95-year-old grandmother loses $1.6 million savings: ‘I felt duped, foolish, ashamed’

In a world where technology has become a cornerstone of our daily lives, it's heartbreaking to hear stories of those who fall victim to the darker side of the digital age.

The tale of a 95-year-old Sydney great-grandmother, who lost her entire life savings of $1.6 million to scammers, is a stark reminder of the vulnerability we all face in the face of sophisticated cybercrime.



Harriet Spring, the daughter handling her elderly mother's finances, shared her harrowing experience, revealing how a scammer, posing as a bank employee, meticulously built trust over several months.

‘Obviously, my world just fell out from under me—I just felt sick,’ she said.


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Harriet Spring shared her harrowing experience after a scammer built her trust over several months. Credit: TODAY / YouTube


This scammer, who introduced himself as ‘George Thompson’ from ING Bank, contacted Harriet while managing the sale of her mother's house.

Over time, he convinced her to transfer the proceeds into what she believed was a high-interest ING account, but in reality, the funds were being diverted to a Westpac Bank account controlled by the fraudsters.

‘It sounds implausible now, but the scammer had me convinced, and I told my mother's bank, Teachers Mutual Bank, that this was an ING fixed term deposit, but it was being put in the Westpac bank,’ she said.



‘I put down the BSB number and the account number, and what I thought was my name attached to the account (my mother's bank) pointed out that it seemed strange and ING account would be held with Westpac, but they still went ahead and authorised the transfer.’

Harriet's emotional recount of the event highlighted the profound impact of such scams, not only financially but also psychologically.

‘I felt utterly responsible, I felt duped, foolish, ashamed—a lot of shame associated with it and I think that's why a lot of people don't come forward and talk about this kind of thing,’ Harriet said.

Harriet's story is not just a cautionary tale but a call to action.



She urged others to be vigilant and advocated for banks to take greater responsibility in safeguarding their customers against such deceit.

‘Someone with basic training from the bank would have known that ING doesn't bank with any other banks, and they should have flagged it,’ Harriet said.

‘I believe the reality is that the banks 100 per cent put the blame on the victims, and they minimise their own liability.’

‘There should be some sort of system for compensating victims, the banks don't commit the theft, but they certainly drive the getaway car and they need to be held responsible for being complicit with this.’

You can watch TODAY’s video below:


Credit: TODAY / YouTube

This comes after a 19-year-old nursing student lost over $4,000 due to a sophisticated scam on a fashion marketplace app after attempting to sell her preloved clothes.

The incident serves as a reminder and wake-up call for all Australians to be vigilant and sceptical and always double-check the legitimacy of online transactions and communication to avoid falling victim to similar scams. You can read more about the story here.
Key Takeaways
  • A 95-year-old Sydney great-grandmother was scammed out of $1.6 million by individuals posing as bank officials.
  • Harriet Spring, the victim's daughter, was led to believe it was a legitimate interaction with her mother's bank and felt deeply ashamed and responsible after realising the scam.
  • The scammer convinced Harriet to transfer her mother's funds to an account that he claimed was associated with ING Bank but was actually held at Westpac Bank.
  • Harriet is calling for banks to take more responsibility in preventing such fraud and suggests there should be a system for victim compensation, criticising banks for blaming victims and minimising their own liability.
Have you experienced a similar scam? Let us know in the comments below.
 
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This sounds implausible to me
She's supposed to be looking after her mother's finances and she transfers all her money into a Westpac A/C that's supposed to be an ING account and then she blames the bank for her own stupidity.
Once again $ signs come before common sense.
She said she thought it was strange but she went ahead anyway. I guess you just can't protect some people against themselves.
 
This sounds implausible to me
She's supposed to be looking after her mother's finances and she transfers all her money into a Westpac A/C that's supposed to be an ING account and then she blames the bank for her own stupidity.
Once again $ signs come before common sense.
She said she thought it was strange but she went ahead anyway. I guess you just can't protect some people against themselves.
I agree. It could have been avoided. All the daughter needed to do was contact the bank herself, especially when she thought it didn’t feel right.
 
Once again in this scam the words High Interest Account appear, I think the daughter was more interested in the inheritance figure than her grandmother.

How stupid, its greed again, she had Millions should be satisfied with what she had, we are told over and over again beware, of scammers it sounds to good to be true, don't do it.
The lady wanted higher interest on the money, why is that greedy? who wouldn’t?The mistake was not phoning the bank to make sure who she was dealing with.
 
When having responsibility for somebody elses money you have to be doubly careful.
This was a very stupid mistake
I am nowhere near as wealthy as this lady but each year I check around for the best interest rate available. I then go to my bank, sit in their office and discuss renewing my investment. In most cases they will match the best rate I have found.
Shopping around the internet, or taking advice from unrequested phonecalls or friends is fraught with danger.
 
I am sorry for this Lady, but I do not think you can fully blame the bank. They did ask the question re the transfer of the money & reading this woman tells me that she thought she knew everything & was determined to transfer the money anyway. I do not think the banks are 100 % responsible at all.
 
This sounds implausible to me
She's supposed to be looking after her mother's finances and she transfers all her money into a Westpac A/C that's supposed to be an ING account and then she blames the bank for her own stupidity.
Once again $ signs come before common sense.
She said she thought it was strange but she went ahead anyway. I guess you just can't protect some people against themselves.
Absolutely the blame is her fault. Her mothers bank queried the transaction but she told them it was all good it had been explained to her. Does she expect the bank teller to argue with her?
 
go to a bank and do it there where you know the person is legit, you can sign what is necessary in person. Even though the woman still said go ahead the bank should have insisted that this transaction from InG to westpac or whatever just doesn't happen and refused to. They knew.
Each is equally at fault.
 
I suppose stupidity and greed is a dangerous combination. But when you want others or the bank to take responsibility, I think that is going too far. Please remember that when ever you ask the bank to do something, there will be a charge. The bank is not going to do anything for no charge. If so, that cost definitely will be passed down to the consumers, thus ensuring the banks in Australia go on continuing their BILLION dollars profit. No thanks, I don't want to be a part of it!
 
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I suppose stupidity and greed is a dangerous combination. But when you want others or the bank to take responsibility, I think that is going too far. Please remember that when ever you ask the bank to do something, there will be a charge. The bank is not going to do anything for no charge. If so, that cost definitely will be passed down to the consumers, thus ensuring the banks in Australia go on continuing their BILLION dollars profit. No thanks, I don't want to be a part of it!
Well you can always keep your money under your mattress!. Good luck
 
how stupid taking advice from a phone call or a strangers contact. another greed situation.
If I don't physically do it. I suspect a scam these days. I would of checked myself, phoning the bank! I don't shop online I would rather go into the store. Thats why they are all closing now Because online sweat shops made in china.
 
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