Category: Banking and Finance

Source: ANZ statements

Investment scammers will generally contact a victim without notice, claiming to be a financial manager or stockbroker with a ‘once in a lifetime’ investment opportunity. These opportunities usually promise fast and substantial returns for little to no risk.

ANZ Senior Manager, Customer Protection Operations, Ben White said: “Investment scams typically impersonate legitimate Australian organisations and financial institutions to instil a false sense of confidence in victims.”

“This impersonation is often very sophisticated. The scammers sound knowledgeable and will present facts, legitimate looking websites and emails and detailed financial presentations.”

“Generally, victims are encouraged to invest large sums of money, and this is accompanied by a sense of urgency, with the guarantee of quick investment returns.”

Tips to protect yourself from investment scams:

• Be wary of any unsolicited approach on social media, email, text or phone call.
• Pause before responding to any request for money online, no matter how frequent or ordinary the transaction. If something doesn’t seem right, or is unexpected, question it.
• Verify the contact details on official company websites and direct any communications through official channels.
• Activate two-factor authentication (2FA) as well as a strong password or passphrase to protect the security of your, and your businesses email accounts.
• Protect your email from spam and malicious emails by not sharing addresses online unless vital. As much as possible, have separate email accounts for personal and business use and set up accounts to filter and detect spam emails.

“Scams claimed around $480 million from Australians in 2023, and while people are becoming increasingly educated on what to watch out for, the old adage remains true – if it seems too good to be true, it probably is,” Mr White said.

Source: ANZ statements

Consumer confidence rose 0.4pts last week. The four-week moving average was up 0.2pts.

‘Weekly inflation expectations’ decreased 0.1ppt to 5.1%, while the four-week moving average was unchanged at 5.0%.

‘Current financial conditions’ declined 2.7pts to its lowest level since the start of the year.

‘Future financial conditions’ rose 1.1pts.

‘Short term economic confidence’ (about the economic outlook over the next 12 months) increased 1.6pts.

‘Medium term economic confidence’ (about the economic outlook over the next five years) gained 2.8pts.

The ‘time to buy a major household item’ subindex decreased 0.8pts.

Source: ANZ statements

Mr St John has also been appointed to the ANZ Group Board expected to be effective 25 March 2024.

Sir John Key was New Zealand’s 38th Prime Minister serving from 2008 until 2016. After retiring from a distinguished career in politics, Sir John was appointed Chair of ANZ New Zealand in January 2018 and joined the Group board the following month.

Mr O’Sullivan said: “Sir John has made an enormous contribution to ANZ with his unparalleled international business and political experience playing a critical role in our ongoing success. As a Board we will miss his wise counsel, global insights and good humour and we wish him and his family the very best for the future.”

“Scott St John’s deep business experience, particularly in financial markets, makes him an ideal replacement for Sir John as Chair of ANZ New Zealand. He has served admirably on the ANZ New Zealand Board since 2021 and we look forward to welcoming him to the Group Board next month,” Mr O’Sullivan said.

Commenting on the announcement Sir John said: “I’m proud to have played my part in making ANZ a better company for our customers, shareholders and employees over the past six years. While it’s the right time for me to step back on my commitments, I know ANZ is in a strong position and that Scott St John will be an outstanding Chair of ANZ New Zealand and Director of ANZ Group.”

A former long-term CEO of First NZ Capital (now Jarden), Mr St John is the Chair of Mercury NZ Limited and Fisher and Paykel Healthcare and serves on the Boards of Fonterra and NEXT Foundation. He was Chancellor of the University of Auckland from 2017 to June 2021, having also been a member of the University Council from 2009.

Mr St John was also a member of the Capital Markets Development Taskforce, the Financial Markets Authority Establishment Board and the Security Industry Association, which he chaired.

Mr St John said: “It’s a privilege to succeed Sir John as Chair of ANZ New Zealand and I’m looking forward to also contributing to the Group Board as we continue efforts to make ANZ better for our customers and the community.”

Approved for distribution by ANZ Group Chairman and the ANZ New Zealand Board Chair

Source: ANZ statements

•Consumer confidence rose 0.2pts last week. The four-week moving average was down 0.4pts.

•‘Weekly inflation expectations’ increased 0.3ppt to 5.2%, while the four-week moving average was unchanged at 5.0%.

•‘Current financial conditions’ gained 2.5pts. ‘Future financial conditions’ were up 2.8pts rising above the neutral 100-level.

