A cunning bank scam wipes out couple's $240,000 life savings—are your funds at risk, too?

In an age where digital convenience is often celebrated, the darker side of our online world reveals itself in sophisticated scams that can devastate lives in the blink of an eye.

This harsh reality hit home for a Sunshine Coast couple, Kerry O'Mahony and Kerry Littlejohn, who fell victim to a cunning bank scam that wiped out their life savings, a staggering quarter of a million dollars.

This cautionary tale serves as a stark reminder that no one is immune to the threat of financial fraud, and it begs the question: Are your funds at risk, too?



The couple's ordeal began innocently enough as they sought to maximise their returns by shopping around for the best interest rate on their term deposit.

They came across an offer from ING Australia, or so they thought, which led to a series of events that would culminate in a financial nightmare.


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Sunshine Coast couple fell victim to a cunning bank scam, wiping out their $240,000 savings. Credit: Shutterstock


‘I clicked on obtain a quote, and within, I think, about a day or two of doing that, we had a phone call…from ING,’ O'Mahony said.

The purported ING employee provided them with competitive quotes, documents, contracts, and payment instructions, all adorned with the bank's official logos. However, it was all an elaborate facade.

The couple's savings were with Suncorp bank at the time, necessitating a visit to their local branch to facilitate the transfer of funds.

Despite some initial doubts, the Suncorp teller, after reviewing the emails, suggested, ‘He looked at [the emails], and then he said “yeah, it looks alright, but you know if you're really concerned, you can ring ING”,’ O'Mahony said.

O’Mahony did just that in front of the teller, using a contact number from a Google search.



‘I did a Google search for the ING contact number. [It] was exactly what I put in, and it came up: 13 34 64,’ she said.

‘It is their phone number, but I rang it, and I didn't get through to ING, I got through directly to the scammers.’

Assured by the fake ING representative on the other end of the line, the couple proceeded with the transfer.

The telltale signs of a scam were present but went unnoticed.

The account details provided by the scammers were for a Commonwealth Bank account, not ING, and the email address used was not an authorised ING email.

By the time the couple realised the scam and contacted Commonwealth Bank, their $240,000 had vanished.



‘[It was] taken out pretty much straightaway and then moved around the world through various IP addresses,’ O'Mahony said.

The pair blamed the scammers for the incident, but they also asserted that Suncorp is accountable.

‘I just felt that [Suncorp's] duty of care to us was sadly lacking,’ O'Mahony said.

O’Mahony and Littlejohn filed a complaint with the Australian Financial Complaints Authority.



In response, Suncorp Bank has stated that it is supportive and will fully participate in the external review process by AFCA.

ING and Commonwealth Bank have also released statements acknowledging the increasing sophistication of scams and the importance of educating customers on protecting themselves.

You can read Suncorp Bank’s full statement below:
This case is currently being reviewed by AFCA, the independent dispute resolution body for consumers with financial complaints.

Suncorp Bank is very supportive and will fully participate in this external review process.

Suncorp Bank understands the impact frauds and scams can have on individuals.

Alongside the banking industry, we are committed to implementing the
measures outlined in the Scam-Safe Accord including account name checking for domestic payments.

If you suspect you may have been scammed, please reach out and report your experience to the ACCC: https://www.scamwatch.gov.au/report-a-scam
Key Takeaways

  • A Sunshine Coast couple lost nearly $240,000 in a sophisticated scam involving a fake ING employee and counterfeit email documents.
  • Despite being cautious and consulting a bank teller, the couple's call to verify the scammer's legitimacy was intercepted via phone spoofing, leading them to believe they were speaking to ING.
  • The scam highlighted failings in the verification processes, as the money was sent to a Commonwealth Bank account rather than ING, a detail that was overlooked.
  • The couple has lodged a complaint with the Australian Financial Complaints Authority, and all banks involved have acknowledged the need for increased awareness and prevention of such sophisticated scams.
Have you or someone you know been affected by a similar scam? What measures do you take to safeguard your savings? Join the conversation below and help us spread the word on staying scam-safe.
 
