3 Apr 2023
Alert from the ACCC about consumer scams
We wanted to bring to your attention that the Australian Competition and Consumer Commission (ACCC) has issued an alert cautioning consumers to be careful of phone calls and text messages that appear to be from their bank. This warning is in response to reports of Australians losing their life savings to a highly sophisticated impersonation scam.
The scammers are using new technology to trick their victims, making the call appear to come from the bank's legitimate phone number or sending a text that appears in the same conversation thread as genuine bank messages. It is important to keep in mind that no matter how authentic the call or message appears, a bank, a PSK Private Wealth representative or your PSK Adviser won't ask you to urgently transfer funds.
If you receive a text message with a phone number to call, do not use it. Instead, call your bank directly on a number you have sourced yourself. If you receive a call from someone claiming to be from your bank or PSK Private Wealth requesting you to transfer money to 'keep it safe', hang up immediately. Call your bank back or your PSK Adviser using contact details that you have found independently.
Furthermore, never provide online banking passwords, one-time security codes, pins, or tokens to anyone over the phone. If you believe that you have been scammed, please contact your bank or financial institution immediately. Due to recent mass data breaches, many Australians have been advised to monitor their accounts for suspicious activity. Unfortunately, this has led to consumers acting on these scam calls and text messages out of fear that their accounts have been compromised.
Signs of a bank impersonation scam:
- There is a sense of urgency or threat to the message – "your bank account has been accessed", "your bank account has been locked" "a payment has been made from your account. If this was not you, please call (phone number)".
- The message looks different to other messages in the SMS thread, such as different wording or phrases used.
- The message may contain a suspicious looking link. Never click on links.
- The SMS has a telephone number to call – always find your bank’s phone number independently.
- The caller will tell you to transfer money to a different account to 'keep it safe' or for 'further investigation'. This is not standard procedures for a bank. It is a scam.
Top tips for avoiding scams
- Stop – take your time before giving money or personal information.
- Think – ask yourself if the message or call could be fake?
- Protect – act quickly if something feels wrong. Contact your bank and report scams to Scamwatch.
- CALL YOUR ADVISER IF YOU AREN’T SURE
We encourage you to remain vigilant and to follow the precautions mentioned above to safeguard your finances. If you have any concerns or questions, please call your adviser.
As always, if you have any questions or your personal circumstances have changed please do not hesitate to contact your financial adviser.
General Advice Warning - Any advice included in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation or needs.
