Meet Rosemary, a devoted widow who worked for ANZ for over 50 years, devoting her life to working hard for the bank and saving up for her golden years. But all of that changed when she was scammed out of a jaw-dropping $144,000 — every single dollar of her life savings!

Rosemary trusted her bank and believed that transferring her funds would be a safe and easy process. Unfortunately, cunning fraudsters had other plans and set up a fake account, preying on Rosemary's trust and vulnerability.

As a loyal ANZ customer, Rosemary thought that she could rely on her local branch to help her with the transfer. After all, she valued the security of having a trusted bank employee present during the transaction. However, despite her expectations, she soon found out that the bank had failed her.

Rosemary claims that the ANZ employee handling her transaction was negligent, as they failed to notice that her money was being transferred to a third-party Westpac account instead of the account she had intended.

It's a shocking oversight that has left Rosemary feeling betrayed and helpless. 'I think more diligence could have been shown to act on my behalf, to act on my interests,' Rosemary said.

Australians are facing unprecedented numbers of scams. Credit: Unsplash/Nick Pampoukidis.

Aside from Rosemary's, Tamara's story is yet another distressing reminder of how fraudsters are becoming more sophisticated in their methods, leaving innocent victims in their wake.

Tamara's trust was shattered when she fell prey to a scammer who posed as a member of the CommBank's fraud and prevention team. She had every reason to believe that she was in safe hands, but the reality was far from it.

The scammer made off with $17,000 of her hard-earned money, leaving her feeling helpless and betrayed.

What's even more concerning is Tamara's claim that she has received little to no support from CommBank. It's unacceptable that a customer who has been defrauded is left to fend for themselves without any assistance from their financial institution.

The alarming statistics from ASIC show that Tamara and Rosemary's stories are, unfortunately, not isolated incidents. Over 31,700 customers have had a staggering $500 million stolen from them, with major banks failing to do enough to protect and compensate them.

It's deeply concerning that the big financial institutions have been described as 'variable and overall less mature' in the way they handle scams. The fact that the banks stopped only 13% of scam payments made by their customers and only two to five per cent of people scammed got their money back is simply not good enough.

For many victims, the aftermath of being scammed leaves them in dire financial straits. It's not fair that they are left to deal with the consequences alone without adequate support from their banks.

In the face of such staggering statistics, Rosemary has remained loyal to ANZ. She still holds hope that the bank will step up and help her recoup her losses. Having dedicated years of her life as both an employee and customer, she hopes the bank will step forward and assist her after this devastating financial blow.

It's a sentiment that many victims share - a little bit of compassion from their banks would go a long way.

Key Takeaways

• Rosemary, a loyal ANZ customer for over 50 years, fell victim to a scam that cost her entire life savings of $144,000.
• Tamara also struggled to get support from CommBank after a fraudster took off with $17,000 of her money, highlighting a lack of action and support from financial institutions.
• ASIC's report found that over 31,700 customers had more than $500 million stolen from them, with major banks not doing enough to protect and compensate them, leaving victims in dire financial situations.

It's high time that banks take responsibility for their role in protecting customers from scams and compensating those who have been defrauded. The financial security and peace of mind of their customers should be at the forefront of their priorities.

We want to emphasise the importance of being vigilant and proactive when it comes to fraud and scams. Stay informed, take note of any suspicious transactions or communications, and always contact your bank immediately when you suspect something may be amiss.

Remember, it's essential to verify information, especially when it comes to internet transactions and phone calls. If something doesn't feel right or sounds too good to be true, follow your instincts and take the time to do a little investigating.

​

We wish Rosemary and Tamara the best outcome possible, and we hope that their stories serve as a critical reminder to always be cautious with our hard-earned money. Stay safe and protect your savings, dear members – keep yourself informed by tuning in to the Scam Watch forum on the SDC website.

Have you ever had to deal with a financial institution after being scammed? How was your experience in trying to recover your losses? What advice would you give to other senior Australians to help protect them from falling victim to banking scams? Let us know in the comments!

