The safety and security of our members and their personal information is a serious matter, and a priority for the team here at MOVE Bank. When it comes to financial crimes and scams, education and awareness plays a vital role in our overall strategy to protect you, our members.


Our annual ‘Bank Smart, Bank Safe’ week is part of this strategy. A week dedicated to sharing tips, tricks, and valuable information on how to spot and avoid scams; but this is just part of what our team does to safeguard members. Today we’re talking to Madison and Belinda, our experts on financial crime, to learn more about the topic!


What exactly is a financial crime?

To get started, we need to understand exactly what is classified as a financial crime. “Financial Crime is generally defined as any activity that involves fraudulent or dishonest behaviour for the purposes of personal financial gain” says Belinda.

Common types of financial crime include investment scams, identity theft, and remote access scams. “These crimes may be carried out by individuals, corporations, or by organised crime groups” Madison explains.

What are the most common types of scams and financial crimes we see?

“One of the most common scams we see at MOVE Bank is transfer fraud. Scammers may pose as a legal professional or government agency and gain remote access to an account, or coach members through increasing bank limits and completing the transfer of funds” explains Belinda.

Madison discusses remote access scams further, “Scammers will use a variety of methods to contact victims to convince them that they have a computer or internet problem, and that they need to buy or install new software to fix the problem.”

What is MOVE Bank’s approach to managing financial crime?

“We take a very stringent approach in making sure we do the best we can to keep our member safe from financial crime” says Madison. “We have variety
of countermeasures in place and understand the importance of educating our members on things to watch for.”

Belinda continues, “We have a number of procedures and protocols in place to ensure we are keeping our members and staff safe.” These measures include One Time passwords,
daily transaction monitoring, security questions when talking with members, and a thorough onboarding process.

If you want to learn more about how to identify and protect yourself from scams and financial crime, take a look at our website for more resources.

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