‘I’m disgusted’: Sydney man’s $42,000 scam experience exposes a major flaw in bank policies
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Scams are becoming increasingly sophisticated, with one recent incident leaving a business owner devastated.
What began as a routine interaction with his bank quickly turned into a financial nightmare, exposing significant gaps in how banks handle fraud.
The aftermath has sparked outrage, prompting important questions about accountability and how scam victims are treated.
When Dean Cropp, a Sydney small-business owner, received a text from his bank, he never imagined it would lead to him losing a life-altering $42,000.
The message included the last four digits of his account and appeared to come from ANZ, blending in with legitimate texts, including one-time passcodes.
He had no reason to suspect the bank’s texts could be compromised.
‘The bank uses it to send you passcodes. So you trust it,’ he said.
Unfortunately, scammers had found a way to infiltrate the bank’s text messages.
The fraudsters used a ‘spoofing’ technique to disguise their phone numbers, making the messages appear to come from ANZ.
Shortly after, Dean received a phone call from someone he thought was from the bank.
The call seemed legitimate, with the usual on-hold music and security checks.
‘I said, look, that’s difficult. I run my whole business through that card and that account,’ Dean explained.
‘So either I get a card straight away or I need to move money into an account that I can use while you’re shutting this one down and starting up a new one to avoid the fraud.’
The scammers told him they could create a new account linked to his card, and Dean, believing he was following proper protocol, transferred several amounts of up to $9,000 over two days — a total of $42,000.
But when the new account failed to show up on his online banking by the third day, Dean started to worry.
He rang ANZ and was initially told that new accounts could take days to appear.
However, after mentioning account numbers, he was told that he had been scammed.
Dean claimed that ANZ was quick to shift the blame onto him.
‘It got pushed back onto me. You’ve been scammed. You’ve got a Trojan virus in your computer …And I’m like, look, I’ve got the account details. I’ve just transferred money only in the last 45 minutes. Let’s find this account,’ he said.
His frustration mounted when he discovered it took eight hours for the bank's fraud department to respond.
Meanwhile, Dean had located the scammer’s account at St George Bank by searching the BSB online. ‘ANZ didn’t bother to contact the bank where the money had gone to.
‘I did that. Privacy concerns mean I couldn’t get any information about that bank account,’ he noted.
‘They were able to freeze what was in there, but it was next to nothing.’
‘But this is days and days later now. There was no speed from ANZ to say “hey, let’s go and solve this problem. Let’s try and recover this guy’s money.” It’s not their money.’ Dean reflected bitterly.
Dean believed this scam could happen to anyone.
‘I never thought that I would get scammed. I thought I was smart enough. I’m pretty tech-savvy. I’ve been running a business for 10 years,’ he said.
‘But even if you are scam aware…it’s not the bank’s money that’s got lost. They have no impetus to solve the problem because it’s not them losing the money.’
He was deeply disturbed by the way ANZ handled the situation.
‘It was shocking and heartbreaking to lose that money,’ Dean shared.
‘A small-business owner has to end up working himself half to death to make up for the loss. Basically I worked harder rather than laying off any staff, rather than cutting things back.’
For Dean, the emotional toll was more than just a financial hit.
‘We look at money as this paper thing, which is so disposable, but in truth there is a person linked to that and that is really going to affect their life, their health, their capability to have a good life and live comfortably when they are scammed,’ he said.
‘They might have worked hard all their life and lost money and they have to live by the skin of their teeth for their rest of days – that is what is super unfair and super scary.’
After the scam, Dean received more texts from ANZ in the same thread, but now he questioned their legitimacy.
‘How do I know these messages are real?’ he wondered, highlighting the confusion scam victims often face.
Dean rejected an offer from ANZ of a ‘full and final settlement’ for $1,000, deeming it ‘extremely unfair.’
‘If I took that $1000, I…wouldn’t have any option to chase the money in the future,’ he explained.
‘So $40,000 I lost. And they offered me $1000 to shut me up. This is a bank I’ve been with since I was 13. I wouldn’t be with them now if I didn’t have a loan…I’m disgusted by the way they have treated someone who’s been with that bank for decades.’
Disturbingly, the scammers continued to taunt him, calling multiple times after stealing his money.
‘Every time they called, I would just try to abuse with them. But the fact that they were calling over and over again means they just had no fear that they were ever going to be traced back,’ he said.
In response to the case, an ANZ spokesman stated that scams are a widespread problem, with new tactics emerging regularly.
‘ANZ has a range of measures in place to help detect and protect our customers from fraud and scams and is continually reviewing and adjusting our capabilities as new fraud and scams emerge and criminals change how they operate,’ they said.
The spokesman added that ANZ works with telecommunications companies to stop scammers from impersonating the bank in text messages.
‘The ways in which criminal syndicates are scamming and defrauding customers is sophisticated and constantly evolving and ANZ encourages customers to be cautious of any unsolicited calls, emails or messages from someone claiming to be from their bank,’ he said.
Despite these efforts, Dean’s situation remains unresolved.
‘Deeds of settlement are not a standard part of ANZ’s approach to resolving customer complaints,’ the spokesman clarified. ‘Instead, our focus is on achieving fair and transparent outcomes for our customers.’
However, he acknowledged that the ability to recover funds depends on several factors, including the speed of reporting and whether the funds were transferred quickly by scammers.
Dean’s tragic experience has led him to push for stronger protections for scam victims.
He now backs a campaign urging the federal government to introduce laws requiring mandatory compensation for scam victims, similar to legislation in the UK.
‘If the banks started losing money, there would be action,’ Dean remarked.
