Watch out for sophisticated bank impersonation scams

With the rise in sophistication of banking scams, the ACCC is warning all Australians to be extra vigilant about any unexpected phone calls or text messages purporting to be from their bank.

Scammers are using new technology to make it look like their phone call or text is coming from a genuine bank phone or text number, often urging an immediate response from the consumer. Messages will often refer to suspicious activity on the account or freezing of funds to prompt an immediate response.

The ACCC's Scamwatch website is a great source of information on how these scammers operate, but there are certain steps that most of them will follow:

• You will be contacted by phone or text, often from a number that appears to be genuine

• In some cases, you may receive a text message that appears to be from the bank, alerting you to an imminent call from their customer service, then a call will come through on the same number

• They may claim to be from the bank's fraud department and will present you with an urgent issue to resolve (suspicious activity, a large withdrawal, restricting access to your account)

• If a text, it may contain a phone number to call or a link to click on to resolve the issue - DO NOT call the number or click the link.

• If a phone call, they may ask for your personal information, citing security and privacy rules (again, do NOT provide this information)

• They may even send you a code and ask you to repeat it back to them as a security measure - again, do not do this, the code may authorise them to make changes to your account.

If you ever receive a suspicious call or message from a bank, hang up the phone/ignore the links in the message and call the bank's genuine phone number or visit a branch.

Remember a bank will NEVER ask you to click on a link in a text message and will NEVER ask you to transfer funds to another account to "keep it safe" or for "further investigation".

Every effort has been made to offer the most current, correct and clearly expressed information possible within this document. Nonetheless, inadvertent errors can occur and applicable laws, rules and regulations may change. The information contained in this document is general and is not intended to serve as advice. No warranty is given in relation to the accuracy or reliability of any information. Users should not act or fail to act on the basis of information contained herein. Users are encouraged to contact Rhodes Docherty & Co professional advisers for advice concerning specific matters before making any decision.

Rhodes Docherty Financial Advisors Pty Ltd ABN 43 122 391 315 is an Authorised Representative of RDC Advisors Pty Ltd, Australian Financial Services Licensee No. 396268 (Ph. 02 9988 4033). Any advice contained in this document is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Before making any decision, you should consider the appropriateness of the advice with regard to those matters.

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