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Shopping around for a good deal? Watch out for scam comparison websites As household budgets feel the crunch of ongoing cost-of-living pressures, many people are likely to shop around for better deals on utilities, subscriptions, and even their bank accounts.  Unfortunately, using fake websites targeted at obtaining consumers’ personal and financial information, many scammers are likely to take advantage of the situation.  “Comparison websites can be a great way to compare the costs and features of various products and services and may lead to some significant cost savings. But it’s important to stay vigilant about the website you are using to compare these prices,” explained Martin Latimer, Head of Financial Crime and Cyber Resilience at the Customer Owned Banking Association (COBA). COBA’s financial crimes team have shared their practical tips to help consumers stay protected.   Spotting the warning signs  While scam websites can appear convincing at first glance, there are some tell-tale signs that something isn't quite adding up.  Check whether the website clearly identifies the business operating it, provides contact details, and explains how it makes money. Legitimate services provide information to be transparent on how products are ranked and whether they receive commissions from providers. Other warning signs of a scam site include typos and grammatical errors and bad website design.  You can also verify if the comparison site is using a ‘.com’ domain, rather than a registered Australian ‘.com.au’ domain. A little extra research on the website can go a long way, Latimer points out. “If you're unfamiliar or unsure about a comparison website, look for independent reviews. You can also check how long the website has been operating and whether there are clear ways to contact the business,” he said.  Moreover, consumers should be cautious about the information they are asked to provide to use the website. Scammers are likely to request sensitive information such as online banking credentials, passwords, one-time verification codes, or copies of identity documents to provide comparison results. “Scammers may also adopt phishing tactics to steal your information by supposedly leading you to ‘better deals’ with links on their websites. If a product or service piques your interest and you would like to learn more or sign up, it’s better to type the web address manually or using a trusted search engine. Many consumers may find the deal or offer they spotted on a scam website doesn’t actually exist,” Latimer added.    Suspect a scam? Here’s what you need to do To help yourself and others stay scam-safe, keep in mind the simple, three-step “Stop. Check. Protect” method – take a moment before giving your money or personal information to anyone, make sure the person or organisation you’re dealing with is real, and act quickly if something feels wrong. If you think you’ve been scammed, reach out to your financial institution or card provider immediately, as they can stop further transactions and explore options to recover funds. If you suspect a scam, report the suspicious sellers or websites to https://www.scamwatch.gov.au/report-a-scam and Cyber.gov.au.   Article by COBA

Too good to be true? Stay alert for ‘ghost stores’ this EOFY sales season As the end of the financial year approaches, many shoppers will be eagerly looking out for EOFY sales. However, as ‘ghost’ or ‘phantom’ stores become more common online, the Customer Owned Banking Association (COBA) is urging shoppers to remain vigilant. According to ACCC’s Scamwatch, more than 12,000 Australians reported losing money to shopping scams in 2025, with total losses reaching $10.8 million. “These websites are designed to trick even the savviest shopper, and scammers are experts in making fake websites look convincingly like legitimate retailers,” explained Martin Latimer, COBA Head of Financial Crimes and Cyber Resilience. To help shoppers stay safe this sales season, COBA’s financial crimes team share their expert tips on how to spot, and avoid, such scams.   How do ‘ghost’ or ‘phantom’ stores work? Typically, ghost stores can only be found online and do not have a physical presence. Consumers may be targeted through social media ads for these stores. Ghost stores don’t often have registered Australian Business Numbers (ABN) and the websites may not have a privacy policy, terms and conditions, or contact details to contact the business. Many ghost store websites may have AI-generated images of fake founders or customers, or stolen product images. They may resemble legitimate brands or websites in their name or logo. These fake shopping websites tend to use tactics like creating a sense of urgency to get customers to make immediate decisions and payments. This could look like fake countdown timers on products, or limited stock warnings (such as ‘only 2 items left!’) to pressure shoppers into making quick decisions. "Ghost stores often offer expensive goods at dramatically discounted prices up to 90% off. If it's too good to be true, it normally is,” Latimer warned. Beyond the financial damage of such scams - where these fake stores may provide inferior quality goods or no goods at all once shoppers place an order - they also pose serious privacy and security risks. Ghost stores harvest personal information, login credentials, and payment details through phishing-style tactics that seem like legitimate online shopping experiences. Latimer explained: “The prices on these websites can be quite tempting, and many shoppers may be keen to jump on what looks like a bargain. But ghost stores are designed to mimic legitimate retailers so convincingly that shoppers don’t realise they’re handing over more than their money, but sensitive personal and financial data as well.”   