Bankwest urges scam sense ahead of Black Friday

Bankwest is urging WA consumers to remain vigilant and take steps to protect themselves online ahead of the Black Friday sales, with scammers preparing to take advantage of the price-cutting period.

The impact of Black Friday was evident in Bankwest’s Spend Trends report for 2023’s sales, with Electric Appliance (49%), Clothing Stores (27%), and Sporting/Toy Stores (22%) all surging week-on-week in transaction volumes.

This surge in spending prompts an annual warning from the Australian Competition and Consumer Commission, with Scamwatch reporting more than 12,000 online shopping scams worth more than $3.4m so far in 2024.

Scammers are becoming increasingly sophisticated, creating impersonation websites and advertising offering heavily discounted gaming systems, TVs and clothing, often with a countdown to create a sense of urgency.

Bankwest encourages bargain hunters to protect themselves with three steps – stop, check, and reject – ensuring they pause and think before purchasing, check with a trusted contact or source, and reject any suspicious deals.

Bankwest’s continued investment in its digital channels has equipped customers with two critical tools to help them better protect themselves from scams and fraud, with the latest technology Check-it introduced last week.

Bankwest’s latest Check-it feature, launched in the Bankwest App ahead of Black Friday, may alert customers to unusual activity on accounts and send a push notification so customers can act quickly to accept or reject activity.

Check-it follows Bankwest’s launch of NameCheck, which checks first time payment details entered with available payment information, and requesting domestic telcos secure Bankwest’s Alpha Tags.

Bankwest Executive Manager of Fraud Management Services Audrey Pajmon said: “Bankwest aspires to be Australia’s favourite digital bank, and we’re making significant investments to help combat scams and fraud.

“Holiday periods offer some incredible bargains as we’re ticking off the present list, but they also offer some incredible opportunities for scammers, which is why we encourage everyone to trust their scam sense.

“Check-it and NameCheck are two valuable tools to help customers protect themselves against scammers, but the best defence is always to remain vigilant and informed, and to act quickly to report a suspected scam or fraud.”

1. Be wary of offers like luxury items or popular brands for unusually low prices.
2. Be wary of websites that don’t have privacy policies, T&Cs, refund information or contact information.
3. Be wary of a sense of urgency – scammers often try to pressure with limited offers or countdowns.
4. Go directly to online stores using a web browser, instead of clicking an email or social media link.
5. Regularly check your statements – a small, unauthorised charge can be the first sign of credit card theft.