We are aware there are messages in circulation impersonating CommBank that attempt to mislead customers into calling a phone number to dispute a transaction. Scammers are attempting to lure customers to transfer large sums of money into fraudulent accounts. We are aware of an increase in investment scams posing as legitimate Term Deposit offerings.

While this is a legitimate message, always remain cautious when receiving any SMS with a link. We’ve been alerted to scammers operating on WhatsApp, targeting individuals with investment or romance scams. We have seen an uptick in scammers contacting customers claiming to be from CommBank, advising that their accounts have been compromised. We’re aware of scam text messages impersonating CommSec and CommSec stockbrokers, offering investment opportunities and directing recipients to contact them via WhatsApp. Only access NetBank from a trusted source—never via a link in a message or email.

Don’t click the link or share personal information if you are unsure. If you have received a message or email that does not seem genuine or includes an urgent call to action, remember to Stop, Check and Reject. The message or email is typically received when a customer has recently booked accommodation, is due to check-in, or has already checked in. Reports claim users receive a message from official website email addresses such as ‘email protected’ or from the messaging function within the booking app. Always verify who you are speaking with before providing any personal or banking details.

The scammers state that the individual’s bank account was used for money laundering and is now under investigation. Fraudulent messages are asking people to provide Optus and bank login betting sites details in order to allegedly claim compensation. We’re aware of an email currently circulating that urges customers to login to CommBiz via a link in the email and complete an online identity verification.

The text of the scam specifically encourages the recipient to click on the link by claiming that the recipient has been the victim of a data breach. We are aware of a number of SMS phishing scams reporting to be from ‘CommBank’. We will never ask you to log on or provide sensitive information via a link in an email or SMS. Beware of SMS phishing scams reporting to be from ‘CommBank’. Always be suspicious of any message that asks you for sensitive information via email or text.

October 2022 – Fake investment scheme

In return, you earn a fixed rate of interest on your invested money. It’s important to be aware, though, that you may be offered a different interest rate on the new term, which could be lower. This means the investment return over time is harder to predict. The interest rates on savings accounts are generally variable as well, which means they could change at any time based on economic conditions. This is because not all providers follow the rule that longer term periods mean higher interest rates.

What are the alternatives to a term deposit?

Once you complete a task, scammers may ask for your personal information to “process” your earnings. These scams may start with small tasks but can quickly escalate. Sometimes, the money you are asked to move is stolen, and by doing so, you might be helping criminals. Beware of scammers targeting people through messaging platforms such as WhatsApp and Telegram. If you encounter a suspicious message or email with an urgent call to action, remember to Stop, Check, and Reject.

Term deposits are generally seen as being more suitable for longer-term savings goals, due to their consistent interest rates and lack of access to funds. With a term deposit, the interest rate is fixed for the set term of the investment, so the outcome is typically highly predictable. Term deposits and savings accounts are both secure investment options to consider, as long as they’re held by an ADI and are worth less than $250,000. While term deposits are considered a low-risk and certain investment return, they do still come with potential advantages and disadvantages.

The fraudulent messages prompt recipients to click on a malicious link within the message by informing them that their account or card has been suspended and details need to be updated or more information provided. These messages contain links to fake websites and ask you to input information such as your NetBank ID, password, card details and NetCodes. These messages contain links to websites impersonating postal delivery services and ask you to input information such as your NetBank ID, password, card details and NetCodes to pay for a redelivery fee. We’re aware of a large number of email and SMS messages currently circulating that urge customers to provide their details by logging on to a site impersonating NetBank directly from a link in the email or SMS. These messages contain links to websites impersonating postal delivery, however clicking them will lead to false websites that steal personal and financial information.

These may appear in message threads alongside legitimate CommBank communications. CommBank urges potential investors to check the legitimacy of the investment product directly with the financial institution. Scammers will use this information to steal the person’s identity and any money they may be able to obtain access to. A customer will be asked to complete an application form for a fake bond or Term Deposit, provide their contact details and to transfer funds into a bank account. The link leads to a series of webpages that will request details including NetBank IDs, passwords, PINs and token codes.

• We will never ask you for your details through a link in an email or SMS message.
• These messages might seem legitimate, and may even show up in the same thread as real messages from us, however, they are not from CommBank.
• The links within the articles take you to a fake, non-CommBank domain to complete the survey and register.
• The big difference between the best bookies and the rest is how they treat their customers.

With support from Westpac group’s enterprise security risk management system, BT Panorama offers robust protection against cyber and financial crime threats for your business and clients. Our experience with compliance, security and technology have helped us build BT Panorama, a platform that is a leader in the financial advice market. Consider the Product Disclosure Statement and Target Market Determination before making a purchase decision. The compound frequency, the number of compounding periods and the interest rate will determine the amount of interest earned.

Variations of a number of CommBank-themed phishing SMS messages are in circulation. This phishing message also attempts to create a false sense of urgency, by suggesting that the link provided is only valid for one day. This email informs recipients that they must update their personal details in order to use their NetBank account, due to the ‘COVID-19 virus’. Do not click on links within the email, or reply to the sender. A number of customers have reported receiving a fraudulent SMS that claims their NetBank access has been restricted. For more details about our KYC processes, visit commbank.com.au/KYCcollect.

A coronavirus-themed phishing email is currently targeting CommBank customers. This email informs recipients that there have been multiple login attempts on their account with the wrong password entered. A phishing email is currently targeting CommBank customers. It informs the recipient that a payment has been made to a new biller, which can be cancelled by following a malicious link.