ASIC and Scamwatch are warning Australians about a rise in scams that impersonate trusted banks, government agencies and even well-known public figures to steal money or personal information. Current scam trends include bank impersonation scams, fake celebrity investment opportunities, and ATO and myGov impersonation scams.
Scammers are becoming increasingly sophisticated, making fraudulent messages, phone calls and online advertisements appear genuine. Taking the time to understand how these scams work and recognising the warning signs can be one of the most effective ways to protect yourself. Here’s what to look out for and what you can do if something doesn’t feel right.
Bank Impersonation Scams
One of the most common scams affecting Australians right now is bank impersonation fraud. Scammers contact customers by phone, SMS or email while pretending to be from their banks and fraud team. They often claim there has been suspicious activity on an account and create a sense of urgency to pressure victims into acting quickly.
These scammers may ask you to:
- Transfer money to a “safe” account.
- Share internet banking credentials.
- Provide one-time security codes.
- Disclose card details, PINs or CVV numbers.
- Reply to messages with ‘Yes’ or ‘No’, allowing them to confirm your number is active turning it into a further target for data resale or further scamming.
Remember: legitimate financial institutions will never ask you to transfer money to protect it, nor will they ask for your passwords, PINs or security codes. If you receive an unexpected call or message, hang up and contact your bank directly using a trusted phone number.
Fake Celebrity Investment Scams
ASIC has recently warned Australians about a rise in “pump-and-dump” investment scams promoted through social media and messaging apps. These scams use fake endorsements from celebrities, economists, market commentators and trusted financial institutions to appear legitimate.
The scam typically starts with a social media advertisement encouraging people to join a WhatsApp or Telegram group. Once inside the group, scammers provide stock recommendations while fake group members post stories about their supposed profits. Investors are encouraged to buy shares, pushing the price higher. The scammers then sell their holdings, causing the share price to collapse and leaving investors with significant losses.
A key warning sign is any investment opportunity promoted through unsolicited messages, social media advertisements or private messaging groups. Genuine financial advice should come from licensed professionals and trusted sources.
You can check if a financial advisor is registered in Australia by visiting the Moneysmart Financial Advisers Register or the ASIC Professional Registers Search.
ATO and myGov Impersonation Scams
As tax time approaches, Scamwatch and the Australian Taxation Office have issued warnings about scammers pretending to be from the ATO or myGov. These scams commonly arrive via email, SMS, phone calls or fake websites designed to look like official government services.
Scammers often claim:
- You’re owed a tax refund.
- There’s an issue with your tax return.
- Your account has been suspended.
- Immediate action is required to avoid penalties.
Their goal is usually to steal personal information, myGov login credentials or financial details. Criminals frequently use official logos, branding and language to make their communications look authentic.
The ATO advises that it will never send unsolicited messages containing links asking you to log into myGov. If you’re unsure whether a communication is genuine, access your account directly through the official myGov website or app instead of clicking links in emails or text messages.
How to Protect Yourself From Impersonation Scams
Whether a scammer is pretending to be your bank, a government agency or a financial expert, the same security principles apply:
Stop | Don’t rush into making decisions. Scammers rely on fear, urgency and pressure to get you to act without thinking.
Check | Verify who you’re dealing with using official websites, phone numbers or trusted contact details. Never rely on the contact information provided in the suspicious message itself.
Protect | Never share passwords, PINs, one-time security codes or card details. Use strong, unique passwords and monitor your accounts regularly for unusual activity.
Report | If you believe you’ve been contacted by a scammer or have shared information, act immediately. Contact your financial institution, report the scam to Scamwatch and seek assistance as soon as possible.
Frequently Asked Questions
Q: How do I know if a call from SCCU or a bank is legitimate?
A: If you’re unsure, hang up and call us back directly at 1300 360 744or message us through our Contact Us. Never use a link or a phone number supplied in a suspicious message.
Q: Does SCCU sends SMS to their customers?
A: Yes. Under certain circumstances SCCU will send SMS to customers to provide One-Time-Passwords, information about potential scams, and require further information for product applications. In instances where an action is required, we recommend you contact us to confirm the message is legitimate before proceeding.
Q: Are investment opportunities shared through WhatsApp or Telegram safe?
A: Registered professionals are unlikely to share opportunities via messaging apps, therefore extreme caution is required. ASIC warns that investment tips distributed through private messaging groups should be treated as potential scams.
Q: Does the ATO send links by SMS or email asking me to log into myGov?
A: No. The ATO advises that unsolicited messages asking you to click a link and sign into myGov are a major warning sign of a scam.
Q: What should I do if I think I’ve been scammed?
A: Contact us immediately on 1300 360 744 or via our contact forms via website or mobile app, secure your accounts, change passwords, report the incident to Scamwatch and seek support if personal information has been compromised.
Explore our Security Hub for more information.
If something doesn’t feel right, trust your instincts. Taking a moment to stop, check and verify could protect you from significant financial loss.
Sources: [scamwatch.gov.au] [asic.gov.au]