Internet banking has become a part of everyday life for many Australians. It is fast, convenient and you can bank at all hours of the day without having to wait in a queue. Unfortunately, the internet is not free from scams and scammers. Some scams are especially designed to take advantage of the popularity of internet banking and other online transactions that we commonly make.

Handy hints to keep you safe while banking online

By taking some simple precautions, you can take an active role in reducing the chance of being a victim of scams. As well as following these simple tips, check with your bank to see what precautions they recommend. You might be surprised how easy it can be to improve your level of security.

Bank on a safe computer

Install and regularly update anti-virus, anti-spyware and firewall software on your computer.
Avoid using public computers or internet cafes. You never know who could be watching and a scammer may be able to retrieve your details from the computer after you have finished using it.
Always log out from your internet banking webpage when you have finished. Clear your browsing history.

Protect your personal details

Keep your banking information private—never tell your PIN or password to anyone.
Choose a secure password with both letters and numbers—avoid using any obvious giveaways such as your date of birth, part of your name, address or your pets. Change it regularly.
Do not use the same password for multiple purposes—make sure you have different passwords for accounts with different banks and the other internet sites you visit.
Do not just bin personal information and bank statements—destroy them first.

Secure your transactions

Use two factor authorisation. Many banks now offer you an extra way of 'authorising' online transactions that you make, such as security tokens that generate random numbers or SMS codes. Check to see what your bank offers.
Do not give out your personal, credit card or online account details over the phone unless you made the call and the phone number came from a trusted source.
Never send your personal, credit card or online account details through an email or while chatting online—someone could intercept your details.
Check your account statements regularly.

Be suspicious of emails

A legitimate bank or financial institution will never email you asking you to follow a link or asking you for personal details. If you receive an email that you think may be genuine, telephone your bank or financial institution to let them know about the email and ask their advice.
If you receive a call from someone who claims to be from your bank and says your account been defrauded or they have seen a suspcious transaction, you should ask for their name and number, and say you will call them back. Check the number they give you against the number you normally contact your bank with. It could be a legitimate security check.
Even if you are curious, never click on a link or open an attachment in an unexpected email—even if it appears to be from your bank—this might install malicious software onto your computer that lets scammers steal your banking details.

Do not transfer money for somone you do not know

Never agree to requests to transfer money through your account for a commission. This is knows as 'mule recruitment' and is an attempt to get you to receive stolen funds and transfer them to criminals overseas. These requests are usually made as fake employment opportunities. Acting as a mule is illegal and can result in suspension of your bank account(s) and criminal prosecution.

Banking and online account scams

Stay one step ahead of the scammers. Visit our SCAMwatch website to learn more about banking and online account scams and dozens of other scams that target you or your small business. You can also find out more about how scams work, how to protect yourself, and report scams to us and other government agencies via SCAMwatch.

If you take the right precautions and know what to look out for, you can greatly reduce the chances of being scammed online.

Explore SCAMwatch for yourself, or follow these quick links to find the SCAMwatch page that you might help you

Requests for your account information ('phishing' scams)—phishing emails are fake emails usually pretending to be from banks or other financial institutions. They make up some reason for you to give your account details and then use these details to steal your money.
Phoney fraud alerts—scammers pretend to be from your bank or financial institution and tell you that there is a problem with your account. They ask for your account details to protect your money, but then use these details to steal your money.
Credit card scams—there are many types of scams that aim to steal your credit card details, either by taking the card itself or by tricking you into giving the scammer your card's details.
How to protect yourself—tips and advice on how to protect yourself from all types of scams.

Also visit our page on phishing, mishing, vishing and other scams for more detailed information on the types of tricks scammers can use to steal your money or identity.

Report a scam or get more information on safe online banking

There are a number of places you can go to report scams or to find more tips on internet banking.

Your bank

If you believe you have lost money to a scam, report it to your bank immediately. Visit your bank or check their website to read about the security features offered and any advice they can provide you.

The Australian Securities and Investments Commission (ASIC)

Financial and investment scams should be reported to ASIC. Visit ASIC's MoneySmart website at www.moneysmart.gov.au, or call ASIC's Infoline on 1300 300 630 for more information about scams involving financial products and services.

The ACCC

You can report a scam to us via our SCAMwatch website or by calling our Infocentre on 1300 302 502.

The Australian High Tech Crime Centre (AHTCC)

The AHTCC is hosted by the Australian Federal Police and provides a nationally coordinated approach to technology enabled crime. Visit www.ahtcc.gov.au for more information on scams involving modern technology including mule recruitment.

Stay Smart Online

Stay Smart Online is an Australian Government website designed to help home users and small businesses. Visit www.staysmartonline.gov.au for lots of tips on securing your computer and how to bank safely online.

Protect Your Financial Identity

The Australian Bankers' Association, Australian High Tech Crime Centre and the Australian Securities and Investments Commission jointly run the Protect Your Financial Identity website. Visit www.protectfinancialid.org.au for tips and advice on how to protect your financial identity and stay safe while banking online.

Internet banking