Scam Alert: Beware of Bank Impersonation Scams

With Bank Impersonation Scams on the rise, we encourage our members and community to be cautious of unsolicited calls requesting you to transfer funds for safekeeping.

Scammers impersonate financial institutions, Visa/Mastercard, and law enforcement including AUSTRAC, informing victims that their bank accounts have been compromised or are being used for money laundering.

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What does a Bank Impersonation Scam involve?

Scammers are impersonating financial institutions and Visa/Mastercard, informing victims that their bank accounts or card details have been compromised, or making claims of money laundering. They claim that the victims' accounts are under investigation and encourage them to transfer their money into another supplied account for "safekeeping", or get them to read out security codes sent by the bank. Some scammers may also claim that your card has been compromised and instruct you to leave your card and PIN in a specific location so they can "arrange a replacement." This tactic enables scammers to register an unknown device to your profile, authorise transactions on your account or convince you to move money into accounts they control.

IMPORTANT: Organisations like Visa/Mastercard or AUSTRAC will never contact you directly.

If you receive a call from someone claiming to be from your financial institution, Visa/Mastercard or AUSTRAC and you doubt the call is genuine, please end the call immediately and contact the organisation on their advertised number. Scammers may attempt to give you false trust in them by asking you to check the number displayed on your phone. This is also known as NUMBER SPOOFING.

‍Never share your banking information with anyone or transfer funds at the request of an unknown third party.

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Some things to keep in mind

• Number spoofing occurs when someone disguises their phone number to display a different one—often your bank number or one linked to law enforcement. Scammers may use this to appear legitimate and pressure you into transferring funds. If in doubt, hang up and call the organisation on their official number.
• Remember Visa/Mastercard, AUSTRAC and other financial institution representatives will NEVER contact you and request that you move funds to a different account for safekeeping.
• Avoid calling a number provided in an unsolicited email, SMS, or phone call – even if it claims to be from your financial institution. Always call an organisation on their advertised number.
• Scammers may provide you a “script” to disguise the real reason for the transaction to avoid detection.
• Never transfer funds to an account number provided in response to an unsolicited call from an unfamiliar third party.
• Never store or leave your Visa cards and PIN in an unsecure location for third parties to access, even if they say they are from your bank.
• Always read the message that accompanies security codes from organisations. Never share the security code authorising activity on your banking profile with a third party, even if they say they are from your bank.

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‍Remember to STOP, CHECK and PROTECT

• STOP – Take your time before providing personal information or transferring money to a third-party.
• CHECK – Always verify who you are dealing with. Call trusted organisations back on their advertised number, conduct research through official sources or get a second opinion from a trusted friend or family member.
• PROTECT – If you think you have provided your personal or financial details to a scammer, act quickly and contact your bank immediately.

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What do I do if I see an unauthorised transaction on my account?

If you believe your account security has been compromised or notice an unauthorised transaction on your account through Internet Banking, contact our Fraud team immediately on 1300 747 747 and select Option 3, then Option 3 from Monday-Friday 8:30am-5pm (AEST). Outside our operating hours, your message will be recorded and we'll return your call on the next business day.

For card related transactions, including unauthorised charges, call 1300 747 747 and select Option 3, then Option 1.

Important:

This line is only for reporting fraud or suspicious activity. Using it for other matters may result in your call being redirected or delayed.