A fraudster posing as a customer has managed to get more than $1 million in loans secured by a $4.2 billion Australian bank.
The scam, which has involved hundreds of thousands of Australian bank customers and many thousands of credit and debit card transactions, has cost the Australian Federal Government hundreds of millions of dollars in lost revenue and has forced the Australian Bankers Association (ABA) to close its doors.
The ABA says it has not yet received any complaints, but that if any come forward it would “do everything in our power to protect the integrity of the business and the reputation of our members.”
The AGB is the only national bank to be targeted in the scheme.
The fraudster appears to have been able to gain access to a banking system that has long been vulnerable to cyber-attacks, the ABA said in a statement.
The fraudulent scheme has been blamed for millions of Australians losing money, some of which has been returned, but the AGB says that the AABA is not responsible for those losses.
The Australian Financial Review reported that the scamster obtained $1.6 million in a single day from three credit cards belonging to the bank’s credit union, which are not linked to the AUB.
The bank told the AFR that they were able to secure the funds because they were using the “best available methods to manage the risk.”
The scamster had access to the banks customer information, but did not gain access in a “direct or indirect manner.”
The bank is still investigating the fraud.
A spokesperson for the Australian Financial Services Authority said that if a customer had an issue with the fraudster or the scam, they should contact the AFA.