Notice: New Text Message and Phone Scams Targeting Bank/Credit Union Members

WARNING! New text message and phone scams in circulation claiming to be from your Bank/Credit Union

FraudSMART is advising consumers to be on alert for a new type of text message and phone scam currently in circulation claiming to be from your bank/Credit Union. 

These are very convincing scams so please ensure you read the information below in order to protect your personal information and your account. 

How does the scam happen? 

• You may receive a text message stating that you should expect a call from a staff member of your Bank/Credit Union using a landline or private ID.
• Unfortunately, scammers have tools that can make it look like the message appears within an existing, genuine text thread that you may have from your bank in the past.
• The text message and/or phone call may claim to be from the security or card services department of your Bank/Credit Union. 
• If you accept the call, the fraudster will try to convince you to part with personal, financial and/or security information.
• In some cases you may receive an authorisation code and be asked to input it on screen to 'secure your account', 'cancel a fraudulent payment' or 'process a refund' - however this actually gives the fraudster access to your account. 
• The fraudster may imply that if you don’t act immediately, it will have negative consequences, for example, that money will be lost from your account.
• The fraudster may even advise you to delete your mobile banking app or ask you not to log into your Bank/Credit Union accounts for a period of time. In order to make you believe this instruction is genuine you may receive multiple calls advising there is a delay in receiving your 'new' online banking log in details to keep you away from your account. While you are waiting to hear back from the caller, who you believe to be your Bank/Credit Union, the fraudsters may be moving money out of your account.