Fraud and scams

Types of scams

• Dating and romance scams

  The increasing popularity of online dating has proved to provide an attractive target for criminals who prey on people looking for love or romance. Scammers target victims by creating fake profiles on legitimate internet dating services. Once you are in contact with a scammer, they will express strong emotions for you in a relatively short period of time and will suggest you move the relationship away from the website, to phone, email and/or instant messaging. Scammers often claim to be from Australia, but travelling or working overseas. Once they have gained your trust they will ask you (either subtly or directly) for money, gifts or your banking/credit card details. They will pretend to need these for a variety of reasons. The money you send to scammers is almost always impossible to recover. On occasions the scammers will also send money to victims for them to on forward, either locally or overseas. These funds are generally stolen money, which implicates the victim in money laundering activities.
  
  

  Here are some handy tips to keeping your banking safe.

• Investment scams

  Australians lose more money to investment scams than any other type of scam. Always be suspicious of any investment opportunities that promise a high return with little or no risk – if it seems too good to be true, it probably is – and is highly likely to be a scam. Never take investment advice from anyone that you’ve only met online or provide them with your personal or financial details. 

  Losses to cryptocurrency scams are the highest of all types of investment scams, representing over 50% of losses. After what can often be a low initial investment, scammers pressure you to invest more over time before claiming the money is gone or ceasing communication and blocking access to the funds.  

  Before investing, check this list of companies you should not deal with. 

  For more information on investment scams visit Scamwatch. 

   

  Here are some handy tips to keeping your banking safe.

• Remote access scams

  Remote access scams are one of the largest growing scam types in Australia.

  Most commonly, scammers pretend to be from well-known organisations such as Telstra, eBay, NBN Co, Amazon, banks or computer and IT support organisations and create a sense of urgency to make you give them access to your computer. Pop-ups can also be used, claiming to be from Microsoft or other tech companies, saying there is a problem with your computer and to click on the pop up ‘to receive assistance’. Once the scammer has gained access to your computer, they can access your bank accounts and personal information.
  
  You can learn more about remote access scams on by visitng our blog article here, or by visiting Scamwatch.

   

  Here are some handy tips to keeping your banking safe.

• Buying and selling scams

  Scammers posing as online buyers and sellers are on the rise. Be wary of any transactions involving an overpayment and request to refund excess money via internet banking. If you’re selling an item, be cautious of buyers asking you to set up a PayID to receive funds. If you’re purchasing an item, avoid any payment methods via money order, internet banking transfer, international transfer, gift cards or crypto currency. Remember to research the buyer/seller and look for reviews, and where possible meet in person or arrange a video call to inspect the item. If the price seems too good to be true, it probably is. Remember, scammers can be buyers or sellers using legitimate sites. 
  
  If you believe you have been contacted by a scammer or are concerned about your privacy, please call us directly on 13 11 82. 
  
  

  Here are some handy tips to keeping your banking safe.

• Family impersonation scams

  Please be cautious of phone messages from friends or family members claiming they need help. Cases of this scam began to increase in the second half of 2022 and continue to target Australians. If you receive a message from someone claiming to be your child, friend or family member from a different or unknown phone number, please call the person directly to confirm. 
  
  If you believe you have been contacted by a scammer or are concerned about your privacy, please call us directly on 13 11 82.
  
  

  Here are some handy tips to keeping your banking safe.

• Inheritance or lottery scams

  Inheritance or lottery scams usually start with an unsolicited email, letter or text message advising of a large sum of money which has either been inherited or won in a lottery. Generally the letter will ask you to respond quickly and confidentially to secure the funds. You may be asked to provide personal and account details for funds to be deposited into your account. You may also be asked to send money to pay fee’s or charges relating to having the winnings released.

• Job and employment scams

  Job and employment scams target people who are looking for work, a change in employment or seeking earn some additional money. These jobs are frequently advertised online and often promise significant income from limited hours or the flexibility of working from home. The primary purpose of this scam is to recruit people to be unwitting “Money mules”. A money mule is a person who receives stolen funds, usually from Internet Banking fraud and then on-forwards that money to someone else, either locally or overseas and receives a commission for doing so. Transferring money in this manner is considered money laundering and is a criminal offence.
  
  

  Here are some handy tips to keeping your banking safe.

• Hoax emails

  Hoax emails claim to be sent from legitimate companies including financial institutions, requesting passwords or login details. Often hoax emails will also use links and/or attachments to direct you to false sites or download viruses or trojans to your computer or mobile device.
  
  Some common ways to detect hoax emails include:

  • The email asks you to confirm or verify your account information via clicking a link or opening an attachment
  • Check the URL of any links by hovering the mouse over the link.
  • The from email address is not from the legitimate company address
  • The message is unsolicited and has a sense of urgency requiring a response
  • Messages are often not personalised
  • Call and confirm the legitimacy of the message with the company before opening or clicking on links

  
  

  Here are some handy tips to keep yourself safe from phishing.

• Hoax phone calls

  Similar to hoax emails criminals will also try to obtain personal and banking information by way of phone calls. Callers may impersonate your financial institution, government department (ATO etc) and other large companies such as Telstra or Microsoft.
  
  Some common ways to detect and protect you from hoax phone calls include:

  • Be wary of any unsolicited or cold caller
  • Don’t give out or confirm your personal, credit card or online account details over the phone unless you made the call and the phone number came from a trusted source.
  • Don’t provide remote access to your computer after receiving an unsolicited phone call
  • Be wary of callers offering unclaimed refunds or incentives
  • If in doubt, hang up and contact the company or government department using official customer service number to verify if the call was genuine.

• Bank Impersonation Scams

  Bank impersonation scams can occur via email, social media, phone call or SMS and attempt to gain personal or banking information by pretending to be your financial institution. These messages may look incredibly genuine, often matching the tone of voice, format or branding of your bank and may even use the same phone number or sender ID or appear in the same conversation thread as your bank. These scams often claim suspicious activity has been flagged on your account or imply that your account is being accessed without your authorisation, prompting you to call a number or click a link to resolve the issue. Never provide your personal, credit card or online account details in response to a message or call. Instead, make an independent check with your bank to follow up the query.

  Some common ways to detect a bank impersonation scam are:

  • You receive a verification code you have not requested.
  • You receive a generic notice of suspicious activity or fraudulent transactions.
  • You are directed to a website via a link that does not look like the address you usually use and requests information you are not usually asked for.

  
  

  Here are some handy tips to keeping your banking safe.