Questions & Answers About Scams
We are aware that many scammers use the RBA’s details to make their scams seem more legitimate. These details could include the names of senior staff, contact information or the RBA logo.
In establishing whether you might be the subject of a scam, it is important to remember that, unsolicited, the RBA will never:
- ask you for any personal or financial details
- instruct you to transfer personal funds into an account
- ask you for a fee to allow the transfer of personal funds into or out of Australia, or to issue a certificate
- participate in or endorse an investment scheme.
1. How do I know if I have received a scam e-mail or phone call?
There are a number of different ways people may try to scam you using the RBA’s details. This may include, but is not limited to:
- You may receive an unsolicited email or phone call (from someone claiming to be from the RBA) requesting personal or financial information.
- You may receive an unsolicited email or phone call advising that you have won or inherited a large amount of money (usually from overseas) and that the Reserve Bank has held these funds until you pay a fee to release the money. In this instance, check with your own bank.
- You may see an advertisement on social media using video footage of RBA senior executives purportedly endorsing a financial investment – these videos have been doctored and are not legitimate.
2. What to do if you have received an email or phone call?
Decline to provide any information until you have verified the correspondence is legitimate. You can contact our RBA’s Communications Department on +61 2 9551 8111 if you are unsure about the legitimacy of your email or phone call.
3. Where can I get more information on scams?
The Australian Competition & Consumer Commission’s (ACCC) Scamwatch website and ASIC’s MoneySmart website contain detailed information on scams and how to avoid and report them. You can find information on how to report and recover from scams on the Australian Signals Directorate (ASD) website.
4. What to do if you have been scammed?
We urge you to immediately stop corresponding with the suspected scammers and report the scam to Scamwatch. We also suggest that you contact your bank immediately if you have provided your financial details or recently transferred money.
Visit ACCC’s Scamwatch website for more detailed information on action you can take after being scammed.
5. Will I get my money back?
Unfortunately, it is extremely difficult to recover money that has already been transferred to scammers. This is because it is often very difficult to track down the person or group that has scammed you. Information on recovering your losses can be found on ACCC’s Scamwatch website.
You should also contact your bank for further assistance on whether they can recover your funds and next steps they can take to protect your account.
6. How can I prevent being scammed in the future?
Tips on how to avoid being scammed can be found on ASIC’s MoneySmart website and the ACCC’s Scamwatch website.