What is a bank impersonation scam, and how can you protect yourself?

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 5 min

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• What is a bank impersonation scam?
• How can you spot a bank impersonation scam?
• What might a bank impersonation scam look like?
• How can you protect yourself from bank impersonation scammers?
• What to do if you think you’ve been scammed
• Who can you contact if you’ve been scammed?

Imagine getting an urgent call or SMS from your bank that says your accounts have been compromised. To fix the issue, you need to follow a link or login to an "ANZ help chat" (or similar) and update your details immediately. The problem is urgent, and the message popped up in the same thread as other legitimate messages you’ve received from ANZ before.

This is how sophisticated bank impersonation scams can be.

“It’s reported that more than $11 million was lost to bank impersonation scams in 2023,” says Erica Hardinge, ANZ’s Product Area Lead in Staff & Customer Security Education & Resilience Enablement. “The real figure is likely higher.”

We’re here to break down the ways bank impersonation scams operate, give you a list of red flags to keep an eye out for, and help you build up your scam resistance with some practical tips for staying safe from scammers.
 

What is a bank impersonation scam?

A bank impersonation scam is when a scammer makes direct contact with you while impersonating a trusted bank – like us.

They do this to gain access to your personal information and/or money, and their contact approach can vary. Scammers can even make an SMS/call or email appear under the same number as your bank or a trusted organisation, which makes them very difficult to spot.

Instructions may direct you to a fake ANZ chat or provide link to a website controlled by the scammer. On this website or chat, you may be prompted to enter important banking information. This might be your customer registration number, password and/or credit card details.

Anyone can be targeted, and any bank can be impersonated. But as scary as that may sound, there are some simple ways to spot these scams before they steal your hard-earned money.

How can you spot a bank impersonation scam?

These scams are so successful because they exploit your faith in a trustworthy institution, like ANZ. Given how sophisticated these scams can be, it’s important that you can spot the signs before it’s too late.

• Unexpected contact: “If you don’t expect to receive a call, text or email from us, then it might be a scammer,” explains Erica. “Stop and check that the request or contact is legitimate, through the official channels (such as the customer service number often found on the back of your ANZ card)”.
  
  
• Creates a sense of urgency: Erica says, “ANZ will not contact you and create a sense of panic or fear about the security of your finances.” You may be informed of an unauthorised transaction or told your accounts are compromised.
  
  
• Links and attachments in unexpected messages or directions to login to an unusual ANZ website: Being prompted to follow a link to an external website and fill in your online banking details or being asked to download a screen sharing software or to login to an "ANZ help chat".
  
  
• Being asked to transfer money: “We will never ask you to transfer money into a safe account or for login information for online banking,” says Erica. “This includes asking for one-time-passcodes with ‘payment’ in the text message.”
  
  
• Being asked for sensitive information: Requests for you to share sensitive information, like your password, Shield code, PIN and/or one-time passcode (for payment). 
   

What might a bank impersonation scam look like?

You might receive a call, an SMS or email from ‘ANZ’. It may instruct you to click a link to login to your online banking in order to verify your personal details or confirm unusual transactions.

The website might look like the ANZ homepage, and there might be "ANZ help chat" functionality or prompts to enter your username and password. But this information will go straight to the scammer, and they’ll have what they need to make transactions through your accounts. 

You might even be encouraged to visit a fake ANZ website to join a fake ANZ chat or download remote access software (e.g. TeamViewer & AnyDesk) in order to start a 'Live Chat' with the criminal. If you follow these instructions, the criminal will gain full access to your device and may ask you to log in to internet banking.

Scammers might also try to scare you by calling you, claiming to be from the 'ANZ Fraud Team'. They may convince you to transfer your money into a "safe account" to protect your money. But this account is far from 'safe' – in fact it's actually an account controlled by the scammer!

How can you protect yourself from bank impersonation scammers?

• If someone calls claiming to be from your bank and they sound suspicious, hang up. Call the customer support number on the back of your banking card, or the number listed on your bank’s official website. You can check if it was a legitimate call, or you can report the fraudulent call.
  
  
• Be suspicious of any SMS or email prompting you to follow a link and share personal data.
  
  
• Be wary of threats or time pressure from anyone claiming to be from the bank.
  
  
• Always log into your internet banking through the ANZ app or our official website. Type www.anz.com.au in your internet browser directly. Do not follow links or instructions provided to you claiming to take you to our website. 
  
  
• If you receive a call from the bank asking you to transfer funds to another account, don’t do it!
  
  
• Stay aware of current scams and check unusual messages through official contact points or report it.
  
  
• Always use official numbers (e.g. on the back of your card) or official messaging channels (e.g. via the ANZ app) to communicate with ANZ.
  
  
• Stay safe and make a PACT:
  • Pause before sharing personal information
  • Activate two layers of security
  • Call out suspicious messages
  • Turn on automatic software updates

How do you know it’s a genuine call from ANZ?

It can be hard to spot scams and fraudulent activity. In a genuine ANZ call, SMS message or email, we will never ask you to:

• share sensitive banking details (like passwords, PINs, ANZ Shield codes, token codes or one-time passcodes (for payment) in an email or SMS).
  
  
• click a link to log in to your account.
  
  
• grant remote access to your computer, phone, tablet (or any other mobile device).
  
  
• transfer money to another account.
   

What to do if you think you’ve been scammed

Contact ANZ immediately if you’re an ANZ customer and you have:

• shared financial details or transferred money in response to a scam.
  
  
• followed instructions to login to an "ANZ help chat", clicked on a suspicious link or downloaded an unknown attachment and subsequently logged into your ANZ online banking.
  
  
• any concerns about the security of your online banking or personal details.
  
  
• noticed unusual activity on any of your accounts. 

If you shared credit card details, block or cancel those cards immediately. If your cards are with ANZ, you can do this through the app. 

Who can you contact if you’ve been scammed?

• Report the scam to the Police through the Australian Signals Directorate’s ReportCyber portal. This resource is there for reports of scams where money or personal information has been lost.
  
  
• Help others by reporting to Scamwatch to help them prevent future losses, monitor trends and educate the population about emerging threats. 
  
  
• You can also contact IDCare, a not-for-profit organisation providing support to those experiencing identity and cyber security concerns.