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Commonwealth Bank Issues Scam Alert Amidst Rising Fraudulent SMS Campaigns
The Commonwealth Bank of Australia has issued a warning regarding a significant surge in fraudulent text message campaigns. Reportedly, these scams are designed to deceive customers into believing that their award points are nearing expiration. Alarmingly, Australians have already lost approximately $119 million to various scams this year, with phishing scams contributing notably to this growing financial threat.
Nature of the Scam
The latest fraudulent messages, which falsely claim to be from the Commonwealth Bank, urge recipients to act urgently to prevent their points from expiring. These texts often contain links to suspicious websites, misleading users into providing sensitive information.
In addition to urging clicks on dubious links, the scam messages may also invite customers to call a provided phone number, respond to the message to activate a link, or share critical details, such as banking credentials.
Official Response from Commonwealth Bank
The Commonwealth Bank has strongly advised its customers to disregard these messages, stating they do not originate from the bank. "These messages may appear legitimate and could even be found in the same thread as genuine communications," the bank clarified. Furthermore, they emphasised that they will never request customers to redeem points through links in emails or text messages.
To mitigate risks, customers are encouraged to access their online banking exclusively through the CommBank app or by directly visiting the bank’s official website rather than clicking on links in unsolicited messages. The bank has also advised vigilance regarding any communication asking for sensitive information or soliciting actions like updating software or providing remote access through digital platforms.
Customer Engagement
Customers who encounter suspicious messages or seek assistance can reach out to the Commonwealth Bank via its official website.
Broader Scam Trends in Australia
According to recent figures from Scamwatch, Australians reported approximately $119 million in losses due to scams in the first four months of 2025 alone. This represents a worrying increase, despite the overall number of scam reports decreasing by 24% to 72,230. However, reported losses surged by 28% compared to the equivalent period last year.
Phishing scams, particularly those impersonating legitimate organisations like government agencies or major banks, have seen a dramatic rise. Losses due to phishing scams have escalated from $4.6 million in early 2024 to $13.7 million this year.
Catriona Lowe, Deputy Chair of the Australian Competition and Consumer Commission (ACCC), noted that scams are affecting Australians across all demographics, frequently initiated through unexpected contacts on social media and various digital channels.
Safeguards Implemented by the Banking Sector
In light of these alarming trends, banks have implemented measures such as the ‘confirmation of payee’ system. This initiative is aimed at reducing scam-related losses by alerting customers when there is a discrepancy between a payment recipient’s name and the account details provided.
In conclusion, the rise in sophisticated scamming techniques, particularly through SMS, poses significant financial risks to Australians. Vigilance and adherence to official channels of communication are paramount in protecting oneself from falling victim to these scams.
