How to protect yourself against scams

The Australian Banking Association (ABA) has launched a new campaign to raise awareness about scams.

This is a very topical issue, with Scamwatch receiving 14,603 reports about bank impersonation scams in 2022, resulting in more than $20 million in losses, according to the Australian Competition & Consumer Commission.

The ABA ads include these key messages:

· Bank impersonation scams: “Banks will never call you and ask you to transfer money to another account.”

· E-toll scams: “Never click on suspicious texts, links or emails.”

· Investment scams: “Always check you’re dealing with a legitimate organisation.”

· Invoice scams: “Never transfer money unless you’re certain it’s to the right person.”

Banks will never:

· Ask you to transfer funds to another account over the phone

· Send you unsolicited texts or emails that ask you to provide your account or personal details

· Ask for online banking passcodes or passwords over email, text or phone

· Ask for remote access to your computer

· Threaten to take immediate action on an issue

The ABA has advised consumers to question the authenticity of texts, emails or calls from people who claim to be from a bank or trusted organisation. The ABA has also highlighted the importance of registering a PayID (only through a bank, not a third party) and using it when available.

Consumers should also set up two-factor authentication for online banking, check the legitimacy of invoices or bills, and report any suspicious activity to their bank.