•‘Short term economic confidence’ (about the economic outlook over the next 12 months) declined 3.4pts. ‘Medium term economic confidence’ (about the economic outlook over the next five years) dropped 3.2pts.

•The ‘time to buy a major household item’ subindex increased 2.6pts.

Source: ANZ statements

In August 2023, ANZ and Suncorp Group applied to the ACT for a review of the Australian Competition and Consumer Commission’s (ACCC) earlier decision[1] not to authorise the acquisition.

ANZ Chief Executive Officer Shayne Elliott said: “This is a significant milestone and an important step forward in the process, however we still have further conditions to meet. We remain committed to completing the acquisition as soon as possible once all sale conditions are met.

“Suncorp Bank is a high-quality business with a strong team and excellent customer base, and we look forward to bringing them access to the best of ANZ, including our platforms and technology. We strongly believe that the acquisition presents significant opportunities for ANZ, Suncorp Bank and our customers, as well as major public benefits including for Queensland.”

Completion of the acquisition remains subject to legislative amendments by the Queensland Parliament and approval by the Federal Treasurer.

ANZ entered an agreement[2] to purchase Suncorp Bank in July 2022, in a move to accelerate the growth of ANZ’s retail and commercial businesses while offering better outcomes for Suncorp Bank customers.  

Source: ANZ statements

• Consumer confidence fell 1.2pts last week. The four-week moving average was down 0.5pts.

• ‘Weekly inflation expectations’ were unchanged at 4.9%, while the four-week moving average fell to 5.0%.

• ‘Current financial conditions’ dropped 1.5pts, while ‘future financial conditions’ declined 2.1pts.

• ‘Short term economic confidence’ (about the economic outlook over the next 12 months) gained 1.3pts. ‘Medium term economic confidence’ (about the economic outlook over the next five years) was up slightly by 0.1pts.

• The ‘time to buy a major household item’ subindex plunged 4.0pts.

Source: ANZ statements

ANZ Economist, Madeline Dunk said: “ANZ-Indeed Job Ads has risen 2.3% over the past two months, following a steady decline over the previous 12months. This stabilisation at a still-elevated level highlights the labour market’s resilience.

“There is no doubt the labour market is cooling, but we do not expect to see a significant downturn anytime soon. NAB’s business survey showed 79.9% of businesses reported labour as a constraint on their output in Q4, and the unemployment rate remains historically low at 3.9%, despite a pick-up over the past few months. We expect the unemployment rate to rise modestly to 4.2% by the end of the year.”

Indeed Senior Economist, Callam Pickering said: “In January, the increase in ANZ-Indeed Job Ads was driven primarily by Victoria, which offset weakness in New South Wales and Queensland. That said, the overall decline in postings over the past year remains concentrated in New South Wales and Victoria.

“The biggest contributors to January’s gain came from management and software development. However, software development also made the biggest subtraction from annual growth, with January’s increase ending 10 consecutive monthly declines.Overall, Job Ads in 86% of occupation groups are down over the year.”

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Source: ANZ statements

Established by the Brotherhood of St. Laurence (BSL), in partnership with ANZ and supported by The Smith Family and Berry Street, Saver Plus helps lower income Australians to gain financial skills, develop lifelong savings habits and receive matched savings for education costs for themselves, or their family.

In 2023, the program moved to a fully online model, ensuring all eligible people with an internet connection can access the program from their homes and take control of their finances on their own terms.

Over a 10-month period, Saver Plus participants set a savings goal and attend MoneyMinded online financial education workshops. At the completion of the program, ANZ will match savings up to $500 used to purchase education-related items such as laptops, uniforms or school excursions.

Since Saver Plus started in 2003, 75 per cent of participants have used the program to save for their children’s education, 17 per cent for their own education and 8 per cent saved for both. In addition:

•         58,000 Australians have participated in the program;

•         $29 million has been saved by participants; and

•         $24 million of participants’ savings have been matched by ANZ.

Saver Plus participants on average had a financial wellbeing score of 36 prior to commencing the program, which increased to 64 once completed – well above the average Australian financial wellbeing score of 59. Many participants show increases in their ability to meet commitments, financial comfort, and their resilience for the future.

Holly is one of the many program participants who was initially saving for her children’s’ education expenses and ended up gaining much more than the $500 matched payment.

