At The Mutual Bank we are dedicated to safeguarding our Members from scams and fraud.
As part of this commitment, we are working to introduce the Scam-Safe Accord, a joint initiative by Customer Owned Banking (COBA) the Australian Banking Authority (ABA).
The Scam-Safe Accord aims to protect Australian consumers and small businesses through principles of disrupt, detect, and respond.
A key initiative of this is the Confirmation of Payee (COP) service which is a solution to verify payee details when making a payment or transferring money.
The Confirmation of Payee (CoP) service, an industry-wide initiative by Australian Payments Plus (AP+) adds a new layer of protection for our Members. It helps verify payee details when making a payment or transferring money, ensuring that you are sending the money to the right place.
You can learn more about this new service, including reading some Frequently Asked Questions here.
The Customer Owned Banking Association (COBA) warns people to be on the alert for scammers targeting people impacted by the severe weather event which impacted the Hunter and parts of NSW.
“In the chaos following severe weather events and natural disasters, it is important to be vigilant as scammers prey on people's desperation and goodwill,” said COBA Head of Financial Crimes and Cyber Resilience Martin Latimer.
Following emergencies, fraudsters will often impersonate government agencies like Centrelink and the ATO, or utility providers, offering supposed rebates.
“They know people are desperate to recover financially, and they exploit that desperation by offering false promises of financial relief. This tactic of offering rebates and insurance payouts is a classic tool used by scammers to gain access to personal information and bank details,” he warned.
Another common tactic scammers use is to pose as legitimate charitable organisations, COBA warns. Before donating, take the time to verify the charity's legitimacy through trusted resources like the Australian Charities and Not-for-profits Commission (ACNC). When you're ready to give, go directly to the official website of the charity to make your donation.
“Always check the legitimacy of a URL, look for secure payment methods, and confirm their affiliation with the genuine charity or organisation. Best practice is to only donate through the genuine website,” Martin advised.
Be wary of unsolicited donation requests, another key sign of scams. Scammers also use phishing to steal your personal and financial data.
“A common phishing tactic is a scammer sending a text message, social media post or email, asking for donations and urging you to click on a link. These links will lead to fake websites and phishing pages designed to steal personal and payment information, or download malware onto your device,” Martin said.
“Avoid sharing any information that is not relevant, and don’t give out information to unknown or unverified individuals or organisations, especially if the contact was unsolicited,” he added.
Always remember to “Stop. Check. Protect”.
If you encounter a potential scam, report it to ScamWatch.gov.au to help protect others. If you think you've been scammed, immediately report the transaction(s) by call us in business hours on 1300 688 825 or email us at info@themutual.com.au.
If you are experiencing financial hardship due to the weather event, please reach out to us, as we may be able to help.
Members can access the Financial Hardship Request Form on our website which you can fill out and email back to us, and our team will be in touch to see how we may be able to assist you.
Members who have CGU insurance can call 13 24 80 or make a claim online at cgu.com.au/claims.
The Mutual Bank is throwing its support behind a new campaign from the National Anti-Scam Centre to help Australians become more aware of scams.
The Stop. Check. Protect campaign aims to educate the community about current scammer tactics, reminding us that anyone can be scammed, and for us not to be afraid to report a scam.
The campaign launched on Sunday 19 January and asks us to take these three simple steps:
Stop: Don’t give money or your information to anyone if unsure. Scammers will pretend to be from organisations you know and trust like businesses, the police, your bank or government services. They will offer to help you or ask you to verify your identity with them.
Check: Ask yourself if the message or call is fake. Never click a link in a message. Only contact businesses or government using contact information that you find yourself from their official website or app. If you’re not sure, say ‘no’, hang up or delete.
Protect: Act quickly if something feels wrong. Contact your bank if you notice unusual activity or if a scammer gets your money or information. Seek help and report the scam to Scamwatch. When you report scams, you help stop the scam and warn others.
You can even find out how safe you are from scams and how to better protect yourself by taking a simple quiz: https://www.scamwatch.gov.au/scam-quiz.
Money mule scams are becoming more common in Australia, with criminals recruiting victims through job ads and romance offers.
Money mules transfer the proceeds of crime – such as fraud or scams – into a third party’s bank account to hide them from authorities.
Sometimes, unsuspecting victims get caught up in these scams because they’re disguised as an employment opportunity or even a new romance.
Here’s how people get caught out and how you can help stop it from happening to you.
How money mule scams work
Money mules are intermediaries who act on behalf of other criminals, who are trying to launder or hide money derived from crime.
To cover their tracks, money mules may try to recruit new people to get involved in the transfer of large sums of money.
One common way of recruiting new people is under the guise of a legitimate employment opportunity, where the employee can earn sums of money quickly by making transfers. Another way involves a potential partner asking their online match to transfer money for them.
Shielding yourself from a money mule scam
These scams can be quite sophisticated, with fraudsters creating legitimate-looking email addresses and websites to reduce their chance of being detected; however, there are often red flags. The following tips may help:
• The old adage ‘if it sounds too good to be true, it probably is’ applies when it comes to money mule scams. Beware of any offers of large sums of money for minimal or easy work. • If you’re offered a job, conduct research on the company, including their ABN, how long the company has been registered and who its director/owner is. Be extra wary of businesses that are listed overseas. • Ask a trusted friend or family member for advice if something seems fishy. • Don’t send money to anyone you don’t know or have not met in person. • Protect your banking details and update your passwords periodically. • Always treat links in emails and text messages with caution.
What to do if you think you’ve already been scammed: Immediate actions to take
If you believe you’re the victim of a money mule scam, it’s important to report it to both the police and your bank as soon as possible. Call our Hunter-based Contact Centre Team during business hours on 1300 688 825. The sooner you contact us, the more likely it is we may be able to stop the transactions. However, some transactions – such as wire transfers – cannot be stopped.
Money mule scams can involve identity theft. After you’ve spoken to us, consider contacting IDCARE – the national identity and cyber support service – on 1800 595 160.
You can also report the scam to Scamwatch, the website run by the Australian Competition and Consumer Commission (ACCC) to help consumers.
Remember, The Mutual Bank may contact Members from time to time but:
• We will never ask you for your full card details including your CVV.
• We will never ask for your passwords, access codes or One Time Password.
• We will never ask you to make a transaction on your account.
• We will never ask you to download a program or request remote access to your device.
Learn more about how we protect your account and information here.
Report a suspected fraud here.
The Mutual Bank is proud to be a part of a new Scam-Safe Accord aimed at delivering a higher standard of protection for our Members and help put scammers out of business in Australia.
The Scam-Safe Accord, between Australia’s customer owned banks, mutual banks, building societies, credit unions and commercial banks is a comprehensive set of anti-scam measures across the entire industry.
Announcing the Accord today, Australian Banking Association CEO Anna Bligh said the new offensive in the war on scams reflects the banking sector’s unwavering commitment to safeguarding every Australian.
At the heart of the Scam-Safe Accord is a $100 million investment by the industry in a new confirmation of payee system to be rolled out across all Australian banks.
Confirmation of payee will help reduce scams by ensuring people can confirm they are transferring money to the person they intend to.
Read more about the Scam-Safe Accord and what it will mean for our Members here.
The Mutual Bank is a member of the Customer Owned Banking Association (COBA), the industry association for Australia’s customer-owned banks whose vision is for more Australians to benefit from a resilient banking sector that is centred on people and communities.
