page top

What is Fraud?

Attention: open in a new window. Print

What is fraud?

Fraud was estimated to have cost Australians over $140 million in 2019, but what exactly is it? Essentially, fraud is a deceptive or deceitful act that causes one person to receive a benefit that they are not entitled to, while depriving another person of something.

The most common types of fraud are designed to obtain money by deception, but fraud can also be to obtain property or goods illegally, or to avoid paying for services that have been provided.

Fraud and evolving technology

As the use of technology increases, so do the opportunities for scammers. Automation and sophisticated software mean that fraudsters can potentially contact many more people than they would have been able to in the past. In addition, ever increasing ways of interacting with each other, especially social media, means that there are more ways than ever to reach people and try to mislead them.

Key principals to stay safe from fraud

  • Be cautious with all incoming communications, whether you think you know the sender or not. Fraudulent approaches often appear to come from apparently trusted sources e.g. banks, Government agencies, organisations or friends’ social media accounts. These may be fake accounts or may be legitimate accounts that have been compromised.
  • Many scams try to take advantage of our human tendency to hope for the best. If something seems too good to be true, it’s likely that it is.
  • If you’re asked to take action in a message - whether to click a link, open an attachment, or call a number - don’t do it directly from the message. Before taking any action, check that the communication is legitimate by contacting the organisation using contact details on their secured website. Never use details from an incoming message.
  • If you are unsure about something, always check it with a trusted third party. This could be a Qudos Bank representative, an accountant, lawyer, or the organisation itself

If you have been targeted by a scam relating to your Qudos account, visit our webpage Reporting Scams to find out who to contact.

  Disclaimer:

Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305. The information in this article is of a general nature and has been prepared without considering your objectives, financial situation or needs. Before acting on the information, consider its appropriateness to your circumstances.