'Incredibly hard': Scammers 'thriving' off interest rate cuts
Australians have been warned about a surge in investment
scams
as the Reserve Bank of Australia continues to lower interest rates.
ANZ head of customer protection Shaq Johnson said interest rate cuts provided scammers with a chance to "thrive".
"People, when rates are falling, understandably, they look for a better deal," he told
Today
.
People have been warned about falling prey to a surge in deposit scams after interest rate cuts. (Getty Images/iStockphoto)
"And that's why we see a lot of scammers posing as financial institutions, tricking people into transferring money into fraudulent term deposit accounts."
Johnson said recent data showed a 70 per cent increase in deposit-related scams, up from the last quarter of 2024.
"And that's why we're urging people to be extremely vigilant when they are interacting with people online, trying to invest or finding better deals or interest rates, because once money moves out of their accounts, it's incredibly hard to recover," Johnson said.
ANZ head of customer protection Shaq Johnson. (Today)
Scammers use a "broad range" of tactics, including unsolicited offers of attractive interest rates on deposits.
Victims have also been taken in by fake websites online while looking for a better deal.
Johnson said scammers often avoided making offers that sounded too good to be true, opting instead for "just a few basis points higher than what's been offered".
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"And what we see is the individuals who are trying to find these ... better deals, they will fill their information and they will receive a call from a financial advisor or somebody claiming to be from a bank, and then they will send them some paperwork," he said.
"They appear very legitimate."
He said it was getting harder for people to decipher a scam, with crooks making use of dark web data and AI to personalise their approach to a victim.
Can you pick the Black Friday scam text message? View Gallery
"You just need to close to pay close attention," Johnson said.
"If it's an offer too good to be true, do your research. Stop and think. If you think that you're speaking to your bank, you need to pay close attention to what you've been asked to do.
"You know, moving money out of your accounts, it's not something that the bank will ask you to do."
Johnson urged people to stay up to date with scam information on bank websites and the ACCC's
Scamwatch page
.
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Herald Sun
6 hours ago
- Herald Sun
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Sydney Morning Herald
7 hours ago
- Sydney Morning Herald
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Daily Telegraph
10 hours ago
- Daily Telegraph
Stubborn banks still yet to pass on May RBA rate cut
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Australian mortgage holders 'can't be bothered' refinancing to a better deal Why luxury home dream could be out of reach for millions The good news is, things are finally beginning to change. In February, the rate cut was so eagerly anticipated that the big four banks announced immediately they would pass it on in full. The majority of the 111 lenders monitored by comparison site Finder quickly began to follow suit. For those that didn't, we created a shame file, listing all the lenders who had not passed on cuts and taking them off the list when they eventually did. When May came around, lenders were ready to go, so our next shame file had fewer lenders on it and reduced quickly. Now, we're left with just a handful of lenders. SEE THE LIST OF BANKS YET TO PASS ON THE MAY CUT BELOW On an average Aussie loan of just above $600,000, a single rate cut of 0.25 per cent will save about $1200 a year. A double rate cut will save $2400 a year. Those savings increase significantly for the vast number of Aussies with higher mortgage balances than the average. MORE NEWS: Bank mistake costing you $36k Finder's head of consumer research Graham Cooke said bank competition had prompted lenders to act quickly. 