Help & support
You’ve probably heard the adage ‘if something seems too good to be true, it probably is’. Sound advice but unfortunately distinguishing between legitimate business and scammers is getting harder than ever, thanks to new and emerging technologies.
So, if you've fallen victim to a scam, you’re not alone.
A scam is a way of tricking people into handing over money or personal details.
Learning to spot the signs of a scam and knowing what to do if you suspect something is a scam are all key parts of a modern financial fitness routine.
Here are some things to keep in mind to stay one step ahead and feel more secure when we're online.
Stop, Check, Reject
You’ve heard of ‘Slip. Slop. Slap’ to protect ourselves from sun damage. Well, when it comes to scams, the phrase to remember is: Stop. Check. Reject.
Stop.
Does a call, email or text seem off? Has it got spelling mistakes or poor grammar? Is the URL provided different to the official website? Does it create a sense of ‘urgency’ for you to act?
The best thing to do is stop. Take a breath.
Real organisations or legitimate business won’t put you under pressure to act instantly.
Check.
Ask someone you trust or contact the organisation the message claims to be from. Use search engines to see if others have reported similar scams.
Reject.
If you’re unsure, hang up on the caller, delete the email, block the phone number.
Contact your financial institution immediately
If you suspect you have fallen victim to a scam, your first step should be to contact your financial institution immediately. They may be able to put a stop on the transaction.
Stop all communication with the suspected scammer. No good can come from any further exchanges. Then, go straight to your banking app and change your password.
At CommBank, we have dedicated teams to help and point you in the right direction for support.
Unfortunately, we also know scammers even try to call you pretending to be someone from the bank. To help you with this, CommBank provides protective technology called CallerCheck.
If you get a call from someone claiming to be from CommBank, you can ask them to send you a notification in the CommBank app, to confirm that it’s really us you’re speaking to.
Don’t feel ashamed
We know scammers target people at vulnerable moments, like on dating sites, or with those pesky text messages about overdue tolls or late parcel deliveries. And that they are deliberately exploiting social and economic dynamics, like a tight rental market, to take advantage of people.
There can be a sense of embarrassment around having fallen victim to a scam. But no one should feel ashamed. It’s so important we all share and learn from each other.
Make the time to check in on your family members, especially those who might be more at risk of being scammed.
Use Multi Factor Authentication (MFA)
Turning on multi-factor authentication for your accounts gives you an added layer of security when logging in. This makes it harder for hackers to access your accounts in the case your username or passwords are compromised. MFA technologies send verification numbers to your phone or email, or prompt you to use an authenticator app to proceed.
Assess your passwords
With our financial lives becoming increasingly digitised, staying safe online is more essential than ever. One of the easiest things you can do is beef up your online security by choosing passwords or phrases that are hard to guess and consist of multiple words, numbers and symbols. Never use your birthday or publicly known details about yourself in your passwords.
Online password keepers can help remember these upgraded passwords for you.
Further resources:
Small business owners can help educate their employees to be cyber safe via the free and online Cyber Warden’s program.
Visit the CommBank Safe hub for more information on cyber security, scams and fraud.
Congratulations, you’ve completed this lesson!
Next lesson: 5.2 Protect – Insurance 101: How to choose the right insurance for you