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Protect Yourself From Scammers

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Australians love technology. We are spending more time online shopping, entering our personal details and accessing the internet on our devices. Some of us even have an auto-memory software in place in case we forget our passwords.

Anybody using the internet and electronic devices needs to be aware of the increasing threat of scammers. Recently, scammers have been impersonating your favourite businesses or even the police and the Australian Taxation Office. They want to gain access to your computer and steal money or banking information.

The ACCC’s Scamwatch website has recorded a significant spike in these types of scams, known as remote access scams, with more than 8000 reports recorded in 2018 so far and losses totalling $4.4 million. 

You can avoid becoming a victim of scammers by knowing how to protect your information and your devices. Learning more on the scams that are being used can empower you to avoid being caught. Some of the scams are as follows:

  • Hoax messages: emails, text messages or internet pop ups that direct you to fake websites which prompt you to reveal personal information.
  • Malware: software that can monitor where you go online and record your keystrokes which means it can record your confidential passwords, logins and other personal information.
  • Fake phone surveys:  contact you and ask questions to try and trick you into revealing personal information.
  • Website scams: targeting many people by running a scam that sounds “too good to be true”.
  • Phone porting: switching your phone to another provider without permission to gain access to your calls and text messages.

Please note:  The Bank will:

  • Never ask for your Internet Banking login details or credit card details via phone or email
  • Never use email to send you a link to an Internet Banking login page
  • Never ask you to communicate your passwords to us in any form

 

Security tips

There are some good practices and simple actions that may reduce personal information being compromised.

  • Lock it – set a password on your device so that no one else can use or view the information. Also store your device in a secure location.
  • Contact your bank if you lose your phone or tablet – call your bank immediately to tell staff about the loss and provide your new number.
  • Be careful what you send via text message – never send personal information via message.
  • Only use official internet banking apps – those from your bank.
  • Install and keep up to date anti-virus and firewall software purchased from trusted suppliers.
  • Protect your passwords – keep your PIN and passwords confidential. Avoid using the same password for multiple websites. If your banking app allows a PIN, make sure it’s different than the one you use to unlock your mobile device. Make sure your password or code is hard for others to guess but easy for you to remember.
  • Read privacy policies – before you provide personal information to any website, understand how your information will be used and how long it will be retained. To view Bankstown City Unity Bank’s privacy policy click here
  • Be wary of free downloads, programs, software or screensavers – sometimes malware and spyware can be hidden in free offers.
  • Check your bank statements – contact your bank if you find any unusual or suspicious transactions.
  • Always log out of internet banking.

Unfortunately, scammers see opportunities whenever money is involved, and they will always seek new ways to steal and commit fraud. At Bankstown City Unity Bank, rest assured that your financial wellbeing is always our top priority along with the security and safety of your banking. These tips are here to help you build a better defence against scammers.

Don’t forget to check out www.scamwatch.gov.au for more tips as they become available.

 

 

Members support lead to fees being slashed.

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Due to the excellent support that our Members have provided us, we are in the fortunate position to reduce and eliminate a number of fees. As a Member Owned Bank, we are constantly looking for opportunities to provide benefits to our Members and these positive changes are a clear example of us putting our principles into action. The more our Members support our Bank the better position the Bank is in to support you and the communities that you live and work in.

From 1 January 2019, you will benefit from the following changes:

Excess Transaction Fees
Reduced to $1.20
All in One Rewards Package Annual Fee
Reduced to $350 per annum
Unsecured / Secured Personal Loan Service Fee 
Reduced to $5 per month
Periodical / BPAY / Direct Transfer Payment Fee (Staff Assisted)
Free
Banklink Establishment Fee
Free
Banklink Cancellation Fee
Free

 

 

 

 

 

As a reminder to Members, you can use over 20,000 ATMs owned and operated by Banks Australia-wide (listed below) and not incur a Direct Charge. We have withdrawn from the rediATM network of around 3000 ATMS and should you use this network, a Direct Charge of $2.50 will be charged by the ATM owner from 1 January 2019.

