Data from Scamwatch reveals that scammers’ favourite tools are text messages, emails and phone calls, these are the top three ways scammers are contacting victims to obtain their sensitive information.
“Phishing scams are a constant threat, and the only way to truly protect yourself is to remain vigilant with any type of unsolicited contact. Don't be fooled by seemingly trustworthy entities; legitimate companies will not ask you to provide sensitive information through unsolicited texts, emails, or calls,” COBA Chief of Financial Crimes and Cyber Resilience Leanne Vale said.
COBA’s Financial Crimes and Cyber Resilience team have provided some top tips to help you outsmart phishing scams and prevent you from falling victim.
What is phishing?
Phishing is when scammers impersonate trusted entities, targeting individuals through phone calls, emails or text messages. They have impersonated banks, telecommunication companies & government agencies such as the ATO or myGov for example.
The websites & emails that the scammers use are designed to mirror the branding and logos of the company or institution they’re imitating so that they look legitimate. Their aim is to extract personal information from you such as credit card details, usernames, codes and passwords.
Common tactics they use include:
- The ‘technical error’: The scammers may claim there has been a system error or glitch that has erased customer data and urge you to re-enter your details.
- The ‘security update’: You’ll be asked to update your details for ‘security reasons’.
- The ‘unauthorised activity alert’: Scammers may raise alarms about some suspicious activity or transactions on your account and ask for your details so they can investigate further.
How can you spot phishing attempts?
Scammers use phishing scams to obtain your personal information and often will include malicious links they want you to click. When it comes to spotting phishing attempts, we suggest that you always stop & think before you click, and if you’re unsure if it’s legitimate, contact the company directly. When doing so, use their official website, phone number or mobile app so you can try verifying the request you received and never use the contact details that are within the call, text message or site you receive.
Here are some red flags to look out for:
- Suspicious sender:
Although the message or email may appear to be from a known and trusted company, the number or email address can be unfamiliar or not match the official contact details. - Urgent language:
Look out for the sense of urgency in the language. Scammers will often use language such as ‘Your account is locked!’, ‘Payment overdue’ or ‘Immediate action required!’ to try to pressure you into acting quickly and without thinking. - Suspicious links:
Stop, think & don’t click! Never click on links within unsolicited text messages or emails. As mentioned earlier, it’s best to go directly to the company’s website or app, or contact them by phone directly. - Requests for personal information:
Legitimate companies don’t ask you for personal information such as passwords, codes or credit card numbers via a text message or phone calls. - Suspicious attachments:
Be careful not to open any attachments you receive from unknown senders or suspicious senders. They may contain harmful malware.
What should you do if you spot a phishing scam?
Reporting a phishing scam is crucial, even if you’ve managed to avoid falling victim to one or losing money. By reporting the scam and sharing your story you can help protect others and stop the criminals. Report the scam to National Anti-Scam Centre - Scamwatch.
If you’d like to learn more about how we at Horizon safeguard your banking visit our security page. If you suspect you have been a victim of a scam, contact us immediately on 1300 366 565 or fill out this form so we can secure your accounts and assist you further.
Customer-owned banks are dedicated to safeguarding their customers from scams and fraud. In November 2023, 55 mutual banks and credit unions demonstrated this commitment by joining forces to launch the Scam-Safe Accord. This industry-wide initiative represents a united front against scammers and reinforces the banking sector's determination to strengthen consumer protection. Find out more about the Scam-Safe Accord here.
Protect your personal information from phishing scams. If you suspect a phishing attempt, report it immediately to help prevent further cybercrime. For more resources and assistance, visit Horizon Bank and learn how we can support your cybersecurity efforts and scam prevention.
Horizon Bank has a branch network spanning the NSW South Coast and Illawarra.
Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.
