The Advisor’s Compass Tips: Avoiding Scams
Updated: 29th January 2025 | Garry Crole
InterPrac’s Advisor Compass is proudly supported by Capital Prudential, where we navigate market shifts and maximise your practice.
Avoiding a scam with your bank
Every day now we are hearing of scams with AI driving the perception the email or phone call we are receiving is legitimate.
There is no hard and fast rules however with regard to banks and find managers these ten red flag checks may assist your clients getting caught on the wrong side of a scammer.
Here are some tips:
- Banks or fund managers will not ask for funds to be urgently transferred, so ignore these requests.
- Ignore SMS messages from a bank with a telephone number. Call the bank directly on an independently sourced number.
- Ignore requests from someone claiming to be from your bank asking you to transfer money to “keep it safe”. Scam experts warn that fraudsters are using smoothing computer-generated voices to lull victims.
- Ask anyone claiming to be a bank representative for a reference number and call the bank on an independently sourced number.
- Never provide online banking passwords, one-time security codes, pins or tokens to anyone over the phone.
- Contact your bank or financial institution if you think you are a scam target.
- Threats in a message, such as “your bank account has been locked” or “a payment has been made from your account” are signs of a bank impersonation scam.
- Never click on suspicious links. They could trick you into divulging personal information or be a way to download viruses, malware or spyware on to devices.
- Scammers can make invoices appear legitimate by copying logos and ABNs. Or they can send emails that appear to be from the business you are dealing with, but with changed banking details.
—
Terms & Conditions:
This presentation was produced and distributed by Sequoia Financial Media, which provides news, information analysis and commentary which is general in nature and not financial or investment advice. Viewers should obtain independent advice based on their own circumstances before making any financial decisions. Prices published are accurate subject to the time of filming and shouldn’t be relied upon to make a financial decision.
Sequoia Financial Media has commercial relationships with some companies and guests on this platform.
Sharecafe and Finance News Network trade under Sequoia Financial Media Pty Ltd (ABN 31 117 966 328) and is owned by Sequoia Financial Group Limited (ASX:SEQ), which makes no representation or warranty with respect to the accuracy, completeness or currency of the content.