  • NAB
  • Commonwealth Bank
  • Westpac
  • ANZ
  • BOQ - will not apply Direct Charge on their branch ATMs. All their offsite ATMs like BP Service stations, etc, will incur Direct Charge 

We will be rebranding our ATMs in our Branches, which you will notice over the coming weeks. These ATMs remain free of charge and members can still transact for free over the counter in the Branch Network. You can also join the thousands of members that have taken up our digital services by downloading our Banking App from the Apple or Google Play Stores or by loading your Visa Card into your digital wallet.

Should you have any questions in relation to the changes or any of our Digital Services, please contact us during normal business hours on 1300 65 4477.

 

Merger Update - Central Coast Credit Union Votes Yes

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The Board of Directors of both Unity Bank Limited and Central Coast Credit Union (CCCU) are very excited to announce that CCCU members have voted in favour of the motion to merge. On 5 October 2018, CCCU members overwhelmingly voted (97%) “YES” to merge with Unity Bank on 1 December 2018.
As from this date Central Coast Credit Union will be re-branded "Central Coast Unity Bank". CCCU members will have access to 27 branches nationwide including two branches on the Central Coast, located at Budgewoi and Gosford. A wider range of products and services will also be available including NPP and a Credit Card. 
The merged entity will continue to provide a compelling Customer Owned Banking alternative to members. There will be no change to the mutual structure of the merged entity with the focus to remain on serving the interests of members.       
We are very are excited to welcome CCCU members to our family.

 

   

SMS Phishing Scam

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Bankstown City Unity Bank has been made aware of a current SMS phishing campaign targeting Members.

The scam involves an SMS being sent to cardholders in an attempt to have Members provide their personal information.

The SMS states that your Credit Card has fraudulent transactions and directs you to a mobile telephone number or a link which requires you to provide or upload your personal details. 

The scammers are not identifying the ‘financial institution’ within the SMS.

Do not click on the link.

Bankstown City Unity Bank will never ask you to confirm, update or disclose personal or banking information via a link in an email, SMS or online.

Bankstown City Unity Bank will always identify itself and only send you an SMS to confirm your card transactions by requesting that you contact us directly.  The following is an example of our SMS:

“Please contact Card Monitoring on 1300 705 750 / +61 2 8299 9534, option 3, to confirm card transactions. Do not reply. Bankstown City Unity Bank”

If you have received or responded to this type of text message, or have clicked on the link or entered your personal information, please contact us on 1300 65 4477 immediately. 

 

RBA Update September

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RBA rate on hold for September 2018

It should come as no surprise to many that the Reserve Bank of Australia (RBA) has kept the Official Cash Rate on hold for the month of September 2018. This statement comes less than a week after Westpac Bank disregarded the official interest rate and increased costs for its borrowers. Tim Lawless from Core Logic believes that Westpac’s decision is likely to decrease the chances of a higher cash rate even more.

Commonwealth Bank, ANZ and National Australia Bank are now considering following suit and weighing up whether to pursue Westpac's lead after the central bank again signalled that official rates were unlikely to change in the near future. Westpac justified its decision to raise rates by pointing to higher wholesale funding costs and a smaller deposit base.

This is the 25th consecutive month since the RBA have made any change to the cash rate. RBA governor Philip Lowe's statement remained upbeat, arguing the Australian economy grew at above trend pace in the first half of the year. However, Dr Lowe pointed to debt and drought as looming concerns in the domestic economy.

"Household income has been growing slowly and debt levels are high. The drought has led to difficult conditions in parts of the farm sector," Dr Lowe said.

The RBA also appears to be not overly concerned with the out-of-cycle rates rises emerging in the home lending sector.

"Money-market interest rates are higher than they were at the start of the year, although they have declined somewhat since the end of June," Dr Lowe said.

As per last month’s closing statement, the RBA stated “further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual”. “Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”

For the official RBA article, please visit the Reserve Bank’s website.

   

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