You are directed to a fake website or asked to provide personal information directly. 

Data breaches 

• Scammers obtain personal information from a data breach. 

• They use this information to answer security questions and gain access to your account. 

• Unauthorised transactions are made from your account. 

Crypto scams 

• You are approached with an investment opportunity in cryptocurrency via social media or email. 

• High returns and low risk are promised. 

• You transfer money into a crypto wallet, which is then drained by the scammer. 

• Verify requests: Always verify invoice requests by contacting the supplier directly using known contact details. 

• Be skeptical of unsolicited communications: Treat all unsolicited calls, texts, and emails with suspicion, especially if they ask for personal information. 

• Use strong passwords: Ensure your bank accounts and emails are protected with strong, unique passwords. 

• Monitor accounts regularly: Check your bank statements frequently to spot any unauthorised transactions. 

• Enable two-factor authentication: This security method requires you to identify yourself in more than one way, for example by using your password and then entering a unique code sent to your mobile phone or email address. 

• Avoid unregulated investments: Be wary of cryptocurrency investments and avoid transferring money outside regulated financial systems. 

• Immediately report the fraud to your bank and freeze your accounts. 

• Report the scam to the Australian Competition and Consumer Commission (ACCC) via Scamwatch. 

• Change all your passwords and monitor your accounts for further suspicious activity. 

• Contact the Australian Tax Office if you know or suspect someone has stolen your tax file number (TFN). 

Other reputable and helpful resources include: 

• Australian Cyber Security Centre (ACSC) 

• Moneysmart 

• Office of the Australian Information Commissioner 

Australian banks are committed to protecting customers against scams through initiatives such as the Scam-Safe Accord. This includes:

• Enhanced security features: Implementing advanced security measures such as biometrics and real-time fraud detection. 
• Customer education: Providing resources and information to help customers recognise and avoid scams.
• Collaboration with authorities: Working closely with law enforcement and regulatory bodies to address and mitigate fraud risks.