Common types of fraud and scams

Criminals try to steal your personal details through various ways using existing technology. Beware of:

• Email scams (Phishing)
• SMS scams (Smishing)
• Voice scams (Vishing)

For more information on ways to protect your personal details, please visit our Cyber Awareness page.

Remember scammers are constantly coming up with new ways to target potential victims so it's important you keep vigilant and informed. You can visit scamwatch.gov.au to keep up to date with the latest scams.

Typical scenario:

Scammers may try to get access to your digital wallet, or add your bank cards to their own wallets, using emails (phishing) or malicious software.

What to look out for:

If you get emails or messages with links to websites where you need to log on, be careful as these could take you to a fake website to steal your log on details.

Scammers also use spyware attached to emails and texts that upload files or code to record your activity, such as your passwords and account numbers. They may even try to get you download a fake digital wallet app.

How to stay safe:

• Don't share any passwords, PINs or verification codes with anyone, even if they say they are from HSBC.
• Only download digital wallet apps from official app stores and be cautious of any emails or messages that ask you to update your app.
• Always lock your phone to keep it secure and don't access your online banking over public Wi-Fi networks.
• Set up separate and strong passwords for your accounts and digital wallets.

Potential victims are being offered fake HSBC Bonds by scammers purporting to be an investment specialist from a number of HSBC entities including, but not limited to, HSBC Group | Fixed Income accounts@hsbcgroupinternational.com or HSBC Australia | ESG Team info@bonds-esg.com

The scammer contacts potential victims and asks them to email this fake account to receive a PDF of the prospectus for the fake investments, including a PDF application form they can use to apply.

This offer is not affiliated with HSBC in any way.

If you or anyone you know receive anything related to this, please do not click on the email or provide any personal information. If you think you may have been the victim of a scam, are worried about fraud on your account, or are unsure about whether you are sending funds to a legitimate source, please contact us immediately.

Scammers take advantage of people looking for romantic partners, often via dating websites, apps or social media by pretending to be prospective companions. These scammers play on your emotions to get you to provide money, gifts or personal details. Many times victims are too embarrassed about their loss to report the crime.

Typical scenario:

A stranger strike up a conversation with some form of mutual interest or suggests you may have similar hobbies. They then suggest chatting privately outside of dating websites or apps e.g. social media/email. Often, what they tell you in private does not match their public profile. They work to gain your trust (sometimes over several months) and then tell you an elaborate story asking you to provide money, gifts, or personal details such as bank account or credit card details.

Signs to watch out for:

• They may be reluctant to meet in person, and will provide excuses why they are unavailable.
• Their messages will often be poorly written and in most cases, escalate quickly into professing their love for you.

Criminals are using our awareness of scams to their advantage. Scammers impersonate legitimate businesses or service providers, often claiming to be protecting you from scams.

They'll manipulate you into giving them remote access to your devices. They can then install malicious software onto your device to allow them to remotely log on to your internet banking.

Typical scenario:

A scammer calls, claiming to be from your internet provider. They might say you have some connection or security problems, or an overdue bill. They'll ask to access your device (laptop, phone, tablet) remotely and for you to log on to your internet banking.

They'll try to convince you to do things like make an immediate payment through your internet banking. Scammers can also record your passwords and account numbers as you enter them, giving them access to your banking details to move money out of your account.

What you can do to protect yourself

• Keep your devices updated with the latest antivirus software and a good firewall
• Never share your personal information, PIN, one-time passcodes (OTP), account or banking details over the phone
• Say no to anyone who asks for remote access to your device, no matter who they claim to be and what excuse they use - legitimate companies won’t do this
• Be very suspicious of people contacting you unexpectedly by phone, email, SMS, or social media - always call the company on their publicly listed number to check the request is genuine

Investment scammers cold call, email or reach out to people via social media to offer them once-in-a-lifetime or extremely rare investment opportunities.

If you participate in one of these 'investments', it’s extremely unlikely you'll ever see your funds again, let alone any financial returns.

Typical scenario:

You receive a cold call or email, or you meet someone on a social media platform offering you a ‘money-making’ opportunity that requires you to act quickly to receive great returns, with very little risk. This promise will literally sound too good to be true, and appear to be a win-win for you. The person may be someone you met online (including on dating sites) who then tells you about the opportunity, or it may be someone pretending to be a stock broker or portfolio manager. They'll often sound very knowledgeable and make you feel the investment opportunity is too good to miss out on.

Signs to watch out for:

• The scammer is likely to be operating overseas, without the required licences in Australia (Australian Financial Services licence).
  
• Scammers are likely to ask you to invest more money or make a tax payment in order to allow the release of your funds.
• Typical scam investments involve property projects, share and stock promotions, binary options, foreign currency trading and cryptocurrency (ie: Bitcoin).

What you can do to protect yourself:

• Always be wary of ‘investment opportunities’ that promise a high return with little risk.
  
• To check if an investment is legitimate, attempt to call the company back on a number listed on its official website and not a site provided by the caller. Ask if the person who called you is a current employee. This is because scammers might claim to be calling from a genuine investment firm and present you with a legitimate opportunity, but they're not employees of that firm. If this is the case, once you agree to invest, your funds will not actually go into a legitimate investment.
• Confirm the company holds a valid Australian Financial Services licence
• Check ASIC's list of companies you should not deal with.
• Talk to people you trust (like friends and family) about the ‘opportunity' to get a different view and help identify any warning signs before committing.