How to spot a shopping scam When it comes to shopping scams, it’s important to watch for poor website design and spelling or grammatical errors. Another indicator the store may not be what it seems is a lack of customer feedback or reviews for the seller or product. “When in doubt, it’s useful to double-check the website URL. Often, ghost stores may be using a ‘.com’ and not ‘.com.au’ website domain,” Latimer said. If you are shopping on an Australian website, you can use the Australian Domain Authority’s website register to see which company or trademark registered it. Latimer added: “Additionally, scam websites may encourage you to use untraceable payment methods like cryptocurrency or wire transfers. It’s best to stick to trusted and secure payment methods, which often have built-in buyer protection and fraud prevention features to help safeguard your purchases.”   What to do if you suspect a scam To help yourself and others stay scam-safe, keep in mind the simple, three-step “Stop. Check. Protect” (Scamwatch) method - take a moment before giving your money or personal information to anyone, make sure the person or organisation you’re dealing with is real, and act quickly if something feels wrong. If you suspect a scam, report the suspicious sellers or websites to National Anti-Scam Centre (NASC) – Scamwatch and Cyber.gov.au. If you think you’ve been scammed, it’s important to contact your financial institution or card provider immediately. They can help stop further transactions and explore options to recover funds.

Scammed or nearly scammed? How to report – and why it matters Scams remain an ongoing challenge in Australia, with more than $334 million reported losses in 2025. Customer-owned banks are proactively combatting scams through a series of high-impact initiatives under the Scam-Safe Accord. By collaborating directly with government agencies and regulators, these institutions are building a unified front against financial crime. However, the effectiveness of all scam defences relies heavily on timely intelligence. This is why customers have an important role to play by stepping up to report a scam or any suspected fraudulent activity.   What happens when scams are reported? In reporting any suspicious activity (even if there was no money lost) customers can make a big difference by providing valuable intelligence that helps protect others. When someone reports a scam, the information becomes part of a national intelligence network, with the data shared across government agencies, industry partners like the Australian Federal Police, ASIC, Australian Transaction Reports and Analysis Centre (AUSTRAC), and financial institutions. “Information such as the type of scam, payment channel, contact method, and duration of communication is invaluable, as it is analysed to identify patterns and emerging trends used by scammers,” explains COBA Head of Financial Crimes and Cyber Resilience, Martin Latimer. A key initiative of the Scam-Safe Accord was banks joining the Australian Financial Crimes Exchange (AFCX) and the Fraud Reporting Exchange (FRX) to facilitate the timely sharing of intelligence regarding scams, and to help customers recover money faster. When customers report a scam to their financial institution, their bank or credit union can freeze the scam accounts and share the details of these accounts with other financial institutions, to ensure scammers aren’t able to move funds to other accounts. “This intelligence sharing capability means that detecting one scam can help protect the whole community from the same trap,” Latimer adds. Importantly, all the information gathered can also be used to take down scam websites, ads, and contact details - helping stop the next person from being scammed. Every time customers report a scam, it adds a new piece to the puzzle, establishing links between criminals, scam activity, and daily attempts to defraud millions of hard-working Australians.   Why some victims don’t report scams Scams can be devastating, affecting people’s financial outcomes, draining their savings, and destroying confidence. Sadly, they have become increasingly commonplace, with emails, social media, and phone calls among the most common contact methods used by these criminals. While scams can happen to anyone, and there is no shame in getting scammed, victims often grapple with difficult feelings of stigma or fear of judgement. This results in many people being reluctant to come forward and report any suspected activity. In some cases, victims may not be aware of where or how to make a report if they have been scammed. “With many people still unsure about why they should make a report, it’s more important than ever to highlight why every scam reported in the system makes a difference, and how people can make a report,” explains Latimer.   How to report a scam If you have been scammed or encounter a scam, it’s important to report it to ScamWatch.gov.au to help protect others. When in doubt, remember to STOP. CHECK. PROTECT. Stop - don’t share personal information or send money to anyone you don’t know Think – ask yourself, could the message or call be fake? Protect – act promptly if something feels off If you suspect you’ve been scammed, don’t send any more money and block all contact with the scammers. Get in touch with your bank or financial institution to report the scam, and to stop any new transactions. You can also request a temporary ban on your credit report to ensure no unauthorised loans or credit applications can be made. It’s also important to keep screen shots of conversations with scammers or websites to be able to provide all available information to your financial institution. If you’re concerned that the scammer has your personal information like your phone number, email, address, or any ID documents, it’s also best practice to enable multi-factor authentication and change passwords on your accounts. Opt for a strong password with 10 or more characters using alphanumeric and special characters and ensure it is a password you haven’t used before. Author: Customer Owned Banking Association (COBA) To contact Bank Orange Local: (02) 6362 4466 Overseas: +61 2 8299 9101 After-hours fraud reporting 1800 648 027

