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Commonwealth bank users at risk of new banking scam

Commonwealth Bank's 5.9 million customers are at risk as a new scam is uncovered.

These types of scams are ever growing in terms of sophistication and are created to mimic the actual Commonwealth Bank's own site etc.

The security software group Mailguard sounded the alarm last week, as reported by Yahoo Finance, calling for Australians to 'exercise caution' when receiving any emails from banks or other financial institutions.

This scam has particular increased risks as it has many similarities to usual and genuine Commonwealth Bank practices.

See this article for screen shots.

The scam email asks you to confirm transactions that either you or 'someone you trust' has made and prompts you to confirm the transactions. The tricky bit is that this process is not unlike genuine bank practices verifying irregular transactions that the banks are doing to keep a lid on security breaches

There are differing subject lines but all allude to some form of irregular transactions occurring.

The site appears looks genuine but has 'commbonk' in the url. It's so close to the usual url and usually in quite small font so it's easy to miss, especially if worrying about whether someone has accessed your card. If customers were to key in their client number and password they are taken to the genuine site but not before the scammers have 'phished' or gathered both the client number and password details for their own purposes.

There are a couple of things to be watching for in all banking correspondence/management:

  • Genuine banks will not have links in their correspondence

  • Double check the url's of your internet banking all the time!

  • Look out for different grammar than you would usually expect eg 'are all the transactions listed above clear for you?

  • Keep a close eye on your banking transactions generally so that you can spot any irregularities as early as you can.

All major banks are likely targets so although this scam is aimed at Commonwealth Bank customers, these or other scammers targeting other banks customers will inevitably follow.

The Commonwealth Bank has provided a number and email to call if you feel that you've been a victim of a scam like this; call 132 221 or email hoax@cba.com.au.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.