Category: Latest News

An increasing number of Australians are being targeted by a sophisticated phone porting scam. Victims of the scam have their phone numbers switched to a new telco provider, leaving them vulnerable to theft and bank fraud.

If you suspect someone has moved (ported) your mobile phone number to a new telco provider, please contact us immediately on 132 267.

What is phone porting?

Porting is a service offered by telcos that allows consumers to keep their phone number when they change providers. Phone porting is completely legal – in fact, it helps to promote competition between telcos. However, scammers have begun exploiting it to gain access to Australians’ phones and take control of their bank accounts.

This is typically done in one of two ways. Scammers will either:

• transfer their target’s mobile phone services to a new telco provider linked to a device they control, or
• request that your existing provider swaps the SIM card associated with your mobile phone number to one they have access to.

Your telco provider is required to verify your identity before they can port your number to a new SIM card or telco, so the scammers will usually have captured personal details like your full name, date of birth, and email address beforehand.

Why it matters

Mobile phone porting scams are serious because your mobile number is often used to help keep your bank accounts secure.

Once a scammer controls a target’s phone number, they can bypass normal two-factor authentication (2FA) security systems to directly access bank accounts. In some cases, scammers can also access their targets’ superannuation and government services accounts.

Monitoring for suspicious activity

Before attempting to port your number, scammers will need to gather your personal data. This is often done through phishing emails, social engineering, or even by scraping your social media profiles for data they can use to trick a telco provider.

There are also several warning signs which may indicate your phone has been ported. These include:

Loss of mobile service

Victims of porting fraud will typically lose network access and only be able to use their phone in ‘SOS mode’.

Confirmation of a porting request

In some cases you may receive a text or email from your telco letting you know a porting request has been received.

Bills sent by new telco providers

Porting fraud victims may sometimes receive a bill from the new telco provider the scammer has used to make the switch.

Protect yourself from porting fraud

If you suspect your phone number has been ported, please contact Border Bank immediately on 132 267 so we can review and take appropriate action as applicable for your account(s).

You may also like to contact IDCARE, an independent not-for-profit organisation that helps Australians respond to ID theft and cyber crime.

You can also take preventative measures now to reduce the likelihood of being affected by these scams.

These measures include, but not limited to:

• Ensuring your security questions are strong enough that only you know the correct answers
• Removing your phone number, date of birth and email address from social media accounts
• Maintaining good digital hygiene (including setting strong passwords and regularly updating them)
• Being wary of cold callers and double-checking email addresses and hyperlinks before clicking them
• Contacting your telco provider to ask about any additional safety measures they may offer.

Stay cyber safe

You can find more advice on how to prevent fraud and cyber crime on our upcoming security hub, launching in October 2025.

We’re passing on in full the RBA’s (Reserve Bank of Australia) interest cut to variable home loans.

What’s changing?

Home Loans

We’re reducing all variable home loan interest rates by 0.25% p.a. effective from May 27, 2025.

Savings Accounts

We are reducing some of our interest rates on the following products –

• U30 SUPER CHARGE interest rates will be decreasing by 0.25% p.a. to 4.75% p.a. effective from May 27, 2025.
• Some Savings Plus tiers will be decreasing by 0.25% effective May 27, 2025.
  • Accounts with balances $50,000 to $99,999 will be 1.50% p.a.
  • Accounts with balances $100,000 to $249,999 will be 4.00% p.a.
• Easy Access Overdraft will be decreasing by 0.25% to 13.85% p.a. effective from June 1, 2025.
• Bonus Saver (Bonus Rate only) will be decreasing by 0.25% to 4.00% p.a. effective from June 1, 2025.

The rates for each balance tier apply to the entire account balance, up to the limits stated.

Border Bank to roll out Confirmation of Payee in 2025.
Know who you’re paying – before you pay.

In a world where digital banking is part and parcel of everyday life, making sure your money goes to the right place has never been more important. That’s why Border Bank is introducing Confirmation of Payee (CoP) — a new name-checking feature that adds an extra layer of protection when you’re sending money.

Set to launch in 2025, CoP works by checking the account name you enter when setting up a new payee or updating an existing one. Instead of relying solely on BSB and account numbers, the system verifies that the name you’ve entered matches the one on the account you’re sending money to.

If there’s a mismatch or something looks suspicious, you’ll receive a prompt — giving you the chance to choose whether you want to go ahead and make the payment, pause and double check the details – or terminate the payment altogether.

This extra layer of security helps prevent scams, like invoice fraud or impersonation, where scammers trick people into sending money to the wrong account. It also helps to flag incorrect account details and reduces the chance of mistaken payments.

Once CoP becomes available in your Border Bank Internet Banking and Mobile Banking App, it will be automatically applied when you’re making or updating payments — giving you real time alerts before you send a payment. There’s no need to opt-in or sign-up.

Confirmation of Payee is part of a broader push across the Australian banking system, led by Australian Payments Plus (AP+), to strengthen payment security for all members. Border Bank is proud to be taking part in this important development to help protect our members and make banking safer for everyone. You’ll see more information from us leading up to launch, including how CoP will appear in your Internet Banking and Mobile Banking App. In the meantime, if you’d like to learn more about CoP, visit here.

Good news for our current Home Loan members and new members.

Following the Reserve Bank of Australia’s (RBA) decision to reduce the official cash rate by 0.25% p.a. we’re reducing our home loan variable rate interest rate by 0.25% p.a. effective 28 February 2025.

What’s Changing:

All Variable Rate Home Loans

For new borrowers: Effective 28 February 2025, we will decrease the interest rates for new variable rate home and investment loan borrowers by 0.25% p.a.

For existing borrowers:Effective 28 February 2025, we will be decreasing the interest rate for existing variable rate home loan borrowers for both Owner Occupied and Investment loans, (Principal and Interest (P& I) and Interest Only (IO)) by 0.25% p.a. affecting repayments from 28 February 2025.

For more info on changes to our Home Loan interest rates, visit our Home Loan and interest rate pages.

*Terms and conditions, lending and eligibility criteria apply and are available here.

 

Head to the Mobile Banking App page to learn more or download the app.

We’re excited to announce that starting April 5th, 2024, we’re boosting our interest rates for our 4-month Term Deposits* by 0.25 p.a.! This means more returns on your money when you choose to save with us for a little longer.

Take a look at our updated rates here.

*Terms and conditions apply and are available here.