Financial hardship assistance and your credit score: 5 myths busted With rising interest rates and the cost of living continuing to put pressure on household budgets, many Australians are feeling overwhelmed.  If you’re struggling to keep up with repayments, it’s important to know that you’re not alone and there are options available to help  Understanding the mechanics of credit reporting and financial hardship assistance can help you make more confident decisions about seeking support when you need it most. Elsa Markula, CEO of Arca – Australia’s peak credit reporting body – suggests that a good place to start is simply understanding how credit reporting works . “Your credit report is a record of your credit accounts and your repayment history. Credit reporting bodies maintain this information, and lenders use it when assessing applications for credit, such as a loan, credit card or Buy Now Pay Later account,” Elsa explains. But, because life does not always go to plan, there may be situations when you may not be able to meet, or only partially meet, your repayments. In such situations, which can happen to anyone and are nothing to be ashamed of, Elsa encourages reaching out for help if you’re struggling. There are several tools or processes that can be of assistance at such a time. "If you find yourself unable to meet your repayments, please ask your lender for financial hardship assistance. An arrangement allows your repayment obligations to be adjusted for a period, giving you the breathing room to get back on track,” she says.  To help you feel more confident about your options, here are five common myths about financial hardship assistance and the facts you need to know.   Myth 1: Asking for hardship help means you’ve failed financially Many people feel embarrassed about speaking to their lender when they’re struggling with repayments. But financial hardship can happen to anyone. Unexpected events such as job loss, illness, natural disasters, relationship breakdowns or rising living costs can affect even the most careful planners. Lenders understand this. In fact, lenders have established hardship programs designed specifically to support customers through temporary financial difficulty. Reaching out early isn’t a sign of failure, it’s a proactive step toward managing your situation and finding a workable solution.   Myth 2: If you ask for help, your credit score will drop This is one of the most common misconceptions. Under Australian law, financial hardship information cannot be used by credit reporting bodies to calculate your credit score. A hardship arrangement may appear on your credit report, but it does not lower your credit score. What does matter for your credit report is whether repayments are missed. A hardship arrangement can actually help prevent repeated missed payments from being recorded.   Myth 3: It’s better to miss a payment than ask for hardship Some people delay contacting their lender because they think they can “catch up later.” But missed payments can stay on your credit report and may affect future credit applications. A financial hardship arrangement can help avoid this situation. When an arrangement is in place, your repayment history reflects whether you meet your obligations as agreed to with your hardship arrangement. That means seeking help early can help protect your credit report and reduce financial stress.   Myth 4: A hardship arrangement will stop you from getting credit in the future Having hardship information on your credit report does not automatically prevent you from accessing credit later. If you apply for credit in the future, a lender may simply ask questions about your current circumstances to understand whether the hardship situation has passed and whether you can comfortably afford repayments. It’s also important to know that hardship information remains on your credit report for 12 months after the final repayment under the arrangement, after which it is no longer visible.   Myth 5: You should wait until things get really bad before asking for help Many people wait until they’re already behind on payments before contacting their lender. But the earlier you reach out, the more options may be available to you. For example, lenders may offer temporary payment pauses, smaller repayments or other tailored arrangements depending on your circumstances. Seeking help early can help ease your financial pressure, help avoid fees or negative repayment history, and give you breathing room while you get back on track.   Information sourced from: COBA Read about how we can help you here: Financial Hardship | Bank Orange

