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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.


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