NAB joins forces with financial counsellors on scams and cost of living

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  • New webinar spotlighting scams and cost of living now available to financial counsellors
  • Australians reported $3 billion in scam losses in 2022, a number that is expected to increase in 2023
  • Phishing is the most common type of scam reported by Australians

With scams and cost of living still top of mind for so many Australians, NAB has joined with leading financial counsellors across the country to share support for customers in a new webinar.

Developed in consultation with industry leaders, NAB has released an online webinar specially designed for financial counsellors. The program reveals the most common red flags for identifying scams and highlights options available for people who need support with given Australia’s cost of living challenges.

NAB’s Head of Customer Vulnerability Michael Chambers said the initiative highlighted the bank’s commitment to ensuring the financial well being Australians.

“Financial counsellors are on the front line helping people when they need it most,” Mr Chambers said.

“So many of us are only one unexpected life event away from needing financial assistance which highlights how important it is for us to have the right information in the hands of the experts who can help those who need it.”

The webinar’s top tips on scams include:

  • Look out for red flags: phishing scams are the most reported scam, according to the Australian Consumer and Competition Commission’s Targeting Scams report. These can often involve criminals infiltrating legitimate phone numbers and text message threads, known as spoofing. If you receive an unexpected text message from “NAB” don’t click the link.
  • Slow down: if a text message or phone call has a sense of urgency to make a payment, it’s most likely a scam. Don’t be fooled into reacting quickly without considering if it is real.
    If in doubt, call back: if you receive a text message or phone call from someone appearing to be from a company, but you’re not sure if it’s legitimate, hang up and call the publicly listed number on their website or the back of your card.

When it comes to cost of living, NAB advises that:

  • Knowledge is power: stay close to your household budget and check your bank statements. Look for places where you can make adjustments to your spending, and immediately contact your bank if you think you might need support.
  • No one size fits all: any financial hardship assistance is tailored to a customer’s needs. There are a range of options available to customers who need help, and the earlier people reach out for help, the more options they have. There are specialised teams and services available for vulnerable customers.

NAB is also committed to staying close to its customers to support them through the current economic climate. Earlier this year, the bank proactively contacted more than half a million customers to check-in on their financial well being and see if they needed support.

The webinar video, published on YouTube, will be sent to over 1100 financial counsellors Australia -wide, through Financial Counsellors Australia.

For more information about the latest scams and how to protect yourself visit, www.nab.com.au/security or www.nab.com.au/hardship for more on support options available.

Watch the video on NAB’s YouTube channel.

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