How to manage and protect your passwords to keep you safe online Passwords form the foundation of our online safety, whether that’s banking, healthcare, or even our social connections. If they’re weak or reused, they can make you vulnerable to criminals. “When your data is leaked in a breach, scammers can use it to impersonate you, trick you into clicking malicious links, or try your passwords on other websites. They might even use that stolen information to lock your files and demand a ransom,” COBA Head of Financial Crimes and Cyber Resilience Martin Latimer said. Strong passwords are our first line of defence against cybercriminals, and amid rising data breaches across Australia, there’s never been a greater need for good password hygiene. To help you figure out the best way to strengthen your passwords - and why this matters - COBA’s Financial Crimes and Cyber Resilience team have put together some simple tips.   Why does password hygiene matter? Data breaches can be a goldmine for scammers, providing them with a trove of personal and payment information that can then be exploited. In the first six months of 2025, over 10,000 individuals were affected by cyber incidents, with malicious or criminal attacks comprising the largest source of data breaches, according to the Office of the Australian Information Commissioner. “Having strong passwords is crucial to ensure cybercriminals can’t access your banking, government or healthcare accounts or target you with malware,” Latimer explained.   How to build stronger passwords Strengthening your passwords doesn’t mean making them harder to remember — it means making them harder to crack. Longer, word-based phrases (known as passphrases) are usually a strong choice. Consider a string of random words that only you can stitch together to create a unique phrase (for example: “train hall idea work” or “television table bottle snack”). Avoid using personal information or common, predictable words. “Safe passwords typically have 10 or more characters - the longer, the better! You should further strengthen your password by combining uppercase letters, lowercase letters, numbers and special symbols, including swaps like ! for 1 or @ for A,” Latimer said.   Managing your passwords It’s important not to share your passwords with anyone - including loved ones - and to ensure you are using different passwords for your various accounts. Always enable multi-factor authentication (MFA) wherever it’s available. This adds two or more verification methods to create an extra layer of safety on your accounts. MFA may involve passkeys, one-time passwords (OTPs), or biometric verification. Additionally, pay attention to where your passwords are being saved. “While many may do this for convenience, blindly saving your passwords in your browser to be auto-filled can put your cybersecurity at risk,” Latimer cautioned. Instead, opt for a reputable password manager with a strong master password. Ensure it offers strong privacy and security features such as encryption, MFA, and alerts if your passwords have been exposed in a breach.   What to do if your passwords have been compromised It’s important to be aware of the signs of a data breach so you know if your password has been compromised. Look out for suspicious activity such as unauthorised transactions, unfamiliar log-ins, unsolicited password resets, or alerts from financial institutions or service providers (even those you don’t normally use). You can also check if you were affected by a data breach using platforms such as Have I Been Pwned. If you believe your passwords may have been compromised, take immediate action to secure your accounts. Update your passwords across important accounts and run anti-virus software on your devices (including your phone) to check for ransomware. If you are contacted by someone you suspect is a scammer, report the scam to the National Anti-Scam Centre – Scamwatch to help protect others. For more information on how you can strengthen your online safety and keep your personal information secure, visit Cyber.gov.au.

Women and Property 2026 report findings   Cotality is a global leader in property information, analytics, and data‑enabled solutions. They recently conducted their sixth annual Women and Property Report, exploring property ownership by Australians across gender and age groups. Property ownership still follows a familiar pattern: the older people are, the more likely they are to own their home. Around three‑quarters of Baby Boomers are homeowners, either outright or with a mortgage. By comparison, only about a third of Gen Z have managed to enter the property market. When it comes to income, most young women and men fall under the $100k mark - but women are more concentrated at the lower end. Almost 30% of Gen Z women earn under $40k, compared with about 20% of Gen Z men. Younger women, in particular, don’t see home ownership as a top life priority the way older generations do. Whether that’s because of a discouraging housing market or simply different lifestyle values, owning a home just doesn’t hold the same weight for them. For those who have bought property, the biggest motivations were financial stability (40%), having secure living arrangements (39%), family needs (34%), and wanting to avoid renting (27%). Across the board, younger generations feel less prepared to buy a home - both financially and in terms of understanding the buying process. Two in five Gen Z women said saving a deposit was a major challenge, compared with about one in four women from older generations. When it comes to improving their homes, young women tend to focus on small, sustainable upgrades like LED lighting and draft‑proofing. In contrast, young men and older generations (often with higher incomes) are more likely to invest in bigger, costlier improvements like solar panels or insulation.   Cotality (2026). Australian Women and Property Report. Retrieved from https://www.cotality.com/au (subscription required)