Scammers Target Loyalty Rewards Programs Amid Banking Changes

Australians are being targeted by scammers who are impersonating banks and sending phishing text messages to trick people into sharing their banking details.

The Commonwealth Bank has warned its customers about this scam, which is aimed at taking advantage of the changes being made to loyalty rewards programs.

Banks will be curbing credit card points and perks from October 1 after the Reserve Bank of Australia banned card surcharges. This change is expected to put an estimated $1.6 billion back into the pockets of Australians each year.

The scammers are sending messages claiming that rewards points are about to expire, with a link to a fake website where they can collect sensitive information.

James Roberts, executive general manager of fraud and scams at Commonwealth Bank, said banks will never ask customers to share passwords, PINs, or one-time codes. He advised people to 'stop to check' the details before taking any action.