Commonwealth logo, ACCC Logo and Scamwatch banner




 
SCAMwatch homeBanking and online account scams

Banking and online account scams

The last couple of decades have seen huge changes in how we do our banking and pay for goods and services. Unfortunately, scammers are taking advantage of new technology to generate a number of potentially very costly scams.

These scams aim to steal your account information and your money. Many of these scams can look and sound like the real thing, but there are ways of picking up on the warning signs so that you don't lose out.

Phishing emails are fake emails usually pretending to be from banks or other financial institutions. They make up some reason for you to give your account details and then use these details to steal your money.

Scammers pretend to be from your bank or financial institution and tell you that there is a problem with your account. They ask for your account details to protect your money, but then use these details to steal your money.

There are many types of scams that aim to steal your credit card details, either by taking the card itself or by tricking you into giving them the card’s details.

Card skimming is the illegal copying of information from the magnetic strip of a credit or ATM card. This can create a fake or ‘cloned’ card with your details on it.

Similar scams:


If you agree to transfer money for someone you don’t know, you let scammers use your bank account to ‘launder’ their dirty money. This puts you and your money in the firing line.

You are promised huge rewards if you help someone transfer money out of their country by paying fees or giving them your bank account details.

Employment opportunities that promise huge incomes with little work – usually by asking you to transfer money for someone else or recruit new victims.

Online auctions can be rigged by scammers or used to target you for a scam outside of the auction site. You could end up with a dud product or nothing at all for your money.

Spyware is a type of software that spies on what you do on your computer. Key-loggers record what keys you press on your keyboard. Scammers can use them to steal your online banking passwords or other personal information.

You are sent a cheque for something you have sold, but it is for more than the amount agreed. The scammer hopes you will refund the extra money before you notice that their cheque has bounced.

Printer friendly
Quick links
 

© Commonwealth of Australia 2014