Banks urge millions of Aussies not to ignore this important email: ‘It was legit’

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.'


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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.
Key Takeaways
  • Australians are being advised not to ignore emails from their banks asking for updated personal information as part of anti-money laundering and counter-terrorism measures.
  • Commonwealth Bank asserts this is an industry-wide practice instigated by regulatory obligations under the Anti-Money Laundering and Counter-Terrorism Act.
  • Failure to provide the requested information within the time frame specified by the bank can lead to a block on the customer's bank account.
  • This initiative is part of the Know Your Customer (KYC) measures implemented by the Australian Transaction Reports and Analysis Centre (AusTRAC) to prevent financial crimes.
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!
 
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I've never had this email like your saying from my Bank.. Obviously, one would phone their bank FIRST on the phone number you have stored for years.! weird.! looks like a scam. reading your article it feels like a scam. Hard to understand it is legit.!!
No, I did not get any e-mail - it was mail in my on-line banking app, so I knew it was legit. Most of the major banks have branches in. my local shopping centre. I had to go to 2 banks, both were quick and easy and really good customer service...however I do live in the City, not rural. I only needed Driver Licence and my son only needed his 18+ card.
 
I’ve had my PayPal acc locked for years because I won’t provide my passport, drivers license and utility bill. PayPal say this is legitimate and everyone will get this message soon. For security reasons by Australian gov. 🤨. I’m not sure because I don’t know anyone who has had this request. Anyway I’m not sending them that information.
I use PayPal and have never been asked to over this type of information. I use Outlook (with Preview) and you can tell by looking at the address (without opening email) if its fake or not.
 
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I've been scammed and will not respond to any email asking for my details. With banks closing branches making it harder to bank. Send a letter.
Same here - the bank promised to safeguard my retirement money, then within 6 mths I lost everything, and the banks wouldn't take responsibility. So instead of being able to cover all my home bills Im now having to cut back or stop using/paying/having a lot of everyday things. I am forced to live of a government payment that does not cover the cost of living in my own home.
 
And last night on the tele was Bill Shorten promoting another Gov. electronic gizzmo he is introducing to go onto your phone for proof of ID. With all the scams, stalking, sexual harrassment, bullying, and rip-offs happening with all this 'electronic garbage' the 'so-called whiz kids and Government idiots' still persue/force us to comply..... Big business only want it because it increases their bottom line..... jobs disappear replaced by 'AI'.... yesterday I spent 5 hrs on calling Gov. Departments, Insurance Companies and other entities, to get some help, spoke to four 'robots' who gave me btwn: 5-9 selections to choose from, then had to wait for someone to answer the phone. Shortest wait time..17min, longest 28min. Still haven't received any help and waiting for 3 call-backs today....... I have a VERY BASIC MOBILE PHONE, if the Gov./Big business want me to up-grade they can buy me a new phone, as if that is going to happen. There is 'NO BENEFIT TO THE PUBLIC' with all this electronic gadgetry, it may be quicker, convenient however, there is a bigger risk that comes with it..... look what happened when that billion dollar company, in Texas had their 'cloud fall out of the sky' lol, just recently. Panic around the globe.... worst is yet to come.....
 
When I get a unusual email I click on the email address, then I click it again and the lettering turns blue and a box pops up showing the original sender of the email
Next to ’other’ ….. I then go to block sender and block it I hope this is easy to understand
 
It makes you dizzy what to ignore and what to respond to. I don’t f comfortable divulging ANY information to someone on the internet these days after the horrendous stories of people losing thousands of dollars. I would need to contact the organisation myself to ascertain authenticity of the requirements. It’s a sad state of affairs that everything is not trusted any more
 
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It may be legit but it’s also suspicious. With what I’ve been watching on social media & the reports I’ve been reading from independent journalists, this is simply more info being compiled for the sake of “big brother” monitoring. Australia is following “sheep like” into a world of digital enslavement where the state will dictate what you can & cannot do. Follow the rules & you’re ok. Dare to be different & you will be punished. This could be having your finances or your food purchases restricted or your freedom to travel halted. Think I’m joking? It’s not here yet but by 2030 it will be according to the agenda of WEF.
Forced compliance
 
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I don't have those documents and at times it is hard. A birth certificate is asked for but produce a birth certificate that is 76 years old, which I don't have either, how can that be proof. Could have married 10 times and have 11 surnames. Where's the proof of who you are. Yes 11 different surnames cause there is your maiden name then the 10 you were married. What a lot of hogwash
Wow! mousey a serial husband killer are we.... oooer :LOL:
 
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With all this confusion of whether to Ignore or give out information is going to give the Scammers a boost. This goes against everything people are being told on how to protect yourselves from scams. I think it's time we follow the UK.
British banks and other payment providers will now be legally liable to reimburse the vast majority of their customers for scam losses that occur via transfers on their platforms. In comparison, more than 95% of Australian scam victims are forced to carry the loss themselves.
 
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It may be legit but it’s also suspicious. With what I’ve been watching on social media & the reports I’ve been reading from independent journalists, this is simply more info being compiled for the sake of “big brother” monitoring. Australia is following “sheep like” into a world of digital enslavement where the state will dictate what you can & cannot do. Follow the rules & you’re ok. Dare to be different & you will be punished. This could be having your finances or your food purchases restricted or your freedom to travel halted. Think I’m joking? It’s not here yet but by 2030 it will be according to the agenda of WEF.
I have keyed in a reminder for 2030 to check this.
 
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I have keyed in a reminder for 2030 to check this.
Big Brother financial threat has already been used in Canada -
Canadian Prime Minister Justin Trudeau has taken the unprecedented step of invoking the Emergencies Act to crack down on anti-vaccine mandate protests.
Mr Trudeau said the scope of the measures would be "time-limited", "reasonable and proportionate" and would not see the military deployed.
With no need for court orders, banks can freeze personal accounts of anyone linked with the protests.
 
View attachment 56018"MAKE UP YOUR MIND!"
Accept/ignore emails?
I absolutely refuse to respond electronically to any such email; my first action will, in such case, be a trip to the bank to verify in person and/or rip someone a new one if they've genuinely wasted my time.
I agree. One minute they are telling us that they will never send an email asking for personal details and in the next you lose access to your account if you don't respond? They really need to make up their minds.
 
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