Govt issues warning about bank-related fraud

Mr Stowe said these fake bank employees have been telling people they have fallen victim to credit card fraud – then asking them for their private information to help recover the funds.

"Once they've gathered banking or personal details from victims, scammers can potentially hack into their bank accounts and siphon funds," he said.

"Depending on the volume or type of information given, scammers have the potential to commit other types of false representation using the victim's identity."

Veda's general manager of fraud and identity solutions, Imelda Newton, recently told The Adviser that perpetrators of credit fraud now generally use stolen rather than fictitious identities.

Mr Stowe said many scams originate from outside Australia, and that money is virtually impossible to recover once sent overseas.

"Unfortunately, banking scams are quite common, though this new variant is particularly worrying as banks and financial institutions do often get in touch with consumers to advise them of irregular or suspicious transactions," he said.

The more people who fall for these scams, the more prevalent they become since criminals see them as a quick way to make money, according to Mr Stowe.

"Using auto-dialling tools and software, scammers often target and cold-call consumers area-by-area, and there is a fair chance if you are receiving calls so is your neighbour or those who live nearby," he said.

[Related: Broker saves clients in $200,000 loan fraud]