Fraud and Scam Risk

Fraud and Scam Risk

Frauds and Scams are on the rise, as the age old art of swindling and deception moves from the physical to the digital realm. We at Goldfields Money care about your financial well-being and we take seriously the protection of your identity. To learn more about common scamming businesses click here.

What we are doing

As a front-line player in the provision of financial services, Goldfields understands its need to communicate fraud risk management to our customers, the media and regulatory bodies so that we become part of a collaborative solution. Only by working together can we effectively minimise the damage caused by increasingly sophisticated fraudsters and scammers.

As a custodian of your money as well as your identity we need to make best use technology to safeguard your assets. For example by verifying your identification on multiple government databases we take positive steps to digitally verify all our new customers and prevent fraudulent customers from entering the banking system in the first place. We also screen all new and existing customers against known and suspected criminal lists supplied by government departments such as the Department of Foreign Affairs and Trade.

How are you protected

By joining Goldfields Money you automatically benefit from the Vigil fraud bureau service. Run by Cuscal, a leading independent provider of payment solutions and card services, this unique service combines the use of a risk-based management tool, human intervention and 24/7 transaction monitoring with prompt cardholder contact and regular data analysis and reporting. The service is staffed by qualified, experienced and specialist staff who interact with Goldfields money staff to protect your card payments from fraudulent, suspicious and unauthorised use.

You are also protected by the “Verified by Visa” global authentication service. This solution provides a higher level of security for online transactions by confirming the identity of the cardholder at the time of purchase. In doing so it provides increased protection against unauthorised use of your Visa debit card.

Protect your Mobile Phone 

Mobile devices like smartphones and tablets are basically small portable computers. Just like your computer at home they can be hacked, infected with a virus and, if unsecured, provide access to your personal information. Protect yourself and your mobile phone like you would your wallet. When banking on the go stay safe with these handy hints and tips on how to protect your mobile device or tablet. 

What you can do

For you as a digital consumer and payments system user, there are a multitude of resources available to help, some of which are listed below. At Goldfields we feed information to these organisation as appropriate to help build up the collective knowledge base between industry participants. Some resources we like are:

Identity resources

Scam and Frauds resources

Recent examples and how Goldfields responds

There is one scam which is increasingly prevalent and sophisticated which involves impersonating known people in your personal or professional network and asking you to make bank transfers into their own or another nominated bank account. For example our Financial Accountant received an email purporting to be from our CEO instructing him to make a payment for recent “Consulting Services”. This was detected as fraudulent quickly as the sign-off did not match our current version, so the incident was reported to the intended recipient’s Bank, Scamwatch, our hosted email provider and AUSTRAC (Australian Transaction Reports and Analysis Centre).

Reporting a Scam or Fraud

If you have received a scam or hear of any scams targeting Western Australians please let us know on 1300 GO 4 GOLD so we can work to thwart the impact of scammers together.