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Major banks warn against scams in 2024

Two of the big four banks have urged consumers to stay alert when it comes to scams in the new year.

With 2024 well underway, the threat of scams and cyber crimes has not been left in the past. As such, two of Australia’s big four banks – NAB and ANZ – have once again warned their customers about the threat of scams and have identified common tactics among scammers.

According to NAB, the top emerging scams in 2024 include:

• AI voice impersonation scams
• Term deposit investment scams
• Remote access scams via chat
• Romance scams
• Ticket scams
• QR code phishing scams

The major bank confirmed that NAB customers reported an average of 1,500 scam cases every month during 2023 and that 70 per cent of scams involve some type of impersonation.

NAB manager for advisory awareness Laura Hartley said the “scamscape” is ever-evolving and the use of AI will “take scams to another level” this year.

“When many of us are relaxing enjoying the new year, scammers are busy working on new scams,” Ms Hartley said.

“Criminals are targeting Aussies enjoying their break by using sophisticated technology to manipulate victims when and where they least suspect it.

“We have identified these six scams based on what we’re seeing overseas and key issues and challenges in society. These are scams every Australian needs to know about so they can recognise the red flags and protect themselves.”

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The measures NAB has taken in order to combat scammers include removing links from customer texts, and introducing payment alerts to digital banking.

Additionally, ANZ revealed that individual scam reports peak every January (according to Scamwatch), with 57,000 reports made over January and February 2023 alone.

ANZ has also warned against phishing scams, as well as recruitment scams that are used to target jobseekers during the beginning of the year, usually by sending “too-good-to-be-true” job offers via text, email, and social media and contain links that may appear legitimate.

Australians between the ages of 25 and 44 have reported the most significant losses to recruitment scams, according to Scamwatch.

ANZ senior manager, fraud analytics Jess Bottega said: “We encourage everyone when looking for new jobs online to protect their personal information and to beware of any offer made through social media.

“Young people and recent school leavers can be particularly vulnerable to recruitment scams, with the promise of making quick money the biggest lure.”

[RELATED: Banks launch ‘new offensive in the war on scams’]

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