SWSbank is proud to be able to provide sponsorship during the month of October to the following local community groups and clubs:
Cootamundra Touch Football Association
Cootamundra District Junior Cricket Association Incorporated
Junee Netball Club (JETU)
Temora Touch Football Association
South West Slopes Cricket League
West Wyalong Junior Rugby League Club Incorporated
Burrangong Picnic Race Club
Young Croquet Club Incorporated
Rock for Recovery
Young Harness Racing Club Incorporated
Hilltops Arts Incorporated
Lions Club of Young Incorporated
Young Rugby League Masters Tour
Major Sponsor for 2024 Cherry Festival
SWSbank is proud to be able to provide sponsorship during the month of September to the following local community groups and clubs:
Soroptimist International of South West Slopes Incorporated
Cootamundra Club Bulls B Grade
Temora Business Enterprise Group
Temora Show Society
Temora & District Education Fund Incorporated
Barmedman Community Centre Incorporated
West Wyalong Tennis Club Incorporated
Due to recent changes from the RBA, Apple Wallet users will no longer be able to choose their preferred payment network (Visa/eftpos) when upgrading to iOS 18 and later.
Instead, with Merchant Routing, merchants will determine which network to use for transactions.
This could affect the fees members incur when using their Apple Wallet.
To reduce fees, we recommend inserting your physical card at the terminal, selecting Credit/Visa Debit, and entering your PIN if needed.
In response to these changes, SWSbank is reviewing our fees and charges and will inform members of any updates.
For more information, please contact us.
SWSbank would like to advise that they have amended their Schedule of Fees and Charges, effective 1st October 2024. The updated Schedule of Fees and Charges can be found here and at your local branch.
In 1972, the residents of the South West Slopes were seeking a more adaptable, accessible banking alternative. Driven by this need, South West Slopes Credit Union was established, and we have pursued our mission to provide an alternative banking services and foster stronger communities ever since.
Fast-forward to 2024, and the landscape has evolved significantly. Changes are also afoot within our organisation. Starting from April 2024, we are thrilled to unveil our refreshed identity. We are transitioning from South West Slopes Credit Union (SWSCU) to SWSbank.
This decision was not made lightly; extensive research and consultation guided our path. Having proudly served as South West Slopes Credit Union for over five decades, we recognise that clarity matters. Independent studies reveal that many Australians lack a clear understanding of what a Credit Union truly is.
As we expand our impact and remain committed to our mission, we aim to engage, attract, and retain younger generations. They will carry forward the legacy of customer-owned banking. We firmly believe that our name change positions us for success in achieving this goal.
Rest assured, while our appearance may evolve, the essence remains unchanged. SWSbank continues to be owned by its members and operated by local community members—this fundamental principle remains unwavering.
Our physical presence spans the South West Slopes region, where we live, dine, work, drive, shop, and educate our children. We remain committed to meeting our members’ evolving needs, combining traditional service values with modern banking conveniences.
SWSbank signifies more than a name change; it symbolises a redefinition of banking—for our members and communities. We empower you, our valued members, by ushering in a new era of banking—one that is customer-owned, community-driven, and purpose-led.
To our loyal members, thank you for embarking on this journey with us. As we chart the course for the next 50 years and beyond, your insights will continue to guide our decisions.
Should you have any questions or concerns about this transition, please reach out to us at enquiries@swscu.com.au or call 02 6384 1111. Our friendly local team is here to assist.
For many years SWSCU’s automated Telephone Banking platform served as an efficient way for members to check their balances and transfer money between accounts from the convenience of their landline or mobile phone device.
Due to a decision by SWSCU’s provider, this service will be discontinued for all of their customers in Australia. This means effective from the 31st of March 2024 as a consequence SWSCU members will no longer have access to Telephone Banking services.
We understand that this may cause some inconvenience for some members, but there is some good news. Technology has come a long way since Telephone Banking was first introduced and SWSCU have endeavoured to stay current with member trends and demands. SWSCU has added new services to their digital banking offerings such as the new SWSCU App which includes How I Spend and Savings Goals not to mention the inclusion of Digital Wallets via provider such as Apple, Samsung and Android.
Members who are actively using Telephone Banking are asked to register for an alternative service before 31st March 2024 to prevent disruption to their banking.
Consumers are being warned to be wary of phone calls and texts that appear to be from their bank, following alarming reports of Australians losing their life savings to a highly sophisticated impersonation scam.
Reports to the ACCC’s Scamwatch indicate scammers are using new technology to trick their victims, by making the call appear to come from the bank’s legitimate phone number or by sending a text that appears in the same conversation thread as genuine bank messages.
Scamwatch received 14,603 reports about bank impersonation scams in 2022, resulting in more than $20 million in losses. Total losses to phone and text scams increased significantly last year, with over $169 million lost.
“We are incredibly concerned about bank impersonation scams because they can be so convincing, they are very hard to detect,” ACCC Deputy Chair Catriona Lowe said.
