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ANZ warns customers of potential scam surge following RBA rate cut
ANZ has issued a warning to customers about a potential rise in scam activity following the Reserve Bank of Australia's decision to lower the cash rate target by 25 basis points.
ANZ warns customers of potential scam surge following RBA rate cut
ANZ has issued a warning to customers about a potential rise in scam activity following the Reserve Bank of Australia's decision to lower the cash rate target by 25 basis points.
The bank said cyber criminals could exploit the rate change by posing as financial institutions or advisers in an attempt to steal money.
ANZ has urged customers to watch out for common scammer tactics following major financial announcements, including fake loan or mortgage offers, phishing links, promises of high-return investment opportunities and fake financial advice.
Shaq Johnson, ANZ head of customer protection, said customers should remain cautious at a time when they might be considering refinancing loans or securing strong rates for savings accounts.
"We urge customers to be hyper-vigilant around major financial announcements like these," Johnson said.
"Cybercriminals are using technology in increasingly sophisticated ways and always looking for new and convincing ways in.
"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 said customers should be wary if something sounds too good to be true, noting that scammers often advertise higher savings rates on fake websites impersonating banks.
"It's important to cross-check all of the contact you receive directly with your bank," he said.
"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."
The bank outlined several warning signs for investment scams, including suspiciously high interest rates, unexpected contact via SMS or messaging apps, and limited online presence of investment companies.
Other red flags include difficulty withdrawing funds from investment platforms, urgent tones in communications, requests to download remote access software, and cryptocurrency investment requirements.
ANZ also warned about recovery scams, where fraudsters contact previous scam victims claiming they can help recover lost funds for a fee.
The bank has launched its Scam Safe initiative to assist the community in remaining alert to constantly changing scams and fraud.
The program encourages customers to follow ANZ's security principles: Always be wary, Never share personal information with anyone, and Zoom in on the details as they matter.
ANZ's customer protection teams and systems operate 24/7, with customers who believe they may have been scam victims encouraged to contact the bank immediately on 13 13 14.
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