 

[Suzanne rose]

The banks do need to do something to stop scams maybe before the transfer happens message the customer asking what their reason is in transferring and pause the delay before transferring it.

I hope most of us now know to contact the bank before going ahead with the transfer.

Who knows what other ways the scammers will come up to scam

 

[Bill MacL]

Banks aren't Banks anymore, they are businesses that have lost the ability to use customers money to make money wisely enough to cover their costs and be able to pay interest, instead they just come up with different methods (sometimes fraudulent) to charge fees. LOOK AT THE PROFITS THEY MAKE EVERY YEAR. There needs to be a full enquiry into the whole financial industry

 

[Kelpie]

Meet Rosemary, a devoted widow who worked for ANZ for over 50 years, devoting her life to working hard for the bank and saving up for her golden years. But all of that changed when she was scammed out of a jaw-dropping $144,000 — every single dollar of her life savings!

Rosemary trusted her bank and believed that transferring her funds would be a safe and easy process. Unfortunately, cunning fraudsters had other plans and set up a fake account, preying on Rosemary's trust and vulnerability.

As a loyal ANZ customer, Rosemary thought that she could rely on her local branch to help her with the transfer. After all, she valued the security of having a trusted bank employee present during the transaction. However, despite her expectations, she soon found out that the bank had failed her.

Rosemary claims that the ANZ employee handling her transaction was negligent, as they failed to notice that her money was being transferred to a third-party Westpac account instead of the account she had intended.

It's a shocking oversight that has left Rosemary feeling betrayed and helpless. 'I think more diligence could have been shown to act on my behalf, to act on my interests,' Rosemary said.

View attachment 18270

Australians are facing unprecedented numbers of scams. Credit: Unsplash/Nick Pampoukidis.

Aside from Rosemary's, Tamara's story is yet another distressing reminder of how fraudsters are becoming more sophisticated in their methods, leaving innocent victims in their wake.

Tamara's trust was shattered when she fell prey to a scammer who posed as a member of the CommBank's fraud and prevention team. She had every reason to believe that she was in safe hands, but the reality was far from it.

The scammer made off with $17,000 of her hard-earned money, leaving her feeling helpless and betrayed.

What's even more concerning is Tamara's claim that she has received little to no support from CommBank. It's unacceptable that a customer who has been defrauded is left to fend for themselves without any assistance from their financial institution.

The alarming statistics from ASIC show that Tamara and Rosemary's stories are, unfortunately, not isolated incidents. Over 31,700 customers have had a staggering $500 million stolen from them, with major banks failing to do enough to protect and compensate them.

It's deeply concerning that the big financial institutions have been described as 'variable and overall less mature' in the way they handle scams. The fact that the banks stopped only 13% of scam payments made by their customers and only two to five per cent of people scammed got their money back is simply not good enough.

For many victims, the aftermath of being scammed leaves them in dire financial straits. It's not fair that they are left to deal with the consequences alone without adequate support from their banks.

In the face of such staggering statistics, Rosemary has remained loyal to ANZ. She still holds hope that the bank will step up and help her recoup her losses. Having dedicated years of her life as both an employee and customer, she hopes the bank will step forward and assist her after this devastating financial blow.

It's a sentiment that many victims share - a little bit of compassion from their banks would go a long way.

Key Takeaways

• Rosemary, a loyal ANZ customer for over 50 years, fell victim to a scam that cost her entire life savings of $144,000.
• Tamara also struggled to get support from CommBank after a fraudster took off with $17,000 of her money, highlighting a lack of action and support from financial institutions.
• ASIC's report found that over 31,700 customers had more than $500 million stolen from them, with major banks not doing enough to protect and compensate them, leaving victims in dire financial situations.

It's high time that banks take responsibility for their role in protecting customers from scams and compensating those who have been defrauded. The financial security and peace of mind of their customers should be at the forefront of their priorities.

We want to emphasise the importance of being vigilant and proactive when it comes to fraud and scams. Stay informed, take note of any suspicious transactions or communications, and always contact your bank immediately when you suspect something may be amiss.

