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ANZ is warning its customers to be aware of a potential rise in scammers pretending to be financial advisers in the wake of lowered interest rates.
The ANZ bank has warned its customers to be aware of the potential for scammers to take advantage of the recent lowering of the cash rate target, possibly posing as financial institutions or advisers.
“We urge customers to be hyper-vigilant around major financial announcements like these. Cyber criminals are using technology in increasingly sophisticated ways and always looking for new and convincing ways in,” Shaq Johnson, ANZ’s head of customer protection, said in a statement.
Johnson said scammers may reach out, posing as advisers to customers who are thinking of refinancing their loans after the cash rate was recently lowered by 25 basis points. These cyber criminals may be spreading phishing links or offering “high-return” investment opportunities.
“A change in the RBA cash rate could give them the opportunity to exploit confusion or create a false sense of urgency around locking in strong rates and transferring large sums of money,” Johnson said.
“Stop and think – if something sounds too good to be true, it probably is. Scammers will often advertise higher savings rates on fake websites impersonating a bank, preying on individuals looking for a stronger rate.
“It’s important to cross-check all of the contact you receive directly with your bank. Customers and businesses can keep across the latest scam tactics and trends on our website, and we implore you to learn the signs that indicate a scam, and what to do should you be met with one.”
Johnson said customers should be wary of any offer that looks too good to be true, such as offers of higher interest rates on savings and offers backed by fake news articles and deepfakes of popular celebrities. Unexpected SMS offers are also something to watch out for, as well as anyone fostering a sense of urgency in their offerings.
“If you are ever unsure, or you feel like you are being pressured to share sensitive information or lock in a deal, call or visit your bank to verify the contact and offer is legitimate,” Johnson said.
What to do if you think you’ve been scammed
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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