In this modern digital age, where convenience and efficiency are king, we must unfortunately also account for the rise in scamming—a nuisance (to put it lightly) that cost Australians a whopping $3 billion last year alone.

Of course, we have learned a thing or two from the numerous reported cases. We've become quite adept at spotting these sneaky tactics from a mile away.

However, shouldn't the burden of protecting us from these scams also fall on the shoulders of major companies and institutions? Don't you think they should play their part in keeping us safe?

Well, the good news is that the National Australia Bank (NAB) seems to be on the same page as us. Answering our pleas for a more secure customer experience, NAB has rolled up its sleeves and declared an innovative approach to tackling this unending wave of scams.

NAB will stop using links in unexpected text messages to customers as part of its latest scam crackdown. Credit: Shutterstock.

NAB has taken a stand against scams and put an end to the use of links in their official text messages sent to customers. That means no authentic text message from NAB will contain links from the end of July.

We've all experienced those irritating and suspicious messages, and being the naturally sceptical bunch that we are, we usually hit the delete button without even bothering to read them fully.

Nevertheless, when legitimate companies regularly send links, it leaves a small window for scams to slip past our defences and catch us off guard opens. But now, NAB's crackdown on this shady tactic means we can breathe a little easier and bid farewell to those pesky links.

NAB Chief Executive Ross McEwan remarked that this new measure was intended to assist in making Australia a 'very unacceptable place' for criminal organisations.

According to the Australian Consumer and Competition Commission (ACCC), text messages became popular among scammers as the method of choice for their scheming in 2022, accounting for a third of scams and leading to losses of over $28 million.

Last year, NAB sent out a staggering 112 million text messages to its customers. Approximately 40 million of these contained links updating clients about account activities such as looming overdrawn accounts or notifications of newly posted debit cards.

We're all aware that scam links can pose a significant risk to our financial safety without the right safeguards, so NAB's proactive change is a welcome one indeed.

NAB's decision to scrap links from unexpected official text messages might be logistically challenging and costlier for the bank, requiring more people to make phone calls and changing their customer communication format.

With that said, McEwan conveyed that the bank had already taken steps towards implementing the new policy.

He said, 'We've put on another 50-odd people just in the last couple of months to build our calling capability. And in the body of the texts we send, we might ask people to go to a website or tell them we will be sending an email with instructions to follow.'

Keeping in tune with similar good practices, other banks, like the Commonwealth Bank, already follow strict SMS guidelines prohibiting links in their customer communications.

Assistant Treasurer Stephen Jones shed light on everyone's accountability, including individuals and companies, towards fighting scams.

'We're now moving onto a code of practice to set clear obligations and accountabilities to make it very clear when, for example, in a scam event, the bank is liable and when it's on the individual,' Jones stated.

NAB plans to complete the process of eradicating links in unexpected text messages by the end of July, and Jones has plans to consult the banking industry about the code of practice in the coming months.

Key Takeaways

• National Australia Bank (NAB) will stop using links in unexpected official text messages to customers in a bid to crack down on scams.
• In 2022, text messages were the major medium through which scammers targeted Australians, accounting for one-third of all scams and totalling a cost of $28 million.
• NAB will need more staff to make phone calls, but it will increase security.
• Assistant Treasurer Stephen Jones highlighted the need for a clear code of practice to outline obligations and accountabilities, defining when the bank is liable in a scam event and when it falls on the individual.

We can now relax knowing that NAB has taken strong measures to keep fraudulent or suspicious links out of our phones. Let's hope other companies follow their lead and prioritise our security. Remember, stay safe, stay vigilant, and stay informed at all times, folks!

What do you think about this initiative? Do you believe it will be beneficial? Share your thoughts with us in the comments section below!

 

[Suzanne rose]

The Banks should be doing all they can to protect our money.
They have our money then make sure it's safe.
It was the banks who decided to switch to online and do away with bank books so it's up to them to safe guard our money

 

[ELF51]

It won't take the scammers long to figure out how they can break through this new line of defence. After all, the bank is just asking us to ring them. Scammers were able to redirect emails, what's to stop them doing the same with a phone number.

 

[Tervueren]

At last, the Banks are doing a small thing to help protect THEIR customers to safeguard THEIR money!!

Hopefully, all the other Banks will sit up and do something similar!
About bl**dy time.

 

[Bernice S]

In this modern digital age, where convenience and efficiency are king, we must unfortunately also account for the rise in scamming—a nuisance (to put it lightly) that cost Australians a whopping $3 billion last year alone.

Of course, we have learned a thing or two from the numerous reported cases. We've become quite adept at spotting these sneaky tactics from a mile away.

However, shouldn't the burden of protecting us from these scams also fall on the shoulders of major companies and institutions? Don't you think they should play their part in keeping us safe?

Well, the good news is that the National Australia Bank (NAB) seems to be on the same page as us. Answering our pleas for a more secure customer experience, NAB has rolled up its sleeves and declared an innovative approach to tackling this unending wave of scams.

View attachment 24592

NAB will stop using links in unexpected text messages to customers as part of its latest scam crackdown. Credit: Shutterstock.