“The best thing about the program was getting the knowledge [of how to better manage my finances]. The money at the end was fantastic, but the knowledge was worth so much more. As a single mum I’ve now got the confidence to be able to provide and support my kids,” she said.

Aara Paora, National Program Manager Saver Plus at BSL, explained the immediate and long-term benefits of the program.

“We know that cost of living weighs heavily on the minds of all Australians this time of year – especially those very daunting back-to-school costs. Saver Plus is a great way to ease some of that stress while building critical lifelong savings habits and financial confidence.”

ANZ co-developed the program with BSL in 2002 and has been a proud partner of Saver Plus since the program began in 2003.

ANZ’s Managing Director of Customer Engagement, Katherine Bray said: “It’s been rewarding to see first-hand the program’s evolution over the years. The Saver Plus program has proven to be truly transformative for many participants and we’re excited to see more people utilise the program as a result of its national, online expansion.”

Saver Plus is delivered in partnership with The Smith Family and Berry Street with funding from ANZ and the Australian Government Department of Social Services.

For more information, visit the Saver Plus page and the ANZ website.

People wanting to participate in Saver Plus must:

•         have a current Health Care or Pensioner Concession Card and an eligible Centrelink payment*

•         have other regular income (either yourself or your partner)*

•         be studying yourself OR have a child in school (can be starting school next year)

•         be 18+ years old

* Many types of income and Centrelink payments are eligible, see the Saver Plus terms and conditions for more information.

Source: ANZ statements

While once seen as a scam targeting older demographics, romance scams impact a wide range of people and are prevalent across all age groups.  

In 2023, ANZ data showed 470 romance scams were reported by customers aged 21–50 and 777 romance scams reported by customers aged between 51–80.

ANZ Scams Portfolio Lead, Ruth Talalla said: “Romance and dating scams are some of the most common scams we see. Scammers work hard to build trust and it may be some time before they reveal who they really are.”

“Romance scams are prevalent across all cohorts. Regardless of your age or background, anyone can fall victim to these sophisticated scams — it’s important not to feel embarrassed. Scammers are experienced criminals and know how to manipulate people to their advantage,”

“There are many different scam types but they all manipulate normal human emotions and desires to extract money from victims. The more aware customers are of potential scams, the better placed they are to spot the red flags and protect themselves and their loved ones this Valentine’s Day,” she said.

Romance Scam red flags:

 

1.   First impressions: Check if they have limited personal information on their profile or few connections, comments, likes and shares on social channels. Though a small online footprint doesn’t necessarily mean they’re hiding something, it is always important to be wary.

2.   Do your research: Check if their profile or alias has been identified by other scam victims. Search their name with the word ‘scam,’ or reverse search the images on their profile with a search engine like Google. This helps ensure the image is not taken from elsewhere.

3.   Saving face: Scammers can provide endless excuses for not showing themselves on camera or meeting in person. They will also be keen to keep relationships private and will perhaps suggest moving conversations off the dating site or social platform to an alternative private messenger.

4.   Keep your heart close and your wallet closer: Money is the goal of romance scammers. Once they have gained trust, they are likely to ask for money. This can be done in a direct way or more subtly, such as asking for money to visit their victim.

 

5.   Trust your gut, not your heart: Does everything they say match up? Keep an eye out for any discrepancies in conversation and with the information listed about them online. It can be easy to ignore red flags over the Valentine’s season, but always keep in mind the relationship may be too good to be true.

 

6.   Sharing isn’t always caring: Be conscious of sharing personal information. Never share passwords, one-time codes, card numbers or PIN codes with a potential partner. Additionally, never allow anyone remote access to your devices and systems.  If it is meant to be, they should never be concerned about the funds in your bank account. 

About Romance Scams:

Romance scams see cyber criminals build relationships online to gain trust and exploit that trust for money. This usually starts in the form of an unexpected message or friend request on social media or via a dating app.

The scammer will share tales about their life, with the goal of forming an inauthentic relationship with you. They will often shower their targets with compliments and try to build an emotional connection before attempting to exploit that connection for money.   

ANZ’s customer protection teams and systems operate 24/7. Customers who believe they may have been a victim of a scam should contact us immediately, on 13 33 50 or visit us at http://www.anz.com.au/security/report-fraud/ for more information.

For more information on the types of scams and how to protect yourself visit http://www.anz.com.au/security/types-of-scams.