- Criminals moving at speed of sound expected to target fans as major international acts head Down Under
- Scammers using social media platforms and online marketplaces to sell fake tickets
- NAB experts share how to recognise ticket scams and protect themselves from money being lost
Fans desperate to attend sold out concerts, including Coldplay's world tour, are being warned of trouble from criminals looking to rip them off via ticket scams on social media and online marketplaces.
With major international acts playing across the country in coming days and weeks, it can be revealed NAB customers have abandoned $160,000 in payments linked to potential ticket scams in the past three months.
The average abandoned payment is about $1,700, while more women than men decided not to proceed with a payment after getting an alert.
First introduced in March 2023, customers may receive a payment alert in the NAB app or Internet Banking if a payment is out of character or shows signs that it could be a scam.
NAB Executive, Group Investigations Chris Sheehan said criminals played on fans' FOMO (fear of missing out), often responding to people who post on social media and online marketplaces chasing tickets or list fake ones for sale themselves.
"Like with Taylor Swift earlier this year, seeing your favourite artist or group live is a bucket list moment for many people who are finding smarter ways to save to free up money for things that matter to them," Mr Sheehan said.
"It's important to slow down and don't panic if you see tickets to a sold-out concert on social media or an online marketplace.
"Tickets for sale on social media is the biggest red flag of a scam. Only buy tickets from the authorised reseller."
Mr Sheehan, a former Australian Federal Police executive, said said the bank often heard stories from consumers who purchased fake tickets, not realising until the day when they couldn't get into the venue.
"We've also heard stories of scammers hacking people's social media profiles to sell fake tickets to 'friends', who have no idea it's a criminal and are left devastated," he said.
"Even if it's a friend you legitimately know listing the tickets on social media, pick up the phone and talk to them directly before sending money."
Buying and selling scams, which includes ticket scams, are the most common scam type NAB customers report.
Australians more broadly have lost $19m to buying and selling scams this year, according to the ACCC's Scamwatch.
The warnings come as NAB continues its fight against scams as part of a bank-wide strategy.
"Customer losses decreased 17% between October 2023 and March 2024, compared to the previous six months. That's despite customer scam reports increasing 10% in the same period," Mr Sheehan said.
"We're always looking for new ways to better protect our customers, but it's pleasing to see we're reducing the impact of scams through initiatives like payment alerts, removing links from text messages and ongoing education."
