In the context of banking security, a ‘scam’ or ‘fraud’ is a dishonest attempt to trick banking customers into revealing personal details that allow perpetrators to illegally gain access to their funds.
Scammers and fraudsters are becoming extremely clever in disguising their information for unsuspecting customers. Emails and websites are looking more authentic, the origin of emails (URL) contain real company names and some can be personally addressed to you. The rule of thumb is if in doubt do not act on a request (written or verbal) you suspect may be a scam or fraudulent. The potential information you supply to a scammer is worth a lot to them so they go to great lengths to appear authentic.
What can you do to help – quick tips to protect yourself
- Delete all spam emails immediately and empty your deleted items folder.
- Disregard any emails requesting that you verify account information such as your customer number and Access Code. MyState Financial will never send you an email requesting this information.
- Install software that protects your computer from viruses and unwanted programs, and make sure it is kept up to date.
- Avoid opening any email attachments from a person or organisation that you do not know or trust.
- Do not use software on your computer that auto-completes online forms. This can give Internet scammers easy access to your personal and credit card details.
- Never respond to requests for personal information in an unexpected phone call or email, even if it is supposedly from an organisation you know or trust. If in doubt, contact the organisation using independently verified contact details.
- Do not open suspicious or unsolicited text messages or emails (spam) — delete them.
- NEVER give personal or financial details to anyone you do not know and trust, or enter them into a website unless you are certain it is genuine. Check the website address carefully as scammers often set up fake websites with very similar addresses.
- If you are travelling overseas, remember to advise MyState Financial of your travel details, including departure/return dates and destinations so that we are aware that overseas transactions will show on your accounts.
How to identify personal banking scams or fraud
As mentioned, scammers and fraudsters are constantly coming up with new ways of trying to gain access to your personal banking information. However, there are some common things to look out for but the best rule of thumb is if an offer is too good to be true it probably is and if in doubt – do not act.
- Beware of free websites and downloads (such as music, adult sites, games, movies). They may install harmful programs without you knowing.
- Never respond to emails or phone calls asking you to confirm your details or to click on links or attachment within an email or complete a form on an unknown website
- Do not respond to SMS and voicemail messages that ask you to call a number and then input your details via an automated service
- Look out for emails that tell you that you have won a prize, offer employment opportunities or ask you to enter lotteries. Many ask you to provide your bank details to support the transfer of funds.
What is MyState Financial doing to assist?
Card fraud is on the rise in Australia and methods for conducting fraud are constantly evolving. Our customer’s financial security is a number one priority for MyState Financial.
In March 2011, MyState Financial implemented a new fraud monitoring system to provide earlier detection and prevention of Visa Card and rediCARD fraud.
The new system involves monitoring card based activity to ensure legitimacy and flagging transactions that appear suspicious. Suspicious transactions include instances where a pattern of spending looks unusual or where a particular payment type has been previously flagged as a fraud risk.
Monitoring is undertaken 24 hours, seven days a week and includes all MyState Financial Visa Debit and rediCARD transactions. The 24hour service allows for the earliest possible detection of fraudulent activity. In some cases, the system will halt fraudulent or suspicious payments before they reach a customer’s account.
MyState Financial works in consultation with national fraud programs to receive up to date information on new types of card fraud encountered in Australia.
Customers will be called between the hours of 7am and 10pm seven days per week if fraudulent activity is suspected. If suspected fraud is detected outside these hours, the transactions or cards may be blocked until the customer can be contacted.
If unable to clarify the transactions directly with the customer, a message will be left for the customer stating the number the customer is to call and also a reference code so that they and their account can be identified.
If a customer is not able to be contacted, an email or letter will be sent to the customer.
Important:
MyState Financial asks customers to advise when they are travelling overseas, their travel details, including departure/return dates and destinations so that we are aware that overseas transactions will show on their accounts.
Please Note: MyState Financial will never ask a customer for their card number as a means of identification, however they may be asked their customer number.
Reporting a suspected scam or fraud
If you think you have provided your account details to a scammer or believe that you are the victim of a scam, report the matter to MyState Financial on 138 001 as soon as possible.
More Information
The following external websites offer additional information regarding electronic banking security:
- SCAMwatch - SCAMwatch is a website run by the Australian Competition & Consumer Commission (ACCC). The aim of SCAMwatch is to provide information to consumers and small business about how to recognise, avoid and report scams.
- Stay Smart Online – This Australian Government initiative provides information for Australian’s on the simple steps they can take to protect their personal and financial information online.
- ASIC Moneysmart website – ASIC Enforces company and financial services laws to protect consumers, investors and creditors.
- Australian Bankers' Association – General information about the banking industry and industry standards.