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2022-06-21 5:07 pm
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Interest rate announcement - 12 August 2022. Bank Australia will increase variable home loan and commercial variable rates in response the RBA’s recent decision to raise the official cash rate. From 18 August 2022, interest rates will increase by 0.50% for variable rate owner-occupier and investor loans, while commercial variable rate loans will also increase by 0.50%. For existing home loan customers, repayment changes will be effective from 1 October 2022. Read more here.

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2022-04-28 10:05 am
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Scams

Learn about common scams and see what to do if you suspect you've been targeted.

What’s on this page

Have you ever received a strange text or phone call?

You’re not alone. Scam activity is at an all-time high. Scarily, scams are evolving as quickly as technology. Scammers often imitate legitimate businesses or financial institutions with well-planned strategies to trick their victims. They often prey on our fears by lying to us that we have a problem that needs action ASAP, for example, ‘payment to the tax office’.

Scams to look out for:

Remote access scams

Scammers call and, for example,  pretend they are from the technical support team of a well-known business or service provider. Scammers will ask you to download a program that allows them to access your computer remotely.

Investment scams

Scammers might pose as stock brokers or portfolio managers and pretend to work for well-known investment firms. Their website may look legitimate and they often use convincing sales documents.

Romance scams

Scammers enter into romantic relationships and try to build trust and emotional connection, before presenting an urgent request for money (eg. investment opportunity or urgent medical treatment)

Phone/WhatsApp ‘family’ scams

You receive a message from an unknown number claiming to be your child or family member who has lost their phone and needs money transferred. This is actually a scammer looking to get you to transfer money or give personal details.

Other common scams

  • Offering exclusive entry to a lottery through payment of an upfront fee
  • Offering a payment to receive ‘how to make money’ information, lottery or horse betting predictions, or personalised horoscopes
  • Advising of goods or prizes awaiting collection once a delivery fee is paid
  • Offering the opportunity to take part in a competition after payment of a fee
  • Advertising jobs that offer you a commission for you taking payment for sale of goods into your own personal account and then transferring the funds to another account, usually via Western Union
  • Offering free trials where payment details are required for a postage fee, and then much larger payments are processed if the trial is not cancelled within a very short timeframe

How to protect yourself:

  • Treat unexpected contact with caution
  • Take your time: don’t be pushed into transferring money or giving details
  • Hang up and check with a friend or family member if they think the contact or request is strange or suspicious
  • Search online for known scams using similar language or approach
  • Never give logins or personal information on an incoming call, or via text message or email

What is a scam?

Most scams are offering something that sounds too good to be true. Scams are fraudulent schemes promising large sums of money, often from foreign countries. They often ask their target for some type of service, or fee to be paid, before they grant payment. Scams can also be disguised as a ‘free trial’ offer in which they want your payment details before they give you the ‘free trial’.

How scammers make contact

Scammers may contact you via mail, email, SMS, telephone, eBay or even door-knocking.

What to do

If you suspect someone is trying to scam you, or you find yourself the victim of a scam, contact us on 132 888 immediately so we can take precautions to protect your account. Information on scams, and methods used by scammers, can be found at scamwatch.gov.au.

Investment scams warning

Scammers keep finding new ways to trick people into parting with their hard-earned money. Fake investment companies and companies offering unlicensed financial services are becoming more and more convincing.  They might even claim to be low risk with high return, but if the company is not legitimate, it’s extremely high risk.

You can protect yourself. Remember, if it sounds too good to be true, it probably is.

Always be wary of someone you don’t know offering you a great investment – over the phone, by email, or in person.  Ensure they’re legitimate before giving them any money.  Help to protect yourself by checking to see if they are licensed with ASIC to make sure that they are allowed to be doing business in Australia.

On moneysmart.gov.au you can search a list of companies that ASIC has identified as unlicensed. You can also read about different types of scams and the methods fraudsters might use to try to get you to part with your money.