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We all know if something seems too good to be true, it probably is. But that doesn’t stop plenty of Australians losing money to investment scams. In fact, disturbing figures show that more Australians lose money to investment scams than any other type. An investment scam involves an investment opportunity, which usually promises high yields or guaranteed returns in a short space of time. Often, you’ll be contacted about the bogus opportunity out of the blue, and it could appear to come from a legitimate source, like a bank, a broker, or a financial advisor. The opportunity could be delivered via a range of means - through an email, phone call, social media ad, or in less common cases, in person - and the scammers usually use high pressure tactics or offer a short window of opportunity to invest. According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch website, Australians lost more than $82 million to investment scams in March 2022 alone. Leanne Vale, Director Financial Crimes and Cyber Resilience for Customer Owned Banking Association says, "If you're presented with an investment opportunity that seems like an incredible deal, before you make any decisions, pause, and ask yourself if it actually does fall into the ‘too good to be true’ basket." "It’s the same as if you saw a $100,000 caravan advertised somewhere for $10,000. Chances are, you’re going to send your money to a scammer and you’re going to lose it," she says. Like with most scams, the scammers are using more and more sophisticated tools to dupe people into investing, and just because something looks legitimate at face value, does not necessarily mean it is. "They're getting harder to spot, so before investing in anything, always seek independent advice and do your due diligence," says Leanne. If you have access to a financial advisor who is registered with ASIC, you can reach out to them for advice. You can also do your own independent research on who the investment is coming from. For example, if the investment opportunity purports to come from a bank or legitimate and highly regarded company, reach out to that entity separately through their official channels. Find the contact details yourself, don’t just use the phone number or email address given to you by the person offering the investment opportunity. ASIC also has a list of companies you should not deal with. If you suspect you may have provided your details to a scammer or have already sent money, contact your bank or financial institution immediately to see if any transactions can be reversed, and don't make any further payments unless you have confirmed the investment is not a scam. It is also a good idea to change your banking passwords for extra security. No matter whether there is a legitimate problem or not, Leanne says a telco or utility company will never ask for access to your device. And if there is an issue and a company does reach out to you, they would never hold it against you for doing your own due diligence and calling them back independently.

Business scams have been around for a long time. However, in the last financial year, cybercriminals have become more sophisticated, with cyber activity increasing in frequency and scale. The top 3 scams impacting businesses right now are invoice scams, email-based scams and tax scams. At Unity Bank, we are committed to helping you keep your business secure. Here’s what you need to know about the most common business scams and how to identify them. Invoice scams Invoice scams are one of the biggest threats to businesses right now. This type of scam involves targeting businesses by emailing you an invoice with the contact and billing details replaced with the scammer’s details. Scammers can also pretend to be one of your employees and send through a request to change their bank account details for their salary. Email-based scams Also known as a 'business email compromise' or 'email hack', scammers can take over your email account, producing fake invoices, requesting updates to bank account details, and altering payment details. Tax scams Tax scams are common and can happen to businesses of all sizes. You may be contacted by a scammer claiming you're owed a tax refund, requesting to provide your details to release the funds. A scammer may also claim you have an outstanding tax debt that urgently needs to be paid to avoid being arrested. If you’re concerned about business scams, call us immediately on 1300 36 2000.

With the popularity of online shopping and home delivery, many Australians have started receiving scam messages regarding missed calls, voicemails, or unexplained notices of deliveries. The Australian Competition and Consumer Commission (ACCC) are receiving thousands of reports daily about these scams which originated overseas earlier this year. The messages ask you to do things like tap on to a link to download an app to track or organise a time for a delivery or respond to a voicemail message. These messages are fake, there are no delivery or no voicemail. The app is actually malicious and will install malware called Flubot. Android phones and iPhones can both receive texts from the Flubot. If you have clicked on a ‘Flubot’ message link and/or have accidentally installed the Flubot app, the ACCC recommends you do a factory reset on your device to remove the malware. You should also contact an IT professional or download official antivirus software.   If you believe someone may have compromised your device or personal information, please contact us on 1300 36 2000. For more information on the Flubot scam we recommend you visit the ACCC Scamwatch website.

