Cyber criminals are continuing to develop new ways to steal your money and your identity. Recent market intelligence has highlighted a new and complex tactic that's being used by scammers to gain access to devices such as computers, smartphones, laptops and tablets.

 

The scam involves random telephone calls, so you could be targeted as follows:

  • The scammer calls you to advise that you are at risk of fraud being committed on your bank account.
  • You will be asked ‘who you bank with,’ and the scammer will pretend to connect you to the contact centre at the named financial institution. They will even imitate legitimate ‘on hold’ messages and music during the call to trick you into thinking that you are being transferred to a legitimate bank representative.
  • The bogus bank representative will advise that they are unable to assist and will transfer you to the supervisor of the ‘Fraud’ team, who is another member of the scammer’s team.
  • To gain access to your device, the scammer will request that you share your device screen via a commercial screen sharing application.
  • Once your screen has been shared, the scammer will ask you to open your online banking application. This creates an opportunity for the scammer to access your personal information, steal your funds and your identity.

This complex scam does not target any specific financial institution. It has been reported at various banks, building societies, credit unions and mutual banks.

 

Be suspicious and carefully consider:

  • If someone is calling me about fraud, why do they need to ask where I bank?
  • Is it really my bank calling?

Please take the following steps to protect yourself from scammers:

  • Never share your secure banking screen.
  • Do not allow anyone access to your secure online banking details.
  • Register for our free, easy to use SMS One Time Password (OTP) service to prevent fraudsters from making certain transactions, such as changing your personal details or transferring funds externally.
  • Regularly review the ACCC’s Scamwatch website for the latest updates.

 

What is the SMS OTP service?

Our SMS One Time Password (SMS OTP) service is an authentication process that helps protect your funds and personal details from fraudulent online activity. The service generates a random six-digit one time password (OTP) at your request, that is sent by SMS to your registered mobile phone to authenticate certain transactions during your current Online Banking session.

 

Without the SMS OTP service, if a fraudster manages to obtain your Online Banking log in credentials, they may be able to transfer funds from your account. However, the SMS OTP service helps prevent this by denying the fraudster access to the one time password that’s sent to your registered mobile phone. In addition to helping protect your Online Banking activities by providing an additional level of authentication, the SMS OTP alerts you to any unauthorised transaction attempts on your account.

 

How do I register for the SMS OTP service?

Simply log in to Online Banking and follow the step-by-step Register for SMS OTP via Online Banking guide.

You can find additional information about the service in our detailed SMS One Time Password FAQ, and we’re ready to help you should you require any assistance.

As our members’ security is important to us, we will be introducing compulsory use of SMS OTPs in the coming months and will communicate this to our members accordingly.

 

 

What to do if you believe your account has been compromised

If you believe someone has gained access to your personal information, even if the scam appears unrelated to your finances, you should contact your bank immediately. A timely response can be critical in giving you the best chance to stem any loss.

  • If you have concerns about your G&C Mutual Bank account contact us on 1300 364 400.
  • If you have been the victim of identity theft, IDCARE can guide you through the steps to reclaim your identity. Contact them on 1300 432 273 or via idcare.org.
  • You can find out how scams work, how to protect yourself, what to do if you’ve been scammed or report a scam to the Australian Competition and Consumer Commission (ACCC) via the Scamwatch website scamwatch.gov.au.