Remember, it's essential to verify information, especially when it comes to internet transactions and phone calls. If something doesn't feel right or sounds too good to be true, follow your instincts and take the time to do a little investigating.

​

We wish Rosemary and Tamara the best outcome possible, and we hope that their stories serve as a critical reminder to always be cautious with our hard-earned money. Stay safe and protect your savings, dear members – keep yourself informed by tuning in to the Scam Watch forum on the SDC website.

Have you ever had to deal with a financial institution after being scammed? How was your experience in trying to recover your losses? What advice would you give to other senior Australians to help protect them from falling victim to banking scams? Let us know in the comments!

Like I said many times before, this wouldn't have happened in the old days of face to face relationship between the Banks and their Customers.
But today in their greed of making bigger and bigger profits the Banks are cutting corners and forcing customers to the digital face of things and what is the result of that.?
Well, you got it.

 

[Penny4]

If I went to ANZ bank and wanted to transfer money to another account or external account, I'm sure the teller wouldn't ask me questions about it. I'm not sure that's their job to question customer's money and what they do with it.
In my opinion, it's no good blaming the banks for an individual's personal decision to transfer their money into another person's account.

 

[Shane/#]

Meet Rosemary, a devoted widow who worked for ANZ for over 50 years, devoting her life to working hard for the bank and saving up for her golden years. But all of that changed when she was scammed out of a jaw-dropping $144,000 — every single dollar of her life savings!

Rosemary trusted her bank and believed that transferring her funds would be a safe and easy process. Unfortunately, cunning fraudsters had other plans and set up a fake account, preying on Rosemary's trust and vulnerability.

As a loyal ANZ customer, Rosemary thought that she could rely on her local branch to help her with the transfer. After all, she valued the security of having a trusted bank employee present during the transaction. However, despite her expectations, she soon found out that the bank had failed her.

Rosemary claims that the ANZ employee handling her transaction was negligent, as they failed to notice that her money was being transferred to a third-party Westpac account instead of the account she had intended.

It's a shocking oversight that has left Rosemary feeling betrayed and helpless. 'I think more diligence could have been shown to act on my behalf, to act on my interests,' Rosemary said.

View attachment 18270

Australians are facing unprecedented numbers of scams. Credit: Unsplash/Nick Pampoukidis.

Aside from Rosemary's, Tamara's story is yet another distressing reminder of how fraudsters are becoming more sophisticated in their methods, leaving innocent victims in their wake.

Tamara's trust was shattered when she fell prey to a scammer who posed as a member of the CommBank's fraud and prevention team. She had every reason to believe that she was in safe hands, but the reality was far from it.

The scammer made off with $17,000 of her hard-earned money, leaving her feeling helpless and betrayed.

What's even more concerning is Tamara's claim that she has received little to no support from CommBank. It's unacceptable that a customer who has been defrauded is left to fend for themselves without any assistance from their financial institution.

The alarming statistics from ASIC show that Tamara and Rosemary's stories are, unfortunately, not isolated incidents. Over 31,700 customers have had a staggering $500 million stolen from them, with major banks failing to do enough to protect and compensate them.

It's deeply concerning that the big financial institutions have been described as 'variable and overall less mature' in the way they handle scams. The fact that the banks stopped only 13% of scam payments made by their customers and only two to five per cent of people scammed got their money back is simply not good enough.

For many victims, the aftermath of being scammed leaves them in dire financial straits. It's not fair that they are left to deal with the consequences alone without adequate support from their banks.

In the face of such staggering statistics, Rosemary has remained loyal to ANZ. She still holds hope that the bank will step up and help her recoup her losses. Having dedicated years of her life as both an employee and customer, she hopes the bank will step forward and assist her after this devastating financial blow.

It's a sentiment that many victims share - a little bit of compassion from their banks would go a long way.

