Rising Bank Impersonation Scams Pose New Threat for Australians

A teenage child looks at the screen of a mobile phone in London, on Jan. 17, 2023. Leon Neal/Getty Images

Authorities have warned Australians to take precautions against fake text messages pretending to be from banks as more victims report losing their life savings due to sophisticated scams.

According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch, there were 14,603 reports of bank impersonation in 2022, resulting in a loss of $20 million (US$13.34 million).