The callers say that fraudulent transactions have taken place on the person’s credit card, commonly in New Zealand, and then ask consumers for their personal or banking details to recover funds.

“Once they’ve gathered banking or personal details from victims, scammers can potentially hack into their bank accounts and siphon funds,” Mr Stowe said.

“Depending on the volume or type of information given, scammers have the potential to commit other types of false representation using the victim’s identity.

“Unfortunately banking scams are quite common, though this new variant is particularly worrying as banks and financial institutions do often get in touch with consumers to advise them of irregular or suspicious transactions.

“If you do receive a call that doesn’t seem genuine, refrain from giving any details, hang up and contact your bank or financial provider.”

Mr Stowe encouraged consumers to alert their friends, family and colleagues of the latest banking scam.

Many scams originate from outside Australia and once money is sent overseas it is virtually impossible to recover. If you do fall victim to a scam, contact your financial institution for advice.