Key Takeaways

• Rosemary, a loyal ANZ customer for over 50 years, fell victim to a scam that cost her entire life savings of $144,000.
• Tamara also struggled to get support from CommBank after a fraudster took off with $17,000 of her money, highlighting a lack of action and support from financial institutions.
• ASIC's report found that over 31,700 customers had more than $500 million stolen from them, with major banks not doing enough to protect and compensate them, leaving victims in dire financial situations.

It's high time that banks take responsibility for their role in protecting customers from scams and compensating those who have been defrauded. The financial security and peace of mind of their customers should be at the forefront of their priorities.

We want to emphasise the importance of being vigilant and proactive when it comes to fraud and scams. Stay informed, take note of any suspicious transactions or communications, and always contact your bank immediately when you suspect something may be amiss.

Remember, it's essential to verify information, especially when it comes to internet transactions and phone calls. If something doesn't feel right or sounds too good to be true, follow your instincts and take the time to do a little investigating.

​

We wish Rosemary and Tamara the best outcome possible, and we hope that their stories serve as a critical reminder to always be cautious with our hard-earned money. Stay safe and protect your savings, dear members – keep yourself informed by tuning in to the Scam Watch forum on the SDC website.

Have you ever had to deal with a financial institution after being scammed? How was your experience in trying to recover your losses? What advice would you give to other senior Australians to help protect them from falling victim to banking scams? Let us know in the comments!

What ever happened to the recommendations of the Royal Commission the LNP Government did nothing about the recommendations so about time these recommendations where instilled against the bank's that are ripping the guts out of the consumer they the bank's are about profit and greed and use the consumers money for their benefit not the consumer

 

[mylittletibbies]

Like I said many times before, this wouldn't have happened in the old days of face to face relationship between the Banks and their Customers.
But today in their greed of making bigger and bigger profits the Banks are cutting corners and forcing customers to the digital face of things and what is the result of that.?
Well, you got it.

 

[Ricci]

I bet that if the law was changed such that the Banks had to repay monies lost to scams they would soon see their profits drop and they would pretty quickly instal the necessary checks and balances to stop the illegal transfers.

 

[mylittletibbies]

Exactly, all of these changes were not bought in for the customers benefit but for the bank's bottom line.
Thousands of people lost their jobs, you have to talk to machines.
The government should force the banks to repay losses as it is their systems that allow these scams to happen.If that were to happen maybe they would be a little more diligent in looking after our money.
Must admit my bank (Beyond) is very good, always wanting Sms verification of large sums etc.

 

[rob53]

Meet Rosemary, a devoted widow who worked for ANZ for over 50 years, devoting her life to working hard for the bank and saving up for her golden years. But all of that changed when she was scammed out of a jaw-dropping $144,000 — every single dollar of her life savings!

Rosemary trusted her bank and believed that transferring her funds would be a safe and easy process. Unfortunately, cunning fraudsters had other plans and set up a fake account, preying on Rosemary's trust and vulnerability.

As a loyal ANZ customer, Rosemary thought that she could rely on her local branch to help her with the transfer. After all, she valued the security of having a trusted bank employee present during the transaction. However, despite her expectations, she soon found out that the bank had failed her.

Rosemary claims that the ANZ employee handling her transaction was negligent, as they failed to notice that her money was being transferred to a third-party Westpac account instead of the account she had intended.

It's a shocking oversight that has left Rosemary feeling betrayed and helpless. 'I think more diligence could have been shown to act on my behalf, to act on my interests,' Rosemary said.

View attachment 18270

Australians are facing unprecedented numbers of scams. Credit: Unsplash/Nick Pampoukidis.

Aside from Rosemary's, Tamara's story is yet another distressing reminder of how fraudsters are becoming more sophisticated in their methods, leaving innocent victims in their wake.

Tamara's trust was shattered when she fell prey to a scammer who posed as a member of the CommBank's fraud and prevention team. She had every reason to believe that she was in safe hands, but the reality was far from it.

The scammer made off with $17,000 of her hard-earned money, leaving her feeling helpless and betrayed.

