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 and AUSTRAC, informing victims that their bank accounts have been compromised or are being used for money laundering.
What does a Bank Impersonation Scam involve?
Scammers are impersonating Financial Institutions and AUSTRAC, informing victims that their bank accounts have been compromised or claims of money laundering. Scammers claim that the victims’ accounts are under investigation and encourage them to transfer their money into another account for "safekeeping."
This scam provides the opportunity to deceive people into moving money into accounts operated by scammers.
Organisations like AUSTRAC will never contact you directly.
If you receive a call from someone claiming to be from your financial institution or AUSTRAC and you don’t believe the call is genuine, please end the call and contact the organisation on their advertised number, even if the scammers ask 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.
Some things to keep in mind
- Number spoofing is when someone has masked their phone number and displays an alternate number to trick victims. Scammers may display the number of your bank and claim to be an employee in order to mislead you into transferring funds into a supplied account for security purposes. If you're not sure about a call, just hang up and dial the organisation’s advertised number to make sure you’re talking to a genuine representative.
- Remember 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 AUSTRAC or a financial institution. Always call an organisation on the 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.
Remember to STOP, THINK and ACT
- STOP – Take your time before providing personal information or transferring money to a third-party.
- THINK – Always question and ask yourself – could this be a scam?
- ACT – Conduct thorough independent research and report any suspicious activity to Qudos Bank.
Learn more about protecting yourself from future scams and fraud, by visiting our Fraud & Security hub for more information.
If you suspect that your security has been compromised or notice an unauthorised transaction on your account, please contact our Fraud team immediately on 1300 747 747 Option 4 and Option 3 from Monday-Friday 7am-7pm and Saturday 9am-5pm (AEST).
The information on this page is of a general nature and is not intended to be a substitute for personal advice. This information has been produced without taking into account your personal financial circumstances, objectives or needs. You should consider the appropriateness of the information to your financial situation and seek personal advice before acting on any of this information. Qudos Mutual Limited trading as Qudos Bank ABN 53 087 650 557 AFSL/Australian Credit Licence 238 305.
Published September 2023