Banks urge millions of Aussies not to ignore this important email: ‘It was legit’
- Replies 56
In today's digital age, where phishing scams and fraudulent emails are a daily nuisance, it's understandable that many of us have become wary of any unexpected requests for personal information.
However, there's a critical alert that Australians should not ignore: banks are currently contacting customers to update their personal details, and failure to comply could result in losing access to their bank accounts.
This isn't a drill, nor is it a scam. It's an industry-wide practice that's part of the banks' regulatory obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
A spokesperson for Commonwealth Bank (CBA) emphasised the importance of this process, stating, 'As part of our ongoing regulatory obligations, we contact customers to ensure we have their most up-to-date and correct details, which help us to keep them safe and protect them from fraud.'
This matter has sparked conversations on social media, with bank customers sharing their experiences and concerns.
‘I had this a few months back! They were relentless and wanted to know EVERYTHING! I’ve never had this before now,’ one wrote.
‘It is legit and connected with Australian Transaction Reports and Analysis Centre (AusTRAC) requirements in relation to anti-fraud and money laundering regulations. Very frustrating as we have done it twice in just over 12 months now, another said.
‘I got a message like this from Ubank, and I ignored it. After 3 messages, they did put a block on my account. It was legit,’ a third added.
So, what exactly do you need to provide?
The specifics may vary depending on your bank and your circumstances, but generally, you may be asked for your full name, date of birth, address, the purpose of your account, and details about the transactions, including the amounts of money coming in and out each month.
The timeframe for providing this information also varies.
For instance, CBA gives customers a 10-day window, while Ubank allows up to 30 days. It's crucial to check the communication from your bank to know the exact deadline to avoid any restrictions on your account.
If you're uncertain about the legitimacy of an email from your bank, take the safer route: log into your banking app, where you can usually update your details securely.
Alternatively, you can call your bank's customer service or visit a branch to confirm the request and provide the necessary information in person.
This initiative is part of the Know Your Customer (KYC) measures financial institutions must follow.
AusTRAC, the Australian government's financial intelligence unit, mandated KYC to help banks identify and report suspicious activities, thereby reducing the risk of their services being misused for money laundering or terrorism financing.
AusTRAC's system is designed to make banks more vigilant and informed about their customers' activities, ensuring a safer financial environment.
Have you received such a request from your bank recently? How was your experience in updating your details? Share your stories with us in the comments below!
However, there's a critical alert that Australians should not ignore: banks are currently contacting customers to update their personal details, and failure to comply could result in losing access to their bank accounts.
This isn't a drill, nor is it a scam. It's an industry-wide practice that's part of the banks' regulatory obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
A spokesperson for Commonwealth Bank (CBA) emphasised the importance of this process, stating, 'As part of our ongoing regulatory obligations, we contact customers to ensure we have their most up-to-date and correct details, which help us to keep them safe and protect them from fraud.'
Banks urged Aussies not to ignore this specific email. Credit: Shutterstock
This matter has sparked conversations on social media, with bank customers sharing their experiences and concerns.
‘I had this a few months back! They were relentless and wanted to know EVERYTHING! I’ve never had this before now,’ one wrote.
‘It is legit and connected with Australian Transaction Reports and Analysis Centre (AusTRAC) requirements in relation to anti-fraud and money laundering regulations. Very frustrating as we have done it twice in just over 12 months now, another said.
‘I got a message like this from Ubank, and I ignored it. After 3 messages, they did put a block on my account. It was legit,’ a third added.
So, what exactly do you need to provide?
The specifics may vary depending on your bank and your circumstances, but generally, you may be asked for your full name, date of birth, address, the purpose of your account, and details about the transactions, including the amounts of money coming in and out each month.
The timeframe for providing this information also varies.
For instance, CBA gives customers a 10-day window, while Ubank allows up to 30 days. It's crucial to check the communication from your bank to know the exact deadline to avoid any restrictions on your account.
If you're uncertain about the legitimacy of an email from your bank, take the safer route: log into your banking app, where you can usually update your details securely.
Alternatively, you can call your bank's customer service or visit a branch to confirm the request and provide the necessary information in person.
This initiative is part of the Know Your Customer (KYC) measures financial institutions must follow.
AusTRAC, the Australian government's financial intelligence unit, mandated KYC to help banks identify and report suspicious activities, thereby reducing the risk of their services being misused for money laundering or terrorism financing.
AusTRAC's system is designed to make banks more vigilant and informed about their customers' activities, ensuring a safer financial environment.
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. I’m not sure because I don’t know anyone who has had this request. Anyway I’m not sending them that information.
