One of the Big Four bosses pens letter to four million customers

NAB customers will find an update from the bank’s CEO in their inbox, as he warns of “a growing problem in Australia”.

Amid a slew of rising interest rates, high inflation and significant data breaches, the boss of one of the big four banks has written to four million customers.

National Australia Bank CEO Ross McEwan sent the email to NAB customers on Tuesday, reminding people “keeping your money safe and supporting customers through financial difficulty are our top priorities.”

The email highlights the ways in which the bank is protecting customers from scams, offering advice to avoid them, and separately reminding people of the financial assistance services offered by the bank.

Ross McEwan is writing the email to address concerns over cybercrime and the financial stability of NAB customers. Picture: NCA NewsWire / David Crosling

“It's clear that the rise in scams is a growing problem in Australia and globally,” writes Mr McEwan.

“Each year, we invest millions of dollars into technology and expertise.

“This means we are monitoring accounts 24/7 to help stop these crimes, and to protect our customers.”

He goes on to advise that people should hang up on calls they believe to be scams, and to never be pressured to click a link or provide someone with personal banking information.

NAB reported a 38 per cent rise in scam reports from its customers in 2022.

“If you‘re worried about your home loan repayments, your business is going through a tough time, or your personal circumstances have changed, know that we’re here to help,” writes Mr McEwan in the second part of the email.

“The best thing you can do is reach out to our NAB Assist team or your banker early.”

He said 90 per cent of customers who do this are “back on their feet in 90 days.”

The bank has so far contacted about 7000 customers they felt may need to make use of their financial assistance services, but only 13 actually took them up on the offer.

NAB reports an increase in scam reports from customers of 38 per cent last year. Picture: NCA NewsWire / Damian Shaw

The email comes hours after the minutes of the Reserve Bank board’s April meeting were released earlier on Tuesday.

The RBA has hinted at another possible interest rate rise in their upcoming May meeting, after leaving the official cash rate on hold at 3.60 per cent in April.

They’re weighing up if another rise of 25 basis points would be appropriate, taking it to 3.85 per cent.

April’s decision to pause followed 10 consecutive rises in the board’s 10 previous meetings, as they tried to reign in rising inflation.

Originally published as One of the Big Four bosses pens letter to four million customers