subscribe to our newsletter
State gov warns of bogus bankers

State gov warns of bogus bankers

NSW Fair Trading commissioner Rod Stowe has issued a warning about bogus callers claiming to be from some of Australia’s biggest banks falsely advising consumers they are victims of fraud.

NSW Fair Trading is receiving reports of consumers being contacted by people purporting to represent banks based in Australia, Mr Stowe said.

“The bogus callers falsely claim that fraudulent transactions have taken place on their credit card, commonly in New Zealand, and then ask consumers for their personal or banking details to help recover funds,” he said.

“Once they’ve gathered banking or personal details from victims, scammers can potentially hack into their bank accounts and siphon funds.”

Depending on the volume or type of information given, scammers could potentially commit other types of false representation using the victim’s identity, Mr Stowe said.

“Unfortunately banking scams are quite common, though this new variant is particularly worrying as banks and financial institutions do often get in touch with consumers to advise them of irregular or suspicious transactions,” he said.

“If you do receive a call that doesn’t seem genuine, refrain from giving any details, hang up and contact your bank or financial provider.”


Mr Stowe encouraged consumers to alert their friends, family and colleagues to this latest banking scam.

“Sadly, Australian consumers lose millions of dollars to scams each year and unfortunately the more people that fall for scams the more prevalent they become, as scammers see it as a quick way to make money,” he said.

“Using auto-dialling tools and software, scammers often target and cold call consumers area-by-area, and there is a fair chance if you are receiving calls so is your neighbour or those who live nearby.”

Many scams originate from outside Australia and once money is sent overseas it is virtually impossible to recover, Mr Stowe said.

 

State gov warns of bogus bankers
mortgagebusiness

Latest News

Falling property prices have driven an increasing number of mortgage holders out of positive equity, according to new research from Roy Morg...

A federal MP has accused the major bank of striking agreements with the corporate regulator to avoid admitting wrongdoing. ...

The major bank’s acting chief financial officer will permanently replace Rob Jesudason who resigned from the role in May. ...

FROM THE WEB

podcast

LATEST PODCAST: Emotional intelligence and its role in managerial structure

Is enough being done to ensure responsible lending?