Remember to Stop, Check, and Reject if you come across an investment opportunity that appears to be an investment scam. They offer to help ‘clear your record’ and work hard to earn your trust, only to steal your money and personal information. We are aware of scammers posing as representatives from the National Anti-Scam Centre (NASC), calling victims and claiming their phone number is being used in a scam in China. The scammers misuse the CommBank brand and logo to legitimise their scam. Fake social media accounts are posting about a “stock investing course” that will supposedly help people become successful investors.
Term deposits are generally seen as being more suitable for longer-term savings goals, due to their consistent interest rates and lack of access to funds. With a term deposit, the interest rate is fixed for the set term of the investment, so the outcome is typically highly predictable. Term deposits and savings accounts are both secure investment options to consider, as long as they’re held by an ADI and are worth less than $250,000. While term deposits are considered a low-risk and certain investment return, they do still come with potential advantages and disadvantages.
July 2021 – Attempt to sign in to your account
The interest rates you’re offered on a term deposit can vary depending on the provider, the amount you’re investing and the length of term you’re considering. You may, however, be offered a different interest rate if you choose to rollover the funds into a new term deposit. You can use Canstar’s term deposit calculator to get an idea of how much interest you can expect on your term deposit, based on the amount you invest, the term length, and the interest rate.
October 2024 – Theft of shares
While this may not be good news for mortgage holders, savers could see better interest rates on savings accounts and term deposits, as banks usually adjust rates in line with cash rate changes. Message recipients are then prompted to click on a malicious link in the SMS to restore account access. Some customers have received hoax CommBank-themed SMS messages related to payees and PayID. Message recipients are prompted to click on a malicious link in the SMS to restore account access. The fraudulent SMS alerts the recipient that all online banking access has been locked, prompting users to click on a malicious link in the SMS to verify their identity. This message attempts to create a false sense of urgency by suggesting that their account will be suspended indefinitely unless the recipient updates their account information by following the link provided.
The customer is then sent a link to a fraudulent login page which will steal their credentials and other personal information. If the number is called, the scammer attempts to convince the customer of their legitimacy by sending a follow up message pretending to be CallerCheck, that appears in the same message thread. Remember to Stop, Check, and Reject if you come across an investment opportunity, even if it appears genuine. We will never send you a hyperlink from which to login via SMS.
September 2022 – Celebrity CFD scam
If locking away your money in a term deposit does not appeal to you, an alternative you might consider is a high-interest savings account. Once you’ve decided how much money you want to invest, at a set term deposit rate, you can usually complete an application form online. At this point, you may choose to access your money or opt to reinvest (or rollover) some, or all, of the amount into a new term deposit. You should check the various term deposit rates offered by each financial institution when considering any investment.
- Remember to Stop, Check and Reject and if you are ever unsure as to a communication’s authenticity, you can use one of the methods shown on commbank.com.au/support/contact-us.html to verify.
- To attract potential victims, the scammers have created fake price-comparison websites, offering to provide investors with information on the best rates for various products.
- While in some instances the link may appear legitimate, we will not send you links to login to our services.
- You can find more details about fake gambling websites, including a list of blocked sites, on the ACMA website at protect yourself from illegal gambling operators.
- We will never ask you to click through a link on an email and enter personal details.
This applies to gambling venues, online betting platforms, casinos, sports betting agencies, and lotteries that are registered in Victoria. The gambling industry has an obligation to protect you from gambling harm — whether you’re betting in a venue or online. Block access to all phone and online gambling providers.
These fraudulent communications inform recipients that their NetBank has been, or will be, stopped or restricted if they fail to login by clicking on a malicious link within the email and updating their details. The messages claim the recipient needs to take action to put a stop to suspicious activity or investigate further. A number of CommBank-themed phishing messages are currently in circulation. It has come to light that scammers are using the Optus data breach to scare and scam customers. CommBank urges you to please Stop, Check and Reject if it is not legitimate, when considering any investment opportunity. Furthermore, these scams often require urgent payments to be made to third party accounts.
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Then by adding it to the initial investment amount, you would have a total of $11,616 by the end of the 5-year term. The provision of these links does not constitute a recommendation by Canstar. We provide these links so that you can click through to the product provider’s website to get more information. Any advice on this page is general and has not taken into account your objectives, financial situation or needs.
Making your day-to-day simple, quick and secure – paying someone, transferring money, managing your cards and bills, all on the go. For step-by-step instructions in Easy English on how to use NetBank, access the guide betting sites How to use NetBank (PDF). Where you can get a big picture overview and explore all the day-to-day details too. A secure, online place for you to manage your finances.
Information and resources to help us protect our mob from scams. Put your scam sense to the test with our online quiz. Once they gain access to your phone they can receive verification codes, reset passwords and restrict access to your systems. Criminals are committing fraud by taking control of mobile phone numbers or making unauthorised changes to phone accounts. Here’s what our customers have to say about their experiences with CoinSpot. Download the CoinSpot app and manage your investments everywhere you go.
Please do not click links in these kinds of messages, reply to them or otherwise engage. All of these messages have a link which allegedly will help you “fix” the issue if you click – many of the links look similar to NetBank or CommBank or other CBA domains. The messages prompt recipients to follow malicious links to take action, or put a stop to suspicious activity. These fraudulent communications inform recipients that their account access will be impacted if they fail to verify identity details or acknowledge new terms and conditions. An ongoing scam campaign has seen Commonwealth Bank, and other financial institutions, impersonated to promote the sale of scam investment products, including treasury bonds, corporate bonds, and term deposits.