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Keep your account details safe

8 January 2018

Payday lenders, such as Cash Converters, are asking people applying for loans for their myGov login details and banking password as part of the approval process.

Handing over your myGov login details gives Cash Converters access to your tax, health and Centrelink details. They use this information to see what government benefits a loan applicant might have received in the past 90 days.

Cash Converters, along with Nimble and Wallet Wizard, are also asking applicants to provide their internet banking login details. They use these to take a snapshot of an applicant’s most recent financial transactions.

Both myGov and banks say you should never share your login details with anyone. If you have, you should change your password immediately.

Keep your data safe

Handing over your myGov details to someone gives them access to a range of your personal information such as Medicare records, tax statements and Centrelink benefit payments.

Most big banks, such as ANZ and Commonwealth Bank, offer 100% guarantees that they’ll cover any loss if someone makes an unauthorised transaction on your account, as long as you have protected your client number and passwords and you let them know as soon as it happens.

No matter how many official bank logos appear on a lender’s site, this does not mean you can trust it, or that banks endorse you handing over your passwords!

Remember: Never give out your usernames and passwords. Once you have, you lose control over who can access your personal accounts and information.

For more information

You can find out more about doing things safely online at Stay Smart Online.