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Things your bank will never ask


If you are ever asked for this information, you may be the target of a scam.

There are some words and phrases that make us sick to the pits of our stomachs with fear and anxiety. "Bank fraud" is definitely one of these. While there are many ways to manage our assets through investments and other methods, the fact is almost all of us still rely on banks to handle the majority of our ready money and savings.

It makes sense that we would want to protect these funds and prevent bank fraud at all costs. Fortunately, with a bit of vigilance and understanding, you can help safeguard the future of your saving plans and your current accounts.

Take a look at some of the things your bank will never ask you to do so you can be on guard against fraud.

Please provide your full PIN or password

This is the big one. Your bank will never ask you for your full password or identifying details via email or over the phone. You may have to input your password into an encrypted form to log into your online banking, but as a general rule most banks will never send you a direct link to internet banking or your app requesting you to login.

Please click this link and then enter your details on the landing page

This can be considered to be the older brother of the first example. Almost all of us understand that we should never provide personal details via email or over the phone, but when redirected to a legitimate looking landing page, the results might be different.

Only ever enter your online password and username into the secured and encrypted official log in forms on your bank's website or portal. Do not enter information anywhere else, don’t even use the form if anything looks out of the ordinary on the site.

Please hand cash/cards/assets to our courier

A little more unusual, but no less damaging, some fraudsters may send a courier to your location to pick up assets, cards, or even cash. Your bank will never ask you to do this, so politely decline and then immediately contact the authorities.

Please complete this transfer of funds to this account number

How and where you transfer your money is up to you. While your bank may monitor activity as part of their own security protocols, they will never ask you to authorise and complete a transfer you have not requested. This should be reported, and you should never complete a transfer you do not feel comfortable with.

Please consider investing in these shares or commodities

An extension of the above -- how you invest your money is up to you. Your bank can approve and block transactions as and when required, but they will never recommend that you invest in shares or commodities. This should ring immediate alarm bells.

Please use this third party app to access your banking services

All of your bank's services will be carried out using their encrypted web browser applications, mobile applications, or desktop applications. Your bank will never direct you to a third party piece of software to carry out a transaction. If this happens to you, do not use the services you planned to use, and contact your bank to report a potential fraud.

Contact your bank if you feel you have been the victim of a scam, and report the scam to the ACCC.

This article is intended to provide general information of an educational nature only. This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness having regard to these matters and the product terms and conditions. Information in this article is current as at the date of publication.

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