For more information on investment scams visit https://moneysmart.gov.au/investment-warnings/investment-scams

For more information on cryptocurrency and the risks of investing in it visit https://moneysmart.gov.au/investment-warnings/cryptocurrencies-and-icos

When it comes to impersonating the Australian Taxation Office (ATO) and myGov, criminals are getting smarter and more convincing in the way they steal money and personal information.

Typical scenario:

Using pre-recorded calls (Robo-calls), emails and text messages claiming to be from the Australian Tax Office (ATO) or another government department, they’ll demand urgent payment of a tax debt, or request personal information to process a tax refund.

Sometimes they’ll pose as the ATO on social media, offering to help you with your tax and superannuation questions. 

Robo-calls can be especially intimidating, using threats of arrest to prompt an immediate response.

What you can do to protect yourself

The best ways you can protect yourself against scammers this tax time are to:

• Know that the ATO or myGov won’t ever send you links to log in to their online services, and they’ll never ask you to send personal information via social media, email or SMS
• Report any suspicious contact claiming to be from the ATO or myGov to ReportScams@ato.gov.au and Scamwatch
• Delete and block any suspicious emails and other messages from your account and/or block the account on social media
• Think twice before acting on ATO calls, texts and links - hang up and call them on 1800 008 540 to check
• If you’re worried about a contact from myGov, before you do anything, go to https://my.gov.au/en/about/help/contact and check that it’s legitimate

Scammers impersonate non-banking or financial institutions like government agencies (ATO) or trusted well-known organisations.

Typical scenario:

A scammer will call or message you, claiming to be from a well-known organisation like a utility company. They will then demand urgent payment for a fake problem. such as an unpaid bill or failed card payment.

They'll create a sense of urgency, and may use payment using gift cards, to solve the fake problem faster. They may threaten that you'll lose your service if you don't pay quickly. The scammer will guide you through the payment processes while gathering your personal information to enable identity theft. 

What you can do to protect yourself

• Be highly suspicious of payment requests using gift cards or cryptocurrencies
• Never share your personal information, account or banking details with unexpected callers. Legitimate companies won’t ask
• Be very suspicious of people contacting you unexpectedly by phone, email, SMS, or social media, about unexpected refunds, demands of unpaid bills, warnings of suspicious account activity or service issues
• If you’re being contacted out of the blue, end the conversation and call the business directly using the number from the official website or from the company's latest bill

This growing crime is a form of identity theft. Scammers typically try to find out your personal or security details, such as your date of birth, spending activities or where you opened your account. Equipped with this knowledge, they assume your identity and begin communicating with your bank to gain access to your accounts and funds.

Typical scenario:

A criminal steals your personal details through digital (stalking your social media) or physical means (i.e. mail theft). Using the compromised details, they successfully convince your bank that they are you, and then change your contact details such as your email or mobile number to ones they control, so they have unlimited access to your accounts.

Signs to watch out for:

• Sharing too many personal details on social media.
• Missing or delayed letters you were expecting to receive from your bank.
• Unknown businesses or services calling you and requesting personal details.

Scammers advertise on real estate or classified websites or target people who have posted on social media that they are looking for a place to live. They use fake rental properties to convince you to handing over money or personal information. When you arrive at the property after paying an upfront deposit, you discover that the property does not exist or is already occupied.

Typical scenario:

The scammer posts an ad offering reduced rents due to COVID-19. If you respond, the scammer says that because of the current restrictions, you won't be able to inspect the property in person. They then try to convince you to transfer money to secure the property with an upfront deposit.

Sometimes the scammer will also phish for personal information using a 'tenant application form', which requires copies of your identity documents such as passport, bank statements or payslips (as you would provide as part of a legitimate tenant application). Providing this information results in loss of personal information putting you at risk of further scams, including a high risk of identity theft.

They promise the keys will be provided after payment or after the information is provided. Sadly, the keys never arrive and the scammer disappears from communication.

What can you do to protect yourself:

• Always try and view a property before paying a bond or any rent.
• If it is not possible (due to Government imposed restrictions) to inspect, do an online search to confirm the property exists and to check if the agent you are dealing with is licensed.
• Some scammers even impersonate real estate agents and will organise a (fake) inspection. Do an internet search of the property to get the property manager's contact number and speak to them over the phone, or better yet, arrange to meet them in person (if possible).

Scammers take advantage of people who are looking to own a pet but are stuck at home due to COVID-19 restrictions. The scammer will set up fake websites or ads on online classifieds and social media, pretending to sell popular dog breeds (like cavoodles and French bulldogs) at discounted rates. The scam websites can look very convincing. Most victims contact the scammers via an email address they have found online.

Typical scenario

The scammer will offer the pet for sale at much lower price than normal (for a breed) and will take advantage of the fact that you can't travel to meet the puppy in person. They usually request a money transfer to pay for the pet and transport it to you. The scammer will then try and find new ways to ask for more money, such as claiming higher transportation costs or additional fees for 'coronavirus treatments'. But once you make the payments, the seller stops contacting you.

What can you do to protect yourself:

• The safest thing is to only adopt (or buy) a pet you can meet in person. If that's not possible due to current restrictions, consider not getting a pet just yet – wait until you can meet them in person.
• Do an internet search of the exact wording in the ad and try and do a reverse image search of the specific puppy you are looking at. If you find matching text or images on multiple sites then it is likely you are dealing with a scammer.
• If in doubt, seek advice from a reputable breeders' association, vet, shelter or local pet shop.