With so many new fraud tactics emerging, can the current system truly safeguard us, or do we need stronger laws in place? Drop your thoughts in the comments.
What began as a routine interaction with his bank quickly turned into a financial nightmare, exposing significant gaps in how banks handle fraud.
The aftermath has sparked outrage, prompting important questions about accountability and how scam victims are treated.
When Dean Cropp, a Sydney small-business owner, received a text from his bank, he never imagined it would lead to him losing a life-altering $42,000.
The message included the last four digits of his account and appeared to come from ANZ, blending in with legitimate texts, including one-time passcodes.
He had no reason to suspect the bank’s texts could be compromised.
‘The bank uses it to send you passcodes. So you trust it,’ he said.
Unfortunately, scammers had found a way to infiltrate the bank’s text messages.
The fraudsters used a ‘spoofing’ technique to disguise their phone numbers, making the messages appear to come from ANZ.
Shortly after, Dean received a phone call from someone he thought was from the bank.
The call seemed legitimate, with the usual on-hold music and security checks.
‘I said, look, that’s difficult. I run my whole business through that card and that account,’ Dean explained.
‘So either I get a card straight away or I need to move money into an account that I can use while you’re shutting this one down and starting up a new one to avoid the fraud.’
The scammers told him they could create a new account linked to his card, and Dean, believing he was following proper protocol, transferred several amounts of up to $9,000 over two days — a total of $42,000.
But when the new account failed to show up on his online banking by the third day, Dean started to worry.
He rang ANZ and was initially told that new accounts could take days to appear.
However, after mentioning account numbers, he was told that he had been scammed.
Dean claimed that ANZ was quick to shift the blame onto him.
‘It got pushed back onto me. You’ve been scammed. You’ve got a Trojan virus in your computer …And I’m like, look, I’ve got the account details. I’ve just transferred money only in the last 45 minutes. Let’s find this account,’ he said.
His frustration mounted when he discovered it took eight hours for the bank's fraud department to respond.
Meanwhile, Dean had located the scammer’s account at St George Bank by searching the BSB online. ‘ANZ didn’t bother to contact the bank where the money had gone to.
‘I did that. Privacy concerns mean I couldn’t get any information about that bank account,’ he noted.
‘They were able to freeze what was in there, but it was next to nothing.’
‘But this is days and days later now. There was no speed from ANZ to say “hey, let’s go and solve this problem. Let’s try and recover this guy’s money.” It’s not their money.’ Dean reflected bitterly.
Dean believed this scam could happen to anyone.
‘I never thought that I would get scammed. I thought I was smart enough. I’m pretty tech-savvy. I’ve been running a business for 10 years,’ he said.
‘But even if you are scam aware…it’s not the bank’s money that’s got lost. They have no impetus to solve the problem because it’s not them losing the money.’
He was deeply disturbed by the way ANZ handled the situation.
‘It was shocking and heartbreaking to lose that money,’ Dean shared.
‘A small-business owner has to end up working himself half to death to make up for the loss. Basically I worked harder rather than laying off any staff, rather than cutting things back.’
For Dean, the emotional toll was more than just a financial hit.
‘We look at money as this paper thing, which is so disposable, but in truth there is a person linked to that and that is really going to affect their life, their health, their capability to have a good life and live comfortably when they are scammed,’ he said.
‘They might have worked hard all their life and lost money and they have to live by the skin of their teeth for their rest of days – that is what is super unfair and super scary.’
After the scam, Dean received more texts from ANZ in the same thread, but now he questioned their legitimacy.
‘How do I know these messages are real?’ he wondered, highlighting the confusion scam victims often face.
Dean rejected an offer from ANZ of a ‘full and final settlement’ for $1,000, deeming it ‘extremely unfair.’
‘If I took that $1000, I…wouldn’t have any option to chase the money in the future,’ he explained.
‘So $40,000 I lost. And they offered me $1000 to shut me up. This is a bank I’ve been with since I was 13. I wouldn’t be with them now if I didn’t have a loan…I’m disgusted by the way they have treated someone who’s been with that bank for decades.’
Disturbingly, the scammers continued to taunt him, calling multiple times after stealing his money.
‘Every time they called, I would just try to abuse with them. But the fact that they were calling over and over again means they just had no fear that they were ever going to be traced back,’ he said.
In response to the case, an ANZ spokesman stated that scams are a widespread problem, with new tactics emerging regularly.
‘ANZ has a range of measures in place to help detect and protect our customers from fraud and scams and is continually reviewing and adjusting our capabilities as new fraud and scams emerge and criminals change how they operate,’ they said.
The spokesman added that ANZ works with telecommunications companies to stop scammers from impersonating the bank in text messages.
‘The ways in which criminal syndicates are scamming and defrauding customers is sophisticated and constantly evolving and ANZ encourages customers to be cautious of any unsolicited calls, emails or messages from someone claiming to be from their bank,’ he said.
Despite these efforts, Dean’s situation remains unresolved.
‘Deeds of settlement are not a standard part of ANZ’s approach to resolving customer complaints,’ the spokesman clarified. ‘Instead, our focus is on achieving fair and transparent outcomes for our customers.’
However, he acknowledged that the ability to recover funds depends on several factors, including the speed of reporting and whether the funds were transferred quickly by scammers.
Dean’s tragic experience has led him to push for stronger protections for scam victims.
He now backs a campaign urging the federal government to introduce laws requiring mandatory compensation for scam victims, similar to legislation in the UK.
‘If the banks started losing money, there would be action,’ Dean remarked.
With so many new fraud tactics emerging, can the current system truly safeguard us, or do we need stronger laws in place? Drop your thoughts in the comments.