What's even more concerning is Tamara's claim that she has received little to no support from CommBank. It's unacceptable that a customer who has been defrauded is left to fend for themselves without any assistance from their financial institution.

The alarming statistics from ASIC show that Tamara and Rosemary's stories are, unfortunately, not isolated incidents. Over 31,700 customers have had a staggering $500 million stolen from them, with major banks failing to do enough to protect and compensate them.

It's deeply concerning that the big financial institutions have been described as 'variable and overall less mature' in the way they handle scams. The fact that the banks stopped only 13% of scam payments made by their customers and only two to five per cent of people scammed got their money back is simply not good enough.

For many victims, the aftermath of being scammed leaves them in dire financial straits. It's not fair that they are left to deal with the consequences alone without adequate support from their banks.

In the face of such staggering statistics, Rosemary has remained loyal to ANZ. She still holds hope that the bank will step up and help her recoup her losses. Having dedicated years of her life as both an employee and customer, she hopes the bank will step forward and assist her after this devastating financial blow.

It's a sentiment that many victims share - a little bit of compassion from their banks would go a long way.

Key Takeaways

• Rosemary, a loyal ANZ customer for over 50 years, fell victim to a scam that cost her entire life savings of $144,000.
• Tamara also struggled to get support from CommBank after a fraudster took off with $17,000 of her money, highlighting a lack of action and support from financial institutions.
• ASIC's report found that over 31,700 customers had more than $500 million stolen from them, with major banks not doing enough to protect and compensate them, leaving victims in dire financial situations.

It's high time that banks take responsibility for their role in protecting customers from scams and compensating those who have been defrauded. The financial security and peace of mind of their customers should be at the forefront of their priorities.

We want to emphasise the importance of being vigilant and proactive when it comes to fraud and scams. Stay informed, take note of any suspicious transactions or communications, and always contact your bank immediately when you suspect something may be amiss.

Remember, it's essential to verify information, especially when it comes to internet transactions and phone calls. If something doesn't feel right or sounds too good to be true, follow your instincts and take the time to do a little investigating.

​

We wish Rosemary and Tamara the best outcome possible, and we hope that their stories serve as a critical reminder to always be cautious with our hard-earned money. Stay safe and protect your savings, dear members – keep yourself informed by tuning in to the Scam Watch forum on the SDC website.

Have you ever had to deal with a financial institution after being scammed? How was your experience in trying to recover your losses? What advice would you give to other senior Australians to help protect them from falling victim to banking scams? Let us know in the comments!

Recently I received a cba debit card. When I went to activate, my details didn't match what had been used to open the account, apart from my licence details. I took card to bank, and spent hours in-branch and home trying to talk to their fraud department. When I eventually talked with, they couldn't care less. Then a few weeks later received a cba bank statement, in my name and address, for an account I had no knowledge of, that had about $20,000 from ATO deposited and withdrawn then closed. Again CBA couldn't care less.

 

[Kelpie]

Banks aren't Banks anymore, they are businesses that have lost the ability to use customers money to make money wisely enough to cover their costs and be able to pay interest, instead they just come up with different methods (sometimes fraudulent) to charge fees. LOOK AT THE PROFITS THEY MAKE EVERY YEAR. There needs to be a full enquiry into the whole financial industry

Couldn't agree with you more. And IMO they should look more closely in super funds as well.

 

[Jennie]

Exactly, all of these changes were not bought in for the customers benefit but for the bank's bottom line.
Thousands of people lost their jobs, you have to talk to machines.
The government should force the banks to repay losses as it is their systems that allow these scams to happen.If that were to happen maybe they would be a little more diligent in looking after our money.
Must admit my bank (Beyond) is very good, always wanting Sms verification of large sums etc.

I agree, Beyond would have to be the best bank there is.

 

[Bill MacL]

Couldn't agree with you more. And IMO they should look more closely in super funds as well.

They are already doing that, got a refund from Colonial First State and CBA. They didn't admit any wrong doing but it was all about FEES FOR UNECESSARY INSURANCE PAYMENTS that went back for a few years.