“What’s equally worrying about this particular scam, is that it is emptying every last cent out of victims’ savings accounts, with losses averaging $22,000 and more than 90 reports of losses between $40,000 and $800,000. This causes both financial and emotional devastation.”
“We know of a man who lost over $500,000 after receiving a call from someone claiming to be from a major bank’s security department, wanting to know if a payment had been authorised.”
“In another case, a man lost $38,000 after receiving a scam text message about a suspicious transaction. The scam text appeared in the same conversation thread as legitimate messages from his bank. He called the number in the text and was put through to a member of the banks’ fraud team. Unfortunately, it was an elaborate scam and he lost everything,” Ms Lowe said.
Bank impersonation scams impersonate the big four banks as well as other financial institutions.
Communications often have a sense of urgency to them, such as fraudulent activity raising red flags, or a frozen account.
“It is critical to remember that no matter how legitimate the call or message seems, a bank won’t ask you to urgently transfer funds,” Ms Lowe said.
“If you receive an SMS with a telephone number to call, do not use it. Instead, call your bank direct on a number you have sourced yourself. Likewise, hang up if you receive a call from someone claiming to be from your bank requesting you to transfer money to ‘keep it safe’. Ask for a reference number and call your bank back using contact details you have found independently.”
Never provide online banking passwords, one-time security codes, pins or tokens to anyone over the phone. Contact your bank or financial institution immediately if you think you have been scammed.
“Following recent mass data breaches, many Australians were encouraged to monitor their accounts for suspicious activity. Sadly, this has led to consumers acting on these scam calls and text messages out of fear that their accounts have been compromised,” Ms Lowe said.
Top tips for avoiding scams
Stop – take your time before giving money or personal information.
Think – ask yourself if the message or call could be fake?
Protect – act quickly if something feels wrong. Contact your bank and report scams to Scamwatch.
Signs of a bank impersonation scam
There is a sense of urgency or threat to the message – “your bank account has been accessed”, “your bank account has been locked” “a payment has been made from your account. If this was not you, please call (phone number)”.
The message looks different to other messages in the SMS thread, such as different wording or phrases used.
The message may contain a suspicious looking link. Never click on links.
The SMS has a telephone number to call – always find your bank’s phone number independently.
The caller will tell you to transfer money to a different account to ‘keep it safe’ or for ‘further investigation’. This is not standard procedures for a bank. It is a scam.
Background
Scamwatch is aware of scammers impersonating banks using ‘spoofed’ phone numbers and sender IDs (also known as alpha tags). Spoofing is where software is used by scammers to copy the phone number or sender ID of a business. These scams are a sophisticated form of phishing and are designed to trick victims into contacting the scammers.
Both outgoing and incoming phone numbers can be spoofed. Scamwatch has seen examples where scammers send an SMS with the sender ID spoofed and tell the person to expect a phone call from their bank’s customer service. The scammer will then call the person on the spoofed bank telephone number.
The ACCC’s Scamwatch continues to work with other government agencies, law enforcement and the private sector to share intelligence, disrupt scams, advocate for consumers and raise awareness in the community.
In the October budget, the ACCC received seed funding from the government to scope and plan for a new National Anti-Scams Centre to support the community in the fight against scams.
If you have experienced cybercrime and lost money online, contact your financial institution immediately. You can also report to police via ReportCyber.
If you have given personal information to a scammer contact IDCARE.
Australians, regardless of whether they have lost money, are encouraged to report scams to Scamwatch. Reports can be made anonymously.
Learn more about how to get help on the Scamwatch website scamwatch.gov.au. Follow Scamwatch on Twitter or subscribe to radar alerts.
For crisis support to help with emotional distress about scams contact Lifeline on 13 11 14 or access support via the online chat between 7 pm and midnight. Beyond Blue also provides support for anxiety and depression 1300 22 4636 or chat online at Beyond Blue
Source: ACCC https://www.accc.gov.au/media-release/bank-impersonation-scams-robbing-australians-of-their-life-savings
Dear member,
SWSCU has moved to enable SMS One Time Passwords (OTP) for all members that use internet banking. Using an OTP will enhance the security of your online transactions, by providing an additional layer of authentication.
When you log in to your internet banking account or initiate a transaction, you will be prompted to enter the OTP. The OTP is simply generated by clicking the 'Get OTP SMS' button, which will generate a 6 digit code via SMS to your preferred mobile number which you have previously provided to SWSCU. Once the OTP is entered correctly, you will be granted access to your internet banking account.
As of 23rd February 2023, SWSCU will be making changes to some of our account names. Rest assured the access, features and functionality that you have come to know will remain the same.
Product
Previous Account Name
New Account Name
S1
General Savings Account
Everyday Account
S2
Savings Account
Card Free Account
S4
Budget Savings Account
Budget Account
S6
Teenager Savings
Teenager Account
S7
7 Day Notice
Goal Account
S8
Super Saver
Junior Account
Changes to account names Effective the 23rd of February 2023.
