RACQ Bank issues urgent scam warning, as online fraudsters take millions

RACQ Bank has urged Queenslanders to be aware of online scammers, after new data from the Australian Competition and Consumer Commission (ACCC) revealed Australians lost more than $851 million to scammers in 2020 as more people moved online due to COVID-19.

ACCC data revealed for every scam reported by Queenslanders that involved financial loss, the average loss was almost $8,330.

RACQ spokesperson Lucinda Ross said scammers were becoming more sophisticated and anyone could become a victim.

“Unfortunately, we’re hearing about it all too often from our members who’ve told us they’ve been targeted by scams including phishing, romance and online shopping scams,” Ms Ross said.

“Scams can come in many forms, with victims often contacted through emails, phone calls, text messages and social media.

“Scammers will pose as legitimate organisations like banks, insurance companies, health organisations or the Government to gain your trust. Communication can look very official, so it’s important that you study any emails or messages carefully before acting, and don’t click any links.”

Ms Ross said Queenslanders should trust their gut, and if they were concerned about the legitimacy of an offer, they should give the organisation a call on their registered phone number.

“Make sure you’re wary of anything that seems too good to be true and don’t give out your personal information for offers which arrive unsolicited in your inbox, or through a text or call to your phone,” she said.

“Be cautious when entering your card details online and remember your bank will never ask you for your PIN or internet banking password. They will also never ask to gain remote access to your computer or device.”

For more tips on avoiding a scam, and information on ways to improve how you manage your money, visit RACQ’s Financial Wellbeing Hub.

The information in this article has been prepared for general information purposes only and is not intended as specific advice to any particular person. Any advice contained in the document is general advice, and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.  The information referenced from the ACCC is © Commonwealth of Australia.