NAB has taken a stand against scams and put an end to the use of links in their official text messages sent to customers. That means no authentic text message from NAB will contain links from the end of July.

We've all experienced those irritating and suspicious messages, and being the naturally sceptical bunch that we are, we usually hit the delete button without even bothering to read them fully.

Nevertheless, when legitimate companies regularly send links, it leaves a small window for scams to slip past our defences and catch us off guard opens. But now, NAB's crackdown on this shady tactic means we can breathe a little easier and bid farewell to those pesky links.

NAB Chief Executive Ross McEwan remarked that this new measure was intended to assist in making Australia a 'very unacceptable place' for criminal organisations.

According to the Australian Consumer and Competition Commission (ACCC), text messages became popular among scammers as the method of choice for their scheming in 2022, accounting for a third of scams and leading to losses of over $28 million.

Last year, NAB sent out a staggering 112 million text messages to its customers. Approximately 40 million of these contained links updating clients about account activities such as looming overdrawn accounts or notifications of newly posted debit cards.

We're all aware that scam links can pose a significant risk to our financial safety without the right safeguards, so NAB's proactive change is a welcome one indeed.

NAB's decision to scrap links from unexpected official text messages might be logistically challenging and costlier for the bank, requiring more people to make phone calls and changing their customer communication format.

With that said, McEwan conveyed that the bank had already taken steps towards implementing the new policy.

He said, 'We've put on another 50-odd people just in the last couple of months to build our calling capability. And in the body of the texts we send, we might ask people to go to a website or tell them we will be sending an email with instructions to follow.'

Keeping in tune with similar good practices, other banks, like the Commonwealth Bank, already follow strict SMS guidelines prohibiting links in their customer communications.

Assistant Treasurer Stephen Jones shed light on everyone's accountability, including individuals and companies, towards fighting scams.

'We're now moving onto a code of practice to set clear obligations and accountabilities to make it very clear when, for example, in a scam event, the bank is liable and when it's on the individual,' Jones stated.

NAB plans to complete the process of eradicating links in unexpected text messages by the end of July, and Jones has plans to consult the banking industry about the code of practice in the coming months.

Key Takeaways

• National Australia Bank (NAB) will stop using links in unexpected official text messages to customers in a bid to crack down on scams.
• In 2022, text messages were the major medium through which scammers targeted Australians, accounting for one-third of all scams and totalling a cost of $28 million.
• NAB will need more staff to make phone calls, but it will increase security.
• Assistant Treasurer Stephen Jones highlighted the need for a clear code of practice to outline obligations and accountabilities, defining when the bank is liable in a scam event and when it falls on the individual.

We can now relax knowing that NAB has taken strong measures to keep fraudulent or suspicious links out of our phones. Let's hope other companies follow their lead and prioritise our security. Remember, stay safe, stay vigilant, and stay informed at all times, folks!

What do you think about this initiative? Do you believe it will be beneficial? Share your thoughts with us in the comments section below!

This is a great step forward for customers. NAB and other banks are finally opening the purse strings to help combat scams. I just find it a bit ironical that it comes in the wake of new banking rules that will hold the banks accountable for returning money to customers that fall victims to dome of these scams.

 

[maggiej]

I am beginning to think we should all get back to using cash and not credit cards .

 

[Gaena]

The Banks should be doing all they can to protect our money.
They have our money then make sure it's safe.
It was the banks who decided to switch to online and do away with bank books so it's up to them to safe guard our money

Some banks still have to learn that sending an SMS with a link to to a department within that bank to officially open a new account with them may cause a problem. Husband and I refinanced our mortgage late last year. Our Mortgage broker enquired with me if we had received the docunentation for the new loan as the Bank had let them know we had not yet signed for it. When I said No we had not received anything I was told they had sent an SMS with a link to the documents a few days earlier, both my husband and myself had deleted the SMS without opening the link. Both of us very concious of possible scams. Caused a few ruffles with the bank and we were told that sending an SMS with a link was how they always did it, I told them that the only way we would sign anything was if the documentation was emailed to the Mortgage broker. I was shocked to learn that it was common practice for the bank to send an SMS with a link, expecting people to open it without question.

 

[margaretritchie48]

The Banks should be doing all they can to protect our money.
They have our money then make sure it's safe.
It was the banks who decided to switch to online and do away with bank books so it's up to them to safe guard our money

My mum has a passbook and at nearly 100 do not feel inclined to change. I have just read that some banks including my mums will now not have any cash in the banks. Where does this leave people like my mum. Thankfully I look after her affairs but still need to withdraw money from her bank.

 

[Suzanne rose]

My mum has a passbook and at nearly 100 do not feel inclined to change. I have just read that some banks including my mums will now not have any cash in the banks. Where does this leave people like my mum. Thankfully I look after her affairs but still need to withdraw money from her bank.

And that is why the banks need to protect their customers. My hubby is 65 and would do anything to be able to go back to bank books

 

[Catherines]

My husband often withdraws cash from an ATM as the nearest branch of our bank is a good 30 minute drive away and parking at the particular shopping centre there is a nightmare.