It's a brave new digital world out there, but as our tech-savvy members would know, some unwanted risks come with all the otherwise great perks of the internet. One of the most troubling on the list is the threat of cybercrime.

Recently, in a joint effort by Australian and US authorities, five foreign nationals were apprehended for an alleged high-tech bank fraud involving ATM skimmers and fake bank cards.

Australian Federal Police Detective Superintendent Tim Stainton, reacting to the arrest, highlighted how pervasive cybercrime has become.

'Australia remains a lucrative target for cybercriminals, and in this digital age, we know that personal data has become incredibly valuable to criminals,' he stated.

‘We're well advanced in terms of their activities and are monitoring them on an ongoing basis.’

Five individuals have been arrested over alleged bank fraud. Credit: Eduardo Soares/Unsplash

These five individuals were allegedly part of the same international crime ring earlier investigated by the United States Secret Service (USSS).

The syndicate had reportedly identified Australia as an opportune target.

Earlier this year, the USSS arrested five Romanian nationals allegedly targeting US citizens receiving welfare benefits via electronic benefits transfer cards.

According to authorities, the alleged offenders installed ATM skimmers to clone victims' electronic benefits transfer card details and PINs. At the start of each month, the crime syndicate re-encoded the cloned bank cards to visit ATMs and withdraw the newly loaded funds.

Acting on information from their US counterparts, the Australian Federal Police (AFP) traced suspicious packages believed to contain ATM skimmers sent from China, Britain and the US to these offenders.

The AFP and New South Wales Police also raided a short-term rental property in Rhodes, Sydney, where they seized $12,935 in cash, skimming devices, false identity documents, including passports, bank cards in other people's names, electronic devices, card readers, SIM cards, and handheld electrical tools.

After further investigation, an alleged syndicate branch was uncovered operating in Brisbane. This led to the arrest of two syndicate members attempting to withdraw funds using cloned cards from an ATM under surveillance.

Meanwhile, two Romanian nationals, a 33-year-old man and a 32-year-old woman, recently appeared in Parramatta Local Court, Sydney. They've been charged with crimes under the Anti-Money Laundering and Counter-Terrorism Financing Act and face a maximum penalty of 10 years imprisonment if found guilty.

Other arrested nationals, one Romanian and one Polish, face a maximum penalty of up to 14 years in prison. Another Romanian national is facing a maximum prison sentence of 5 years if found guilty.

All are due to appear in court over the coming months.

Key Takeaways

• Five foreign nationals have been arrested in Australia for an alleged plot involving ATM skimmers and fake bank cards.
• The syndicate was reportedly part of an international crime ring previously investigated by the United States Secret Service.
• Identity information has become increasingly targeted by criminals, with Australia, in particular, being seen as a lucrative target.
• The alleged offenders were caught using ATM skimmers to clone victims' card details and later withdraw funds from the victims' accounts.

It’s essential to know how to prevent these bank frauds and scams, which come in various forms. The key is awareness and preparation.

To help you out, ANZ Australia has shared some tips to avoid being a victim of scams.

Watch this video below:

This case serves as a reminder for our members to always keep their guard up regarding personal information and bank details. If a message or an email appears suspicious, do not click on any links or provide any personal data.

Stay vigilant and stay safe, members.

What do you think of this story, dear members? Do you have other tips to avoid being scammed? Share them in the comments below!

 

[Marj53]

The push by BANKS to have customers use

1. Internet banking;

2. Phone banking;

3. Tap/pin activated card debit shopping;

4. Direct debiting where customers reveal their card number and the 3 digit code on the back of the card.

When I say 'push', just think of the number of times you've been at a branch where staff have ENCOURAGED you to use tech instead of being served by a teller.

These types of transactions get us out of branches so they can reduce staff, close branches and stop cash withdrawals. It is aimed at causing people, REGULAR PEOPLE LIKE YOU AND ME to not insist on cash (that is our cash).

Lately I've been reading the SDC articles on 'Australia going cashless' where the inference is that people don't need cash anymore.

The banks having influenced customers away from personal service and from cash then use their carefully collected statistics to say that CUSTOMERS are the ones that are shunning branches and need for cash.

PLEASE DO NOT BELIEVE THAT RUBBISH TALK.

Another tactic to get customers using internet banking (tech) is banks decommissioning ATMs by the hundreds.

For those that say this protects against skimmer devices, banks should place ATMs inside banking vestibules equipped with bank technology that identifies the attached skimmer and immobilizes the at risk ATM.

Banks can afford to install such tech to protect their customers' cash and enhance their own reputations.

Completely agree. They are making all these profits. My bank has an ATM outside of the branch, not inside. I don't use it though I go into the branch, to be served.

 

[Marj53]

I thought all ATM's are inside the streamlined banks these days. That's where I go, instead of using the shopping centre ATMs.

Not at my branch.

 

[MaggieAmalia]

I thought all ATM's are inside the streamlined banks these days. That's where I go, instead of using the shopping centre ATMs.

Anz bank has atms outside their service area and what is concerning is that it back is exposed to anyone loitering close by.. no safety consideration whatsoever for their clients.. at any time. Imo

 

[Penny4]

Anz bank has atms outside their service area and what is concerning is that it back is exposed to anyone loitering close by.. no safety consideration whatsoever for their clients.. at any time. Imo

Our Anz bank was like that as well, until they updated the layout and streamlined the staff. They have 4 atms inside the bank now.

 

[Jen77au]

I thought all ATM's are inside the streamlined banks these days. That's where I go, instead of using the shopping centre ATMs.

Only Certain banks have that access.

 

[Penny4]

Only Certain banks have that access.

Yes, I only go by where I live when the banks were remodelled.

 

[Jen77au]

Yes, I only go by where I live when the banks were remodelled.

but The way they're all closing branches has me worried we won't be able to do that soon!

 

[Penny4]

but The way they're all closing branches has me worried we won't be able to do that soon!

I agree