EOFY Member Newsletter
Welcome to the Central West Credit Union End Of Financial Year Newsletter!
We pride ourselves on our connection to our wonderful community.
Our members make us who we are. So along with your EOFY statements, we thought we would touch base, to share some news - as well as some banking tips and tricks.
First up - take a look at our First Home Buyer Guidebook!
First Home Buyer Guidebook
We are proud to think this guide might help some young Australians through the milestone of purchasing their very first house.
Maybe you’ve been saving for a while, or maybe you’re just considering your future.
Either way, this guidebook will give you all the information you need to begin this process.
As a customer owned institution, we offer customers a credible and viable alternative to the banks, and access to a range of savings, investment, loan and insurance products.
We provide competitive products to those of the banks, with a service that is focused on you - not dividends to shareholders.
So in the spirit of community - and the sharing of knowledge - please enjoy our guidebook.
Whether you’re buying groceries, paying for petrol, or shopping for new shoes, using a personal identification number (PIN) is a secure way to pay when you are not using the convenient payWave payment option.
Here are some key tips to consider when using a PIN:
- Avoid the obvious when creating your PIN.
- Keep your PIN secret. Don’t share it with anyone including family and friends, and never reveal your PIN to anyone over the phone. Remember, CWCU staff will never ask for your PIN.
- Take care when entering your PIN into a keypad. Check that no one can see the numbers you are entering – cover the keypad with your free hand if necessary.
- Never type your PIN into a web page that you have reached via an email link, no matter how legitimate the site looks.
Always be alert when using your card, and regularly check your account for unfamiliar transactions.
Report any suspicious or unauthorised transactions to us immediately.
Protect yourself from SCAMS
Criminals will attempt to obtain personal and banking information by deception which can occur in a number of different ways including, online, via the telephone and even face to face.
It is important to stay up to date with the latest scams as well as how to identify them to ensure you don’t become a victim.
Hoax emails (‘phishing’)
These look like a genuine email (or SMS) sent from legitimate companies including financial institutions, requesting passwords or login details. Often hoax emails will also use links and/or attachments to direct you to false sites.
Some common ways to detect hoax emails include:
• The email asks you to confirm or verify your account information via clicking a link or opening an attachment
• Check the URL of any links by hovering the mouse over the link.
• The from email address is not from the legitimate company address
The message is unsolicited and has a sense of urgency requiring a response
• Messages are often not personalised
• Call and confirm the legitimacy of the message with the company
Hoax phone calls
Similar to hoax emails criminals will also try to obtain personal and banking information by way of phone calls.
Callers may impersonate your financial institution, government department (ATO etc) and other large companies such as Telstra or Microsoft.
Some common ways to detect and protect you from hoax phone calls include:
• Be wary of any unsolicited or cold caller
• Don’t give out or confirm your personal, credit card or online account details over the phone unless you made the call and the phone number came from a trusted source.
• Don’t provide remote access to your computer after receiving an unsolicited phone call
• Be wary of callers offering unclaimed refunds or incentives
• If in doubt, hang up and contact the company or government department using official customer service number to verify if the call was genuine.
Dating and romance scams
The increasing popularity of online dating has proved to provide an attractive target for criminals who prey on people looking for love or romance.
Scammers target victims by creating fake profiles on legitimate internet dating services.
Once you are in contact with a scammer, they will express strong emotions for you in a relatively short period of time and will suggest you move the relationship away from the website, to phone, email and/or instant messaging.
Once they have gained your trust they will ask you (either subtly or directly) for money, gifts or your banking/credit card details. They will pretend to need these for a variety of reasons. The money you send to scammers is almost always impossible to recover.
Job and employment scams
Job and employment scams target people who are looking for work, a change in employment or seeking earn some additional money.
These jobs are frequently advertised online and often promise significant income from limited hours or the flexibility of working from home.
The primary purpose of this scam is to recruit people to be unwitting “Money mules”. A money mule is a person who receives stolen funds, usually from Internet Banking fraud and then on-forwards that money to someone else, either locally or overseas and receives a commission for doing so.
Transferring money in this manner is considered money laundering and is a criminal offence.
Inheritance or lottery
Inheritance or lottery scams usually start with an unsolicited email, letter or text message advising of a large sum of money which has either been inherited or won in a lottery.
Generally the letter will ask you to respond quickly and confidentially to secure the funds. You may be asked to provide personal and account details for funds to be deposited into your account.
You may also be asked to send money to pay fee’s or charges relating to having the winnings released.
Always be alert, and report anything suspicious or unauthorised transactions to us immediately.