RACQ Bank accreditation
While we do everything we can to ensure your financial security, we are also accredited by APRA and have government guaranteed deposits. So you can be sure that your money is safe with us.
Our APRA accreditation
Banque RACQ is an Approved Depository Institution (ADI) accredited by APRA. ADIs are companies licensed under the 1959 Banking Act and include:
- Banks
- Construction companies, and
- Credit unions.
All ADIs are subject to the same prudential standards, but the use of the names “bank”, “construction company” and “credit union” is subject to certain criteria being met by the companies. Learn more about APRA accreditation at apra.gov.au.
Government guarantee
The Australian government has guaranteed deposits of up to $ 250,000 per depositor in ADIs, including RACQ Bank. This means that this money is guaranteed if something happens to ADI. For more information, visit the Australian Government website.
How we ensure your financial security
At RACQ Bank, we implement several leading and proven security measures on our various products and platforms to ensure your financial security and provide you with the confidence and reliability for which we are renowned. Here is our approach to banking security to keep you safe:
Zero Liability Visa
With Visa’s Zero Liability policy, you will not be held responsible for fraudulent charges or unauthorized purchases made with your Visa RACQ Bank debit card. So you can use your card to shop with confidence, knowing that you will always be protected against unauthorized use.
Visa’s Zero Liability policy covers cards issued in Australia and New Zealand and does not apply to ATM transactions, transactions not processed by Visa, or certain commercial card transactions. Cardholders should promptly notify their issuer of any unauthorized use of Visa. For Visa Zero Liability terms and conditions, visit VISA Australia
Two-factor authentication
Known as 2FA, two-factor authentication is a security measure on our online banking platform. It not only requires a username and password, but also additional information that only you know to further improve financial security levels.
Visa Verified Messages on Purchases
Verified by Visa protects you against unauthorized use of the card when shopping at participating retailers, giving you confidence when shopping online with your RACQ Bank Visa debit card. At participating merchants, you may be asked to verify your identity – this ensures that the owner of the card is the person making the transaction.
Internet banking encryption
We use a range of security measures to help protect your personal banking information. These measures include data encryption and firewalls which together help provide some of the best security available to protect you online.
How to ensure your financial security
With threats from crooks becoming more sophisticated and prevalent every day, it is also important that you do everything in your power to keep yourself and your finances safe. Take a look at the following to see how you can stay more alert and vigilant when accessing your money, both online and in the real world.
ATM security
While it may seem obvious, there are a number of things you can do to stay safe when using an ATM. First, make sure you cover the keypad when entering your PIN code. Also, look for any tampering around the card slot that may indicate that a card skimmer has been installed. And don’t count your money at the ATM – wait until you’re in a safe place.
Passwords
We all know how crucial it is to keep our passwords private, but it’s surprising how many frauds occur due to breaches in password security. So never forget to protect your internet banking password and try to make it as unique as possible. The same goes for your card PIN, and of course, never keep your PIN near (or written on) your card.
Email scams
There are countless email scams that require people to provide their bank details or send money online. Sometimes it pretends to be a jackpot bid. Or an amount you owe the tax office. Or a friend or relative in financial difficulty. Before you send money or provide your account details to anyone after receiving an email, stop by and check if it’s legitimate first. If it sounds too good to be true, it probably is.
If you have any concerns or questions regarding the legitimacy of an email or request for funds or account information, please contact us for advice. before proceed.
Social media
Like email scams, there are cases where people have been targeted by scammers on social media platforms. Again, they may ask you for your account details to deposit amazing amount of money (very amazing) or to send money online. And again, these should be treated with caution and either ignored or scrutinized to see if they are in fact legitimate.
The Little Black Book of Scams – ACCC
The ACCC has published The Little Black Book of Scams, a handy reference guide to the most common scams targeting Australians, how to recognize a scam, and key tips and advice on how to protect yourself against a scammer. Download your free digital copy here.
FluBot messages
We are aware of circulating text messages that contain links to malware. Current versions of text messages notify the recipient of the receipt of a voicemail / missed call notification or package delivery information. Please see the example below.
If the recipient clicks this link, they can download and install software that can compromise your device, including accessing sensitive information. This could include, but is not limited to; send / receive text messages, download contact list, access bank account information and perform unauthorized transactions.
DO NOT click on any links you may receive on mobile devices, even if they look like your organization’s brand and / or bank login page.
If you’ve clicked on any suspicious links or notice any unusual activity on your online banking services, please call us immediately on 13 1905.
For more information on this scam, please visit www.scamwatch.gov.au.
Current security alerts and warnings
We understand that it can be difficult for you to stay on top of all the potential safety and security issues that may arise. We are therefore committed to providing you with these details as soon as we become aware of them and letting you know what you can do to avoid being affected.
Current warnings
June 7, 2019: Australians lose money to investment scams – read full details on staysmartonline.gov.au
Microsoft and Telstra scams – learn more about scamwatch.gov.au
ATO scams – visit ato.gov.au for more information
Binary trading – learn more about scamwatch.gov.au
Coles and Woolworths gift card scams – find out more about smartcompany.com.au
