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Commonwealth Bank Issues Warning Amid Rising Scam Concerns
The Commonwealth Bank has issued a warning regarding a significant texting scam that aims to deceive Australians into believing their Awards points are on the verge of expiring. This alarming development comes in the wake of reports indicating that Australians have lost approximately $119 million to scams in the first four months of 2025, with phishing scams seeing the most substantial increase in financial losses.
The Scam Unveiled
The fraudulent text messages, masquerading as official communications from the bank, encourage recipients to promptly redeem their Awards points through a dubious link embedded within the message. The messages may also instruct individuals to call a specific phone number, respond to the text to activate a link, or disclose sensitive personal and banking information.
“While these messages might seem convincing—often appearing within the same thread as legitimate communications—they are not genuine,” the Commonwealth Bank cautioned its customers. They further clarified, “We will never ask you to redeem your points through a link in an email or SMS message.”
Safe Banking Practices
In light of the ongoing scam surge, the Commonwealth Bank advised its customers to access their digital banking services solely via the official CommBank app or by directly visiting the bank’s website, rather than clicking on links provided in text messages. The bank also warned customers to remain vigilant against messages soliciting sensitive information or requests for tasks such as updating software.
For those concerned about their accounts, the Commonwealth Bank encourages customers to reach out via its official website.
A Broader Look at Scam Trends
According to data from Scamwatch, released by the National Anti-Scam Centre, the spike in scams highlights a troubling trend where Australians lost about $119 million in the first few months of 2025 alone. Interestingly, while the total number of scam reports dropped by 24% to 72,230, the financial losses reported increased by 28% compared to the previous year.
Phishing scams, wherein fraudsters impersonate various entities including government bodies and financial institutions, saw the most dramatic rise, leading to $13.7 million in losses, up from $4.6 million in early 2024.
Catriona Lowe, Deputy Chair of the ACCC, commented, “Scams are affecting Australians of all ages, often beginning with unprompted or unexpected contact via social media and other digital platforms."
Response from the Banking Sector
In efforts to mitigate scam losses, the banking sector has recently implemented a ‘confirmation of payee’ system. This measure aims to alert customers when the name of the payment recipient does not correspond with the account details, thereby adding an additional layer of security in financial transactions.
Conclusion
As Australian consumers increasingly fall prey to sophisticated scams, it is essential for individuals to practise caution when dealing with unsolicited messages or communications that request sensitive information. Remaining informed and vigilant can significantly reduce the risk of falling victim to these fraudulent schemes.