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My bank does not except cheques now, I go into the bank now and they send the amount required, Although most of my accounts are direct debit I have 3 yearly ones where I used to send cheques to.
 
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In September 2023 I became a victim to an almost identical internet THEFT (Scam), when I applied for a term deposit with WestBank.
The Banks involved (BankWest/NAB/Heritage) have all washed their hands of the fraudulent transactions and the Australian Financial Complaints Authority have "Closed" my complaints against the three banks involved.
The theft of $150,000 from my retirement funds comes on top of a year supporting my wife's battle with Breast Cancer and my own (less life threatening) medical issues.
I feel violated, and foolish in being caught in this very sophisticated scam and at times have visited a very dark emotional place.
As a result of the theft of the retirement funds I have been forced once again to return to full time employment at the age of 67YO.
I am disillusioned at humanity, the corporate, Statutory and legal systems as they provide no real protection to ordinary people just trying to secure their personal nest eggs for retirement and legacy to their families
Greg Piggott J.P.
Stop blaming the banks and institution. You are the one that handed your personal information to someone you didn’t know.
The bank didn’t do that.
 
In September 2023 I became a victim to an almost identical internet THEFT (Scam), when I applied for a term deposit with WestBank.
The Banks involved (BankWest/NAB/Heritage) have all washed their hands of the fraudulent transactions and the Australian Financial Complaints Authority have "Closed" my complaints against the three banks involved.
The theft of $150,000 from my retirement funds comes on top of a year supporting my wife's battle with Breast Cancer and my own (less life threatening) medical issues.
I feel violated, and foolish in being caught in this very sophisticated scam and at times have visited a very dark emotional place.
As a result of the theft of the retirement funds I have been forced once again to return to full time employment at the age of 67YO.
I am disillusioned at humanity, the corporate, Statutory and legal systems as they provide no real protection to ordinary people just trying to secure their personal nest eggs for retirement and legacy to their families
Greg Piggott J.P.
i feel for you. this highlights that everything needs to be done face to face at the said institution.
 
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Now about bank tellers. One of my cheques was "reversed" recently. I went to the bank to ask why and was told the money had been put back into my account. I then telephoned the "provider" to ask why it had put my money, to pay a due bill,back into my account. I was told that the "provider's" computer showed that the bill had been paid. So I went back to the bank branch to ask why the money had been put back into my account and mercifully met the branch manager who came to rescue me from hanging around waiting to be noticed. He explained that indeed the cheque had bounced because a large direct debit payment had been taken out by another "provider" with no notification or receipt being offered (normal corporate behaviour these days} and yes, my account was in the red. But that the buzzword "reversed" was the official word for blocked or bounced.

So banks and bank tellers, get your act together and when you read my account on your computer screen and don't tell me that a bounced cheque has been paid back to my account when it hasn't .

Moral of this dreary tale: beware of stupid bank-tellers.

'
maybe tht is why we get statements so we can check up. thought about that. how do people get on when they can"t blame someone else?
 
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I don't see this couple as being greedy. There is nothing wrong with wanting to earn the best interest possible on your savings. ING do not have a physical bank so all business has to be done online or over the phone. The phone number they rang was the correct one. It wasn't their fault that it had been rerouted by the scammers.
Makes it hard when you can’t trust checking numbers and still get scammed
 
In September 2023 I became a victim to an almost identical internet THEFT (Scam), when I applied for a term deposit with WestBank.
The Banks involved (BankWest/NAB/Heritage) have all washed their hands of the fraudulent transactions and the Australian Financial Complaints Authority have "Closed" my complaints against the three banks involved.
The theft of $150,000 from my retirement funds comes on top of a year supporting my wife's battle with Breast Cancer and my own (less life threatening) medical issues.
I feel violated, and foolish in being caught in this very sophisticated scam and at times have visited a very dark emotional place.
As a result of the theft of the retirement funds I have been forced once again to return to full time employment at the age of 67YO.
I am disillusioned at humanity, the corporate, Statutory and legal systems as they provide no real protection to ordinary people just trying to secure their personal nest eggs for retirement and legacy to their families
Greg Piggott J.P.
I'm so sorry for your substantial loss. Please take care - Jo.
 
