Scammers are becoming increasingly sophisticated, with recent reports showing a rise in bank impersonation scams across Australia.
While these scams have not affected The Mutual Bank, we want to remind our Members to stay alert and aware, as smaller banks and mutuals are now being targeted alongside the majors.
What is a bank impersonation scam?
A scammer pretends to be from a bank’s fraud team. They often have convincing personal information such as your name, card number and sometimes your date of birth.
Scammers may:
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Contact you by phone or text pretending to be your bank
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Ask for access to accounts or security codes
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Ask you to urgently transfer money to another account “for safety”
They may even send messages that appear in the same message thread as genuine bank messages.
Remember!
It’s important to remember:
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We will never ask you to move your money to another account
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We will never ask for one-time passcodes, PINs or passwords
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We will not pressure you to act urgently over the phone or by text
If you’re ever unsure, please hang up and contact us using the phone number listed on our public website.
Watch: How bank impersonation scams work
This video explains how scammers impersonate banks and why their tactics can seem so believable.
Awareness is one of the most effective ways to protect yourself. By staying alert and knowing what to look out for, you can help keep your money and personal information safe.
