Money & Banking
Government issues urgent warning about unauthorised transaction
The Government has issued an urgent warning for Australians to be on the lookout for unauthorised bank transactions, which can leave your money vulnerable.
The Australian Security and Investment Commission’s (ASIC) Money Smart resource says an unauthorised transaction is most commonly caused by the following:
- Incorrectly typing the BSB or account number.
- Having the wrong information provided to you.
- Selecting the wrong payee.
It’s important to be aware that there are some circumstances when you can expect your money to return, and others when you might not be able to get it back.
You are likely to get your money back if:
- A forged, expired, faulty or cancelled PIN/password or card was use
- There was fraudulent conduct by employees of your account institution or merchant
- The transaction took place before you received your card or PIN/password
- A merchant incorrectly debited your account more than once
- The transaction took place after you told your account institution that your card was lost or stolen or that someone else may know your PIN or password
- It's clear that you haven't contributed to the loss
You are unlikely to get your money back if:
- You have acted fraudulently.
- You didn't keep your PIN or password secret.
- You unreasonably delayed telling your account institution that your card was lost or stolen or that someone else may know your PIN or code
- You accidentally left your card in an ATM
Have you ever lost money due to an unauthorised transaction?
Source: MoneySmart