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Significant events such as a rate cut can result in heightened activity from cyber criminals, said the major.
Fraudsters may impersonate a lender in order to catch unsuspecting consumers off guard.
Following rate cuts, borrowers may be looking to refinance loans. Customers should be aware of the potential of a scammer leveraging this opportunity.
“We urge customers to be hyper-vigilant around major financial announcements like these. Cybercriminals are using technology in increasingly sophisticated ways and always looking for new and convincing ways in,” said ANZ head of customer protection, Shaq Johnson.
“A change in the RBA cash rate could give them the opportunity to exploit confusion or create a false sense of urgency around locking in strong rates and transferring large sums of money.”
Johnson urged consumers to “stop and think.” If something sounds too good to be true, it often is.
To remain secure, Johnson said it’s important to cross-check correspondence with the lender directly.
“If you are ever unsure, or you feel like you are being pressured to share sensitive information or lock in a deal, call or visit your bank to verify the contact and offer is legitimate,” said Johnson.
To help protect consumers from falling victim, ANZ released a checklist of things to watch out for:
- Higher rates: If it seems too good to be true, it probably is. Scammers will often advertise higher interest rates on websites, preying on individuals looking to maximise their savings. If a rate is suspiciously high or marginally better than those advertised elsewhere, pause and do some further research before transferring any funds.
- Email/social media ads: If you receive an email or see a social media ad with a well-known celebrity spruiking an investment opportunity guaranteed to make money fast, treat it with caution. Scammers will publish fake news articles and use deepfakes to make you believe it is legitimate.
- Unexpected contact via SMS/messaging app: If you are contacted unexpectedly by an unknown person via SMS or a messaging app who attempts to befriend you initially, but the conversation shifts to investment, be wary.
- Limited online footprint: A legitimate investment company should have a visible online footprint. If you search for information online about the company and there’s hardly any information, that’s a red flag. Always search the investment company on the Investor alert list on the Moneysmart website. Also, ask the company for its ASIC registration or AFS licence.
- Difficulty withdrawing funds: If you have deposited funds into an investment platform and when you attempt to withdraw, you’re advised that you have to pay a fee on your earnings to access them, it is likely to be a scam.
- An urgent tone: Your bank will not contact you and create a sense of panic or fear about your finances or advise that you must lock in a rate immediately.
- Downloading remote access software: If an employee of the investment company you’re dealing with suggests downloading remote access software to help set up accounts with other investment platforms, this is a red flag.
- Cryptocurrency investment: If the investment company you’re dealing with advises you to open an account with a cryptocurrency exchange to purchase and send cryptocurrency to a wallet address they provide you, this is highly likely to be a scam.
- Recovery of lost funds: If you have previously been the victim of an investment scam and you’re contacted unexpectedly by someone advising that they can help recover your funds for a fee, this is likely to be a continuation of the original investment scam.