'The competitive landscape among lenders plays a significant role. If one major bank passes on the full cut, others are often pressured to do the same to avoid losing customers,' Cooke said. 'Even if the full cut isn't passed on by your current lender, the competitive environment means there will likely be better deals available elsewhere. This makes refinancing crucial for homeowners looking to maximise their savings. 'A reduction of even half a per cent can be the difference of thousands of dollars a year. 'Shop around to find a variable home loan that offers a lower interest rate than your current provider. The very lowest rates now have a '5' in front of them.' With that in mind, here is the full list of lenders on Finder's books and their best variable rate. Banks who have cut, new best rate (%), effective date ANZ: 5.59- 30 May CommBank: 5.59- 30 May NAB: 5.94- 30 May Westpac: 5.59- 3 June Adelaide Bank: 5.79- 6 June AMP: 5.64- 2 June Arab Bank Australia: 5.45- 3 June Athena: 5.74- 20 May Aussie: 5.69- 6 June Australian Military Bank: 5.64- 3 June Australian Mutual Bank: 5.39- 1 June Australian Unity: 5.54- 4 June AusWide Bank: 5.59- 5 June Bank Australia: 5.63- 2 June Bank First: 5.49- 29 May Bank of China: 5.43- 3 June Bank of Melbourne: 5.79- 3 June Bank of Sydney: 5.54- 3 June Bank of us: 5.64- 11 June Bank Orange: 5.44- 2 June BankSA: 5.79- 3 Jun BankVic: 5.48- 3 June BankWAW: 5.29- 3 June Bankwest: 5.69- 30 May bcu: 5.49- 10 June Bendigo Bank: 5.64- 6 June Beyond Bank: 5.64- 3 June Bluestone: 6.54- 11 June BOQ: 5.63- 6 June Border Bank: 5.34- 27 May Broken Hill Bank: 6.39- 4 June Cairns Bank: 5.74- 4 June Central Murray Credit Union: 6.74- 2 June Central West Credit Union: 5.79- 29 May Coastline Credit Union: 6.44- 29 May Community First Bank: 5.49- 11 June Credit Union SA: 5.49- 4 June Defence Bank: 5.59- 28 May Dnister: 5.59- 3 June Easy Street: 5.59- 4 June Fire Service Credit Union: 5.59- 1 June Firefighters Mutual Bank: 5.49- 1 June Firstmac: 5.78- 3 June First Option Bank: 5.49- 2 June Freedom Lend: 5.65- 16 June G & C Mutual Bank: 5.49- 1 June Gateway Bank: 5.45- 27 May Geelong Bank: 5.64- 30 May Goulburn Murray Credit Union: 5.69- 3 June Greater Bank: 5.49- 30 May Great Southern Bank: 5.64- 3 June Heritage Bank: 5.49- 30 May Homeloans: 5.89- 11 June HomeStar Finance: 5.49- 16 June Horizon Bank: 5.39- 1 June HSBC: 5.49- 2 June Hume Bank: 5.49- 2 June Illawarra Credit Union: 5.49- 4 June IMB: 5.54- 30 May ING: 5.64- 3 June Liberty Financial: 5.99- 3 June 5.49- 3 June Macquarie Bank: 5.64- 23 May ME: 5.63- 7 June Mortgage House: 5.39- 6 June MOVE Bank: 5.44- 1 June MyState Bank: 5.54- 5 June Newcastle Permanent: 5.49- 30 May NICU: 5.49- 1 June NRMA Insurance Home Loan: 5.53- 6 June P & N Bank: 5.63- 10 June Pacific Mortgage Group: 5.39- 2 June People's Choice Credit Union: 5.39- 30 May Pepper Money: 6.04- 5 June Police Bank: 5.34- 27 May Police Credit Union: 5.49- 1 June Qantas Money: 5.68- 6 June QBank: 5.49- 6 June Qudos Bank: 5.44- 29 May Queensland Country Bank: 5.49- 4 June RACQ Bank: 5.39- 3 June Regional Australia Bank: 5.44- 4 June resi: 6.39- 20 May RESIMAC Financial Services: 5.89- 11 June Southern Cross Credit Union: 5.73- 1 June South West Slopes Bank: 5.70- 3 June St. George: 5.79- 3 June Sucasa: 6.05- 5.89- 16 June Summerland Bank: 5.34- 3 June Suncorp: 5.65- 30 May Teachers Mutual Bank: 5.49- 1 June The Capricornian: 5.39- 6 June The Mac: 5.42- 4 Jun The Mutual Bank: 5.49- TBC Tiimely Home: 5.54- 6 June Transport Mutual Credit Union: 6.44- 2 June Ubank: 5.59- 29 May UniBank: 5.49- 1 June Unity Bank: 5.49- 1 June Unloan: 5.49- 20 May Up Home Loan: 5.50- 1 June Virgin Money: 6.19- 6 June Warwick Credit Union: 5.89- 4 June Woolworths Team Bank: 5.69- 10 June Yard: 5.89- 6 June Yellow Brick Road: 6.39- 20 May Shame list: Banks yet to cut Family First Credit Union: 5.70 La Trobe: 6.54 Laboratories Credit Union: 5.95 Reduce: 5.74 Well Money: 5.81 MORE: Finder's full list of lenders and their updated rates here