Cybercriminals are once again working hard to take advantage of the COVID-19 situation through new phishing campaigns. Most recently, a wide range of political and private-sector organisations in Australia have come under cyber-attack by a “sophisticated state-based cyber actor”. This phishing tactic is called spear phishing. What is spear phishing? Spear phishing is a personalised and more targeted form of phishing, carefully designed to pursue businesses or individuals to obtain confidential information for fraudulent purposes. These emails are carefully designed and tailored to each recipient, so when it appears in the user’s inbox, it seems to be from a legitimate and trustworthy source. Some attackers will go as far as researching individuals they are targeting, so the email communication looks genuine at first glance. Traditional security often does not stop these attacks because they are so cleverly personalised. As a result, they are becoming more difficult to detect. What you need to look out for? Emails with links to files or attachments Slight spelling errors. For example, the letter “o” might be replaced with the number “0” A sense of urgency in the email to change passwords or update personal information Uncommon words and terminology not usually used by the supposed sender. What you can do to protect yourself against spear phishing Check the sender email address first and foremost. Do not simply  trust the displayed names and carefully look at the email address it is sent from Do not click links/attachments from people you do not know and if you are unsure, contact the person directly to see if it is a legitimate email Use caution, particularly if an email ever asks for personal information Update your software. Updates usually include the latest patches for viruses and other malware Educate yourself and others into cybersecurity awareness. Living in the digital age and moving into the future, it is important that we know the risks that come with advances in digital technology. Our staff receive constant training and updates on the most recent cyber-attacks to protect our organisation from being penetrated by malicious malware. We have also introduced additional authentication measures to further protect us from being a target of these attacks.  The protection of our Members and their personal information is always our first priority. If you think you may have entered your credit card, account details or any personal information into a phishing site, please contact us immediately on 1300 36 2000.

We are aware of telephone scammers pretending to be our staff and ringing members about their bank account security. The fraudsters advise that you have a security problem and ask you to install a remote access application, often this is the "Team Viewer" app, which allows the fraudsters access to your computer and capture your internet banking logging details. The scammers then ask you to transfer funds from an account to another, then advise that the funds were transferred back to the original account. With this information they are then able to log on and transfer funds out of the your account. Keep safe from phone scams by: Hang up on unsolicited callers, particularly those requesting you download software Keep all access codes (e.g. card PIN, Online Banking password etc. ) secret and secure. We’ll never ask for this information over the phone or via email. You should never share these codes with anyone If you're unsure, call back on a trusted number (i.e. phone book or company website) to confirm if the caller was genuine Never give a stranger remote access to your computer Keep your computer protected by running and updating security software purchased from trusted sources If you think you've fallen for the scam, contact us immediately on 1300 36 2000.

Scammers are constantly looking for ways to trick you into supplying your personal and financial information. We have recently discovered scams, specifically pretending to be from Australia Post and PayPal. Below we have demonstrated how you could better protect yourself and your loved ones from these scams. Scams targeting Australia Post customers You may receive a phone call or email from someone pretending to be from Australia Post. The caller or email informs that Australia Post has a refund for you and will ask for your credit card details to process the refund. Should you receive one of these phone calls or emails, please do not hand out any personal information. It is a scam, please either hang up the call or delete the email immediately.  Another Australia Post scam that has been circulating during August involves false text messages informing you of a delivery notice and urging you to click on a link to confirm the address. The link will direct to a fake Australia Post website to get your personal and financial information. Below is an example of the text message: Below is an example of a fake Australia Post website: We suggest you treat this text message the same way as you would approach any suspicious emails you receive if in doubt remove immediately. Please note that Australia Post will never email or text message you to request personal and financial information. To learn more about scams targeting Australia Post customers, please visit Scam alerts on the Australia Post website.  Scams targeting PayPal customers If you use PayPal, please be cautious with scam emails with a subject line such as Suspicious Activity on Your Account or Your account has been limited. These emails will inform that your account details have been altered and hence your account has been limited. Such emails will advise that you need to log in via a specific link to change your personal information. The email may try to force you into supplying your details by warning to lock your account if you do not update your details by a specific date. Below is an example of the scam email Need help? If you believe someone has gained access to your personal details, even if the scam appears unrelated to your finances, you should contact your Bank immediately. A prompt response can be crucial in providing you with the best chance to prevent any loss. If you have concerns about your Unity Bank account contact us on 1300 36 2000 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 https://www.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