With so many banks going online nowadays, ownership of these issues is going to be a problem. I will only deal with banks that have a counter and "face-to-face" contact. I note the suggestion to transport money by bank cheque.
 
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Hello Everybody,
This is not a bounced cheque but a bank story, I will name the bank National Bank Australia. I recently lost my beautiful husband went to sort out the bank affairs,his account not joint,so it was handed to the bereavement team and locked up no access until probate.That isn't the worst problem, I closed another bank account and transfered an amount not to be sneezed at into a new account I had opened with the National in my name, into a bonus savings investment account, 5% interest paid on above balances . Last month my statement reads ,example of nearly exact figures $985.00, interest ,paid $483.00 . I quired the bank ,they tell me that I haven't supplied the Tax file number, so I lost over $500 in interest. I only lost my y husband then 3 months ago ,they new that , do you not think out of banking curtious, they could of notified me to add my tax file number to them before the interest bearing account received its bonus, these banks want you to invest in them and they do nothing to assist there customers in their daily survival, I then inquired if I supplied the tax file number ,would the interest be paid, I was told I could claim when I did my next tax return , which I haven't needed to do on carers pension while I cared for my ill husband, heartbreaking on top of my grief.
 
Both of my banks are great. Shout out to Australian Mutual Bank and NAB. Both discovered possible scams in my account and took the appropriate action before I lost anything. However, in a couple of cases where I did lose money due to error or overpayment or similar, they have gone to my help and successfully obtained refunds. I like them both a lot.
 
That's correct Phil, many local bank branches have closed recently making it very difficult for a lot of people who wish to consult their finances directly with their bank.... it really is a travesty especially for members in their senior years who have trouble with computer banking.
Reciprocal blessings to you and your family.😉
 
Now about bank tellers. One of my cheques was "reversed" recently. I went to the bank to ask why and was told the money had been put back into my account. I then telephoned the "provider" to ask why it had put my money, to pay a due bill,back into my account. I was told that the "provider's" computer showed that the bill had been paid. So I went back to the bank branch to ask why the money had been put back into my account and mercifully met the branch manager who came to rescue me from hanging around waiting to be noticed. He explained that indeed the cheque had bounced because a large direct debit payment had been taken out by another "provider" with no notification or receipt being offered (normal corporate behaviour these days} and yes, my account was in the red. But that the buzzword "reversed" was the official word for blocked or bounced.

So banks and bank tellers, get your act together and when you read my account on your computer screHen and don't tell me that a bounced cheque has been paid back to my account when it hasn't .

Moral of this dreary tale: beware of stupid bank-tellers.

'
Hope you got your money back from the direct debit payment
 
Both of my banks are great. Shout out to Australian Mutual Bank and NAB. Both discovered possible scams in my account and took the appropriate action before I lost anything. However, in a couple of cases where I did lose money due to error or overpayment or similar, they have gone to my help and successfully obtained refunds. I like them both a lot.
Yes l think NAB are a good bank too
 
Hi Greg
Sorry to hear of your loss mate, I had similar 20 years ago.
What does the J.P. stand for on your monicar/SDC Signature?
Please email: [email protected] or mobile 0422898612
I would like to network with you as a past BDM are you on Linkedin?
Take care and stay safe.
Regards
Phil
J.P. stands for Justice of the Peace. I only know because I used to be one.
 
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That's correct Phil, many local bank branches have closed recently making it very difficult for a lot of people who wish to consult their finances directly with their bank.... it really is a travesty especially for members in their senior years who have trouble with computer banking.
Reciprocal blessings to you and your family.😉
I don't think I'd have trouble using computer to navigate banking processes, but then I avoid doing so. As a multimedia student, I am too aware of how easily one could be scammed and simply don't trust such transactions. However, some individual in the UK tried to remove money from my one-and-only online account and my bank, Beyond Bank, saw the scam and froze my card.
I unintentionally failed to provide my Income Tax Number to a credit union I belong to, when I found out and advised them of my number the money was immediately repaid into my account.
 
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