Community
30 August, 2024
Bank warns of social media scams
THE Bendigo Bank has issued a warning to its customers to stay vigilant and not fall for social media scams.
This week is ‘Scams Awareness Week’ and the bank has sent a timely reminder to its 2.5 million customers that scammers work around the clock, targeting potential victims on networking messaging platforms and apps.
Bendigo Bank head of customer protection, Jason Gordon, said social media was a primary point of origin for online shopping scams, impersonation scams, investment scams, romance scams and employment scams.
And this was costing Australians millions of dollars.
“Australians reported losses of $80.2 million to social media scams last year – up 43 per cent on the year before, according to ScamWatch,” Mr Gordon said.
“Often sophisticated and hard to spot, anyone on these platforms can be caught up in a social media scam.”
Mr Gordon urged everyone to look for “signs” of a social media scam.
He said scammers may post on social media as your bank, a trusted friend or even a well-known brand – trying to trick you into buying something, compromising your personal information or providing access to your devices or finances.
“These scams often come with high-pressure tactics and urgent requests for money or help,” Mr Gordon said.
“Research profiles to check their authenticity. Lack of history, detail and followers can be a sign of a fake profile. It’s best to assume that you are never really sure you know the person you’re dealing with online.”
Investment opportunities and celebrity endorsements are where Australia’s largest losses occur, with more than $78 million lost already in 2024.
“Scammers aim to build trust, so a common tactic is sharing links to fake websites that mimic legitimate entities – with these scams even sometimes appearing to be endorsed by trusted identifies or famous people,” Mr Gordon said.
“Never assume social media ads or endorsements are legitimate. Exercise a heavy dose of scepticism for any investment opportunity that is marketed to you on these platforms.”
He warned to also be wary of requests for too much information.
“Scammers can learn a lot about you from details you share on your social media accounts,” he said.
“They may also create quizzes, competitions or posts designed to harvest sensitive or personal information that they can then use to guess your account passwords or target you with other scams.
“Always be wary of the amount of personal information you share online that could be used by scammers and NEVER share PINs and passwords with anyone online.”
Job opportunities promising easy earnings should also be met with caution.
“If you’re approached about a job online that involves receiving and transferring money for a third party, be aware that this could make you a money ‘mule’ and leave you liable to prosecution,” Mr Gordon said.
“The middleperson for criminals, mules launder or clean funds obtained from illegal activity.
“Criminals are constantly recruiting mules to transfer and disguise proceeds of crime with job ads spruiking massive, quick commissions. But whatever the incentive, muling is essentially money laundering.”
Mr Gordon recommends stopping scammers in their tracks by following ScamWatch’s advice:
Don’t give money or personal information to anyone if unsure.
Scammers will offer to help you or ask you to verify who you are. They will pretend to be from organisations you know and trust like Services Australia, police, government, or a fraud service.
Ask yourself could the message or call be fake? Never click a link in a message.
Act quickly if something feels wrong.
If you notice unusual activity or if a scammer gets your money or information, visit www.bendigobank.com.au/security to report it and get support
