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Protect Yourself from Scams and Fraud: Essential Tips for Online Banking Safety
Scams and fraud are on the rise in Australia, with scammers becoming smarter in accessing money and personal information. While we are dedicated to safeguarding your funds, it is equally important for you to take proactive steps in protecting yourself from potential online threats.
To ensure your online banking remains secure, here are some practical tips to follow.
- Frequently Change Your Passwords: Your passwords are the first defence against unauthorized access. Regularly update your passwords and avoid using easily guessable information such as birthdates or common words. Opt for a strong combination of upper and lower-case letters, numbers, and special characters.
- Enable Two-Factor Authentication (2FA): Whenever available, enable 2FA for an added layer of security. 2FA requires a second form of verification, such as a one-time code sent to your phone, in addition to your password. This makes it significantly harder for scammers to gain unauthorized access to your account.
- Regularly Monitor Your Bank Accounts: Check your bank accounts for any unusual or unauthorized transactions. Report any suspicious activity to Reliance Bank on 13 24 40.
- Beware of Unsolicited Contact: Be cautious when receiving unexpected phone calls, text messages, or emails requesting personal details, especially if the sender claims to represent Reliance Bank or any other financial institution. Scammers often pose as legitimate entities to gain your trust. If in doubt, hang up or delete the message and call us on 13 24 40.
- Exercise Caution with Electronic Payments: Once you initiate an electronic payment to another bank account, the funds are beyond the control of your bank. Before making any transfers, double-check the recipient's details and ensure they are trustworthy.
It's important to note that Reliance Bank, including our Financial Crimes team, will never ask you to transfer money to another institution, disclose your online banking security codes, or request remote access to your device. If you encounter such requests, consider them red flags and call us on 13 24 40 immediately.
Changes to Privacy Policy and Privacy Notification
There are changes being made to our Privacy Policy and Privacy Notification.
Read more: Changes to Privacy Policy and Privacy Notification
Latest Scam Alert: Remote Access Scams
You most likely wouldn’t hand over the keys to your front door to a stranger, nor would you invite someone into your home that you didn’t know. You’re probably also cautious to not let anyone look over your shoulder when you’re using an ATM. So why would you give someone access straight into your bank account?
It might seem extreme, but this is essentially what many people end up doing every day through remote access scams. In April 2022, Australians lost more than $1.88 million dollars in these types of scams alone.
A remote access scam occurs when a person contacts you to inform you of a problem with your computer, internet or device, and offers the software or fix for the problem. The scammer will often pretend to be a staff member from a computer or telco company, or may claim to be a technical support service provider. They may also claim you have been hacked in some way.
They may then request remote access to your computer or device to find out the problem and help fix it, by sending you a link to click. They could also request personal information, or credit card details to cover the ‘cost’ of the supposed ‘fix’ they are offering you.
While their manner may start out calm and professional, the scammers can quickly change to a more aggressive tone and put pressure on you to act.
While in the past, scam numbers may have looked like they come from overseas, these days numbers can easily be spoofed, and look like they’re coming from a local source. And you can still receive scam calls, even if you have listed your number on the Australian Government's Do Not Call Register.
If you receive a call out of the blue from someone claiming you have a problem on your device or service, Leanne Vale, Director Financial Crimes and Cyber Resilience for Customer Owned Banking Association, says the best course of action is to hang up the phone.
“Your best defence is to just hang up the phone and not talk to them,” she says.
“If someone calls saying they’re from a telco provider or utility company, and you think there may be some legitimacy to their claims, still hang up the phone. Then go and ring back that organisation on the official number that you have found independently.”
No matter whether there is a legitimate problem or not, Leanne says a telco or utility company will never ask for access to your device. And if there is an issue and a company does reach out to you, they would never hold it against you for doing your own due diligence and calling them back independently.
“No company needs access to your device, and you should treat your device like you would your house or your car,” says Leanne.
“The minute you open your bank account to these scammers, you are at risk of losing everything in there.”
Savings Interest Rate Changes
We are increasing the interest rates for the following savings products, effective 1 July 2023.
- Bonus Saver (S7) for balances $1 - $100,000 interest rate increased by 0.35% to 4.60% (inclusive of the base plus bonus rate)1.
- Power-Up eSaver (S6) for balances $1 and over interest rate increased by 0.25% to 2.90%2.
- Pensioner Security Account S8 for balances $1 - $45,400 interest rate increased by 0.10% to 2.76%3.
- Pensioner Security Account S8 for balances $45,400.01 and over interest rate increased by 0.10% to 2.90%3.
Changes to our Privacy Policy and Privacy Notification documents - July 2023
There are changes that have been made to our Privacy Policy and Privacy Notification documents.
These changes are effective from 1 July 2023.
Please see our latest Privacy Policy and Privacy Notification below.
Privacy Policy Privacy Notification
If you would like to discuss any of these changes, please contact us on 13 24 40 8:00 am to 7:00 pm AEST, Monday to Friday.
Read more: Changes to our Privacy Policy and Privacy Notification documents - July 2023
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