Macquarie Bank has warned about the escalating threat of scams this year. In an email to customers, the bank highlighted a rise in fraudulent activities, including a recent attempt to defraud a woman of A$1 million under the pretence of investing with Macquarie.
Macquarie’s email warned: “We’re sharing our latest insights on which scams are on the rise and how to stay protected, plus tips and resources so you always know what to look out for.”
The bank also warned that scammers were increasingly targeting resale sites like Facebook (NASDAQ:META) Marketplace, advising users to be wary of requests to switch platforms, claims of overpayment, unusual payment methods and upfront shipping cost payments.
Australians scammed of A$2.74 billion
This alert comes in the wake of a report from the Australian Competition and Consumer Commission (ACCC), which revealed that scams cost Australians A$2.74 billion last year, with more than 601,000 scam reports — up 18.5% from 2022.
A recent Reddit post described how a scammer, posing as a broker, attempted to trick a retired woman into investing A$1 million in a bogus bond with Macquarie’s private bank.
Once the broker's Australian Business Number (ABN) was discovered to be fake and no record of the company could be found, Macquarie prevented the transfer.
A Macquarie spokeswoman said that without specific customer details, it could not verify the legitimacy of this particular case.
Nonetheless, the bank's security and fraud website documents multiple instances of scammers impersonating Macquarie, including recent attempts involving fake term-deposit investments.
The major banks, including Macquarie, are intensifying efforts to combat scams.
This issue will be a key topic at upcoming meetings in Singapore, where a trans-Tasman delegation, led by Federal Assistant Treasurer Stephen Jones, will discuss strategies to tackle scams targeting Australians and New Zealanders.
The meetings aim to enhance cooperation and intelligence sharing between Australia, New Zealand and Singapore.
Macquarie’s email underscored the prevalence of impersonation and remote access scams. It advised customers to be cautious of urgent requests through phone calls, emails or text messages that direct them to complete actions via links and to beware of unsolicited contacts seeking remote access to their devices to conduct fraudulent transactions.
As scams continue to evolve, Macquarie urges customers to remain vigilant and informed about these threats.