TL;DR: A caller says they’re from your bank and need to "verify" you. A code arrives by SMS or email. They ask you to read it back. That code is usually the key to something they’re doing in your account: a login, a new payee, a digital wallet, a transfer. ANZ warned of this exact "Advisor Verification" scam in February 2026. ANZ, Westpac, NAB and CommBank all say they’ll never ask for your one-time codes. Hang up.
What happens
ANZ’s February 2026 alert: callers pretending to be ANZ send an email with a fake "verification code" and ask you to read it back.
Variations you’ll meet:
- "I’m sending a code to confirm it’s you."
- "We’ve blocked a payment; read me the code to cancel it."
- "We need the code to secure your account."
The twist: the scammer is often logging in or approving something right now, and your bank’s real security system just sent you the code for it.
The banks are unanimous
| Bank | What it says it never asks for |
|---|---|
| ANZ | One-time passcodes for payments, ANZ Shield or token codes |
| Westpac | Online Banking Security Codes, whether by SMS, token or app (source) |
| NAB | Personal info by email or text; your PIN (source) |
| CommBank | Your NetCode (source) |
A code arriving on your phone is like a key in your hand. The bank gave it to you. If someone on the phone wants you to hand it over, they’re not the bank.
Why it works so well
- The code is real. It came from your actual bank, so it feels legit.
- The caller sounds professional and may know your name or partial card number from data breaches.
- It feels like you’re helping security, not undermining it.
The 5-second rule
When someone asks for a code: stop, read the SMS itself. Real codes often say what they’re for ("to add a new payee", "to register a device") and "never share this code." That text is your bank talking to you directly.
If you read out a code
- Hang up and call your bank on the number on your card or in the app.
- Ask them to check for new payees, devices, wallets or transfers.
- Change your password from a different device.
- Report to Scamwatch; get support from IDCARE (1800 595 160).
The same trick hits food delivery and social apps too (food delivery scams). A free exposure check shows if your details are in the breaches scammers use to sound convincing.
Frequently Asked Questions
Will my bank ever ask me to read out a one-time code?
ANZ, Westpac, NAB and CommBank all say they never ask for one-time codes or security codes.
What is the ANZ Advisor Verification scam?
Callers posing as ANZ send a fake verification code by email and ask you to read it back.
Why do scammers want my verification code?
The code often authorises something they’re doing in your account, like logging in or adding a payee.
What should I do if I gave a code to a caller?
Call your bank on its official number immediately and ask it to check for new payees, devices or transfers.