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  • BSB 721-000

To recognise scams and hoaxes

Scams & hoaxes

Sadly, we often see examples of customers who have fallen victims to scams and hoaxes. These can be from as little as $20 to tens or even hundreds of thousands of dollars.

Scams and hoaxes come in many different ways, such as spam emails, chain letters and even telephone calls from people claiming to be representatives of government departments, financial institutions or other businesses.

The best way to protect yourself from falling victim to scams and hoaxes is to build your awareness and learn as much as you can about the different ways that criminals try to trick you.

If there is one piece of advice that stands head and shoulders above any other when it comes to scams and hoaxes it would be this.

If an offer sounds too good to be true, it usually is too good to be true

How to spot a scam or hoax email

We cannot list every single scam or hoax that currently exist, however we have provided some common examples below to help you build your awareness.

Phishing (pronounced “fishing”)

  • Phishing emails are designed to trick people into disclosing personal information such as bank account details,
  • The emails will appear legitimate and genuine and may contain a message asking the recipient to login to internet banking in order to resolve a problem with their account,
  • The email usually contains a link to take them to internet banking webpage,
  • Information obtained through phishing emails will then be used for illegal purposes such as accessing the real website and transferring funds or purchasing goods,
  • Holiday Coast Credit Union will never send an email with a link to internet banking.

TIP – If in doubt, type into your internet browser and start from our home page

Nigerian Scam

  • Letters or emails purporting to be from a government official requesting help in distributing millions of dollars out of Nigeria (or another country),
  • You will be asked to provide bank account details in order to receive an “advance fee” for providing assistance in this scheme,
  • You may even be asked to provide identification documents such as your passport and drivers licence which may be used to steal your identity,
  • These schemes are non-existent and are fraudulent.

TIP – involvement in schemes like this can be deemed as money laundering and you may find yourself needing to prove your innocence to authorities.