Published on 24.01.2025
NAB customers abandoned $48.5 million worth of payments in the past two months alone after the bank raised a scam warning about them, new insights reveal.
December was the biggest month in 2024 for abandoned payments, with customers scrapping $26 million worth of payments after receiving a payment alert.
About $22.5 million in payments were abandoned in November, known for its Black Friday and Cyber Monday sales.
The real-time alerts target invoice, investment, romance, and goods and services scams in the NAB App and Internet Banking as customers are making a payment.
Customers may receive an alert if a payment appears out of character for them or raises scam concerns and are designed to encourage them to stop and check before they send money.
NAB Executive, Group Investigations Chris Sheehan said the alerts were helping reduce the impact of scams on customers.
Former Australian Federal Police executive Chris Sheehan plays a key role leading NAB’s response to the scam epidemic.
“December is a busy time of year with Christmas, the Boxing Day sales and summer holidays. That means it’s also a busy time of year for criminals who know people are busy and often distracted,” Mr Sheehan, a former Australian Federal Police, opens in new window executive, said.
“Even though it’s a time of year when criminals are particularly active, we’ve helped customers identify suspected scams through these alerts.”
Mr Sheehan said the common scam types the alerts targeted started outside the NAB app and Internet Banking.
“Banks have no visibility to a criminal’s interactions with someone via a text message, a phone call, social media messages or a dodgy website until someone attempts to transfer money or make a payment.
“These alerts are designed to pick-up any unusual indicators from a customer and trigger them to stop and pause before they hit send on any money because once that transfer is made it’s really hard to get it back.
“We continue to invest in protections to help customers and we need all parts of the scam ecosystem contributing to the cause if we are to make Australia a much harder place for these criminals to be successful.
“Contact your bank immediately if you think you’ve been scammed.”
Notes to editors
Recent actions NAB has taken to reduce the impact of scams on customers include:
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