We're urging our Members to look out for the new SCAM texts impersonating Australian banks, saying you’ve made an OSKO payment to a new payee and asking you to click a link to cancel the payment.
If you receive a suspicious message claiming to be from Unity Bank, please check the link and URL very carefully before responding and clicking on any link. If you’re unsure, do not click on any link and give us a call on 1300 36 2000.
We all know if something seems too good to be true, it probably is. But that doesn’t stop plenty of Australians losing money to investment scams. In fact, disturbing figures show that more Australians lose money to investment scams than any other type.
An investment scam involves an investment opportunity, which usually promises high yields or guaranteed returns in a short space of time. Often, you’ll be contacted about the bogus opportunity out of the blue, and it could appear to come from a legitimate source, like a bank, a broker, or a financial advisor. The opportunity could be delivered via a range of means - through an email, phone call, social media ad, or in less common cases, in person - and the scammers usually use high pressure tactics or offer a short window of opportunity to invest.
According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch website, Australians lost more than $82 million to investment scams in March 2022 alone.
Leanne Vale, Director Financial Crimes and Cyber Resilience for Customer Owned Banking Association says, "If you're presented with an investment opportunity that seems like an incredible deal, before you make any decisions, pause, and ask yourself if it actually does fall into the ‘too good to be true’ basket."
"It’s the same as if you saw a $100,000 caravan advertised somewhere for $10,000. Chances are, you’re going to send your money to a scammer and you’re going to lose it," she says.
Like with most scams, the scammers are using more and more sophisticated tools to dupe people into investing, and just because something looks legitimate at face value, does not necessarily mean it is.
"They're getting harder to spot, so before investing in anything, always seek independent advice and do your due diligence," says Leanne.
If you have access to a financial advisor who is registered with ASIC, you can reach out to them for advice. You can also do your own independent research on who the investment is coming from. For example, if the investment opportunity purports to come from a bank or legitimate and highly regarded company, reach out to that entity separately through their official channels. Find the contact details yourself, don’t just use the phone number or email address given to you by the person offering the investment opportunity. ASIC also has a list of companies you should not deal with.
If you suspect you may have provided your details to a scammer or have already sent money, contact your bank or financial institution immediately to see if any transactions can be reversed, and don't make any further payments unless you have confirmed the investment is not a scam. It is also a good idea to change your banking passwords for extra security.
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.
Business scams have been around for a long time. However, in the last financial year, cybercriminals have become more sophisticated, with cyber activity increasing in frequency and scale.
The top 3 scams impacting businesses right now are invoice scams, email-based scams and tax scams. At Unity Bank, we are committed to helping you keep your business secure. Here’s what you need to know about the most common business scams and how to identify them.
Invoice scams
Invoice scams are one of the biggest threats to businesses right now. This type of scam involves targeting businesses by emailing you an invoice with the contact and billing details replaced with the scammer’s details. Scammers can also pretend to be one of your employees and send through a request to change their bank account details for their salary.
Email-based scams
Also known as a 'business email compromise' or 'email hack', scammers can take over your email account, producing fake invoices, requesting updates to bank account details, and altering payment details.
Tax scams
Tax scams are common and can happen to businesses of all sizes. You may be contacted by a scammer claiming you're owed a tax refund, requesting to provide your details to release the funds. A scammer may also claim you have an outstanding tax debt that urgently needs to be paid to avoid being arrested.
If you’re concerned about business scams, call us immediately on 1300 36 2000.
2021 was another highly successful year for Unity Bank. Review our financial summary and see how our Member-first approach has made all the difference. Read now
With the popularity of online shopping and home delivery, many Australians have started receiving scam messages regarding missed calls, voicemails, or unexplained notices of deliveries. The Australian Competition and Consumer Commission (ACCC) are receiving thousands of reports daily about these scams which originated overseas earlier this year.
The messages ask you to do things like tap on to a link to download an app to track or organise a time for a delivery or respond to a voicemail message. These messages are fake, there are no delivery or no voicemail.
The app is actually malicious and will install malware called Flubot.
Android phones and iPhones can both receive texts from the Flubot.
If you have clicked on a ‘Flubot’ message link and/or have accidentally installed the Flubot app, the ACCC recommends you do a factory reset on your device to remove the malware. You should also contact an IT professional or download official antivirus software.
If you believe someone may have compromised your device or personal information, please contact us on 1300 36 2000.
For more information on the Flubot scam we recommend you visit the ACCC Scamwatch website.
1970: It was a very good year.
A hundred and twenty seven runners came together for the very first New York Marathon. 334 passengers and 18 crew came together for the first commercial flight on the world’s first 747 jumbo jet. 600,000 people came together for an incredible rock experience on the Isle of Wight.
March 11, 1970 also heralded another coming together worthy of attention.
A defining moment at the Sydney Town Hall when two thousand waterside workers put their hopes and dreams, passion and spirit together and formed a credit union.
A credit union that understood the wants of all waterside workers, the needs of their families. A credit union that became the Waterside Workers of Australia Credit Union.
Today, that credit union is known as Unity Bank.
Different name, but with the same spirit and soul. To uphold the Bank’s mantra of always standing by our Members while carefully managing the business to ensure our sustainability for the benefit of each and every one of our Members and the generations to come.
Fifty years of listening, half a century of laughing with a few shedding of tears as well – forging a commitment of being the bank that gives its Members 100% of its support.
Allow us to share with you, over the coming months, five golden decades of memorable moments and notable narratives from Unity Bank’s directors, managers, staff and our esteemed Members.
As we all come together to view reflections of the past, reminding us those moments are our present and future.