 

[Bill MacL]

Don't you just hate talking to robots.... KISS MY SHINY TIN BUTT.

 

[Kelpie]

If I went to ANZ bank and wanted to transfer money to another account or external account, I'm sure the teller wouldn't ask me questions about it. I'm not sure that's their job to question customer's money and what they do with it.
In my opinion, it's no good blaming the banks for an individual's personal decision to transfer their money into another person's account.

I don't agree with you. Try to transfer that amount of money into someome else account where you haven't been dealing with that person/account before and you will soon find out within a few seconds, from my Bank, that they will send you a security code and an email to ask you if it is correct.

They are already doing that, got a refund from Colonial First State and CBA. They didn't admit any wrong doing but it was all about FEES FOR UNECESSARY INSURANCE PAYMENTS that went back for a few years.

You are lucky.
I have been referred to AFCA but they haven't got the power to get into the Super Funds. All they can do, and so I have been told, is to go after the Broker of your funds and see if he failed in his job, If so, they will get the Broker to refund you for his fees for a certain amount of years. In the meantime the only recourse you haave is to go after the Super Fund and through the Federal Courts. Good luck with that.
That is what they play with knowing that you haven't got the funds and the resources to take them through the Federal Courts, let alone all the years in the meantime and the constant legal fees which are astronomical.
Hence why I gave up and lost a huge amount of money.

 

[Penny4]

I don't agree with you. Try to transfer that amount of money into someome else account where you haven't been dealing with that person/account before and you will soon find out within a few seconds, from my Bank, that they will send you a security code and an email to ask you if it is correct.

You are lucky.
I have been referred to AFCA but they haven't got the power to get into the Super Funds. All they can do, and so I have been told, is to go after the Broker of your funds and see if he failed in his job, If so, they will get the Broker to refund you for his fees for a certain amount of years. In the meantime the only recourse you haave is to go after the Super Fund and through the Federal Courts. Good luck with that.
That is what they play with knowing that you haven't got the funds and the resources to take them through the Federal Courts, let alone all the years in the meantime and the constant legal fees which are astronomical.
Hence why I gave up and lost a huge amount of money.

When I transfer money with my bank to an external account, I receive a text message with a security code before the transfer goes through. It's nothing to do if it's a new person or business account. The bank sends me a code only if it's not a small amount. It's giving you a pause to decide if you want to transfer or not. It's always the individual's choice to transfer their own money and press send.
We've received phone calls in the middle of night from the bank, informing us that someone is trying to tamper with our account and they have blocked it. However, that's a different scenario.
Not sure about Super Funds, but when we withdrawal any money from our super fund .... man that's super security tight.

 

[Kelpie]

When I transfer money with my bank to an external account, I receive a text message with a security code before the transfer goes through. It's nothing to do if it's a new person or business account. The bank sends me a code only if it's not a small amount. It's giving you a pause to decide if you want to transfer or not. It's always the individual's choice to transfer their own money and press send.
We've received phone calls in the middle of night from the bank, informing us that someone is trying to tamper with our account and they have blocked it. However, that's a different scenario.
Not sure about Super Funds, but when we withdrawal any money from our super fund .... man that's super security tight.

My Bank send/gives me a security codes for any amount, small or large if it is going to an account which I have never dealt or sent money to before.
If it is large amount, more than $5,000.00, then it will send me an email asking/warning me of that transaction even I have dealt or send money to before.

 

[Penny4]

My Bank send/gives me a security codes for any amount, small or large if it is going to an account which I have never dealt or sent money to before.
If it is large amount, more than $5,000.00, then it will send me an email asking/warning me of that transaction even I have dealt or send money to before.

Great!

 

[mylittletibbies]

Mine too (Beyond Bank)
Excellent bank, we switched to them about 8 years ago, smartest banking decision we ever made .

My Bank send/gives me a security codes for any amount, small or large if it is going to an account which I have never dealt or sent money to before.
If it is large amount, more than $5,000.00, then it will send me an email asking/warning me of that transaction even I have dealt or send money to before.