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An Australian bank warns customers to be alert after a new text scam surfaced in recent weeks.
Thousands of Australians are being duped by a cunning new texting scam, but one company has devised a means to halt them in their tracks.
NAB, an Australian personal banking financial solutions company, has invested in new technologies to combat rapidly growing frauds conning people billions of dollars.
Australians reported losing more than $2 billion to scams in 2021–2022, and predictions indicate that before the conclusion of this fiscal year, this amount will increase to $4 billion.
The most recent scam that is becoming more popular sends text messages that are from reliable businesses.
“You would have received a text with a link in it saying you owe money or a fine that you need to pay,” NAB Executive for Group Investigations and Fraud Chris Sheehan said.
“People have been receiving text messages that look like they’ve come from NAB for all intents and purposes – they say NAB in the contact section, but it is criminals using the technology.”
According to authorities, this text scam is a type of “spoofing,” which is essentially any fraud in which a con artist poses as a reputable company or government organisation to persuade a victim to submit personal information or pay a fee.
To help stop phishing calls posing as coming from NAB, the company is now adding bank phone numbers to the “Do Not Originate” list. The bank has also installed extra safeguards to minimise the appearance of scam communications in legal bank text messaging threads.
“We are working with the telecommunication providers to make it much more difficult for the scammers to use the spoofing technology to replicate NAB’s phone number,” Mr Sheehan said.
NAB’s proactive steps to combat text scammers are proof of its commitment to protecting customers from fraud and other cyber crimes.
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