Local banks are warning customers to remain vigilant following a recent spike in digital wallet fraud cases.
The banks say the shift to digital money storage and management has created a large market for scammers.
Digital wallet usage has doubled in the last three years, according to the Australian Banking Association, increasing from 19 per cent in 2019 to 38 per cent in 2022.
And recent data from Commonwealth Bank and YouGov shows nearly three in four people say they have become “more concerned” about scams over the last 12 months.
BOQ Logan branch manager Kelly Reed said digital wallet scams were an emerging scam type.
“…which is why we are urging locals to remain vigilant,” Ms Reed said.
“It’s a prime example of scammers ability to keep evolving their tactics to take advantage of victims.”
She said that with digital wallet scams the scammer will impersonate banks and various service providers, requesting the information they need to access debit and credit cards.
These are most commonly seen through text messages, with scammers advising payment information needs to be updated, tolls are unpaid, there’s an outstanding payment for a package delivery or an account has been suspended due to a payment failing.
“Be wary of unexpected phone calls and SMS messages and never click on links or provide sensitive information,” Ms Reed said.
“This includes sharing verification codes, such as one-time passwords, even to someone you believe may be from the service provider.
“If you’re unsure, end the interaction immediately and contact the service provider directly using the verified phone number or trusted channels.
“Taking extra precaution is critical when it comes to your bank and account details.”
In the last year, Bank of Queensland has seen almost $500,000 in customer losses.
Commonwealth Bank in that same time faced $228 million of scam attempts to retail and business customers.
“BOQ Group is investing millions of dollars into our fraud technology uplift every year,” Ms Reed said.
“We’re doing everything we can to protect our customers as a priority and monitor for suspicious activity.”
