At a time when scams are rampant, it's easy to become a victim if we're not careful.

This was, unfortunately, the case for 78-year-old Alex Shaw, who was targeted by ruthless scammers shortly before being diagnosed with dementia.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch.

Alex Shaw, a 78-year-old customer of ANZ, was a victim of a scam that cost him almost half-a-million dollars. Image sources: Shutterstock (left), Victor Shaw (right).

'Your dad has been the victim of a scam,' the ANZ staff member said.

Though Victor had no idea about the latest issue, the magnitude of the scam was clear.

'My dad hadn't shared this with me,' Victor said.

'Whether that was because he didn't want to bother me or because he was a bit confused about it, I'm not really sure.'

'I found out that he lost pretty much most of his life savings,' he added.

Almost half a million dollars had been stolen from Alex's account.

'It was just really awful trying to wrap my head around that and then go, “OK, what are we doing now?”' Alex shared.

He knew the chances of getting the money back were extremely slim—but he was determined to try his best anyway.

Out of the half-a-billion dollars’ worth of money lost due to scams at Australia’s big four banks in the year 2021-2022, only $21 million was reimbursed or compensated.

Victor knew he needed to understand how his father had been deceived and whether the bank had done enough to help prevent the incident.

However, it was getting harder to get a straight answer out of his dad as he had noticed the decline in mental faculties for several years now. Alex was diagnosed with dementia shortly after the scamming incident.

'Day to day, he's kind of fine,' Victor said.

'But that higher-level paperwork kind-of-stuff [like] managing finances… was just really beyond him. Getting the straight narrative as to what had happened… I couldn't really work it out.'

Victor didn't realise it at the time, but thanks to a long-held habit of taking notes, his father had created an informal paper trail of his interactions with the scammers.

Alex had meticulously noted down names and details of conversations with the strangers who had contacted him.

He noted being asked to purchase hundreds of dollars worth of Apple gift cards at the supermarket and to send the serial numbers to a caller in Thailand. He was also asked to transfer money into a cryptocurrency account and click on links that would give him grant money in return.

In his notes, he was also asked to download ‘AnyDesk', which Victor found out was software that can give scammers remote access to their victim’s devices.

ANZ’s fraud detection system suspended Alex’s account due to several suspicious transactions of money (between $10,000 and $25,000) being transferred to an unknown individual’s account.

However, the account was later reactivated as the scammers ‘coached’ Alex in asking ANZ to reactivate his account.

'Ask them to unlock my account. Do not mention AnyDesk,' read Alex’s notes on his conversation with the scammer who instructed him on what to say.

Victor filed a formal complaint with ANZ but was pessimistic about the outcome.

'They just said, “Look, we're going to try and recover it, normally we can get a little bit, but don't hold out too much hope,”' Victor shared.

To his surprise, however, the bank sent him a letter three months later letting him know they would reimburse the scam transactions.

'Following our review of this matter… ANZ recognises that it could have done more to support Mr Shaw given his history with scams,' the bank said.

'Considering Mr Shaw's vulnerability and the impact the scam has had on him, we will reimburse the scam transactions totalling $460,174.04.'

Victor was astonished and said: 'Every single person I've spoken to about this has been very surprised, and it was not what we were expecting at all.'

'We thought we might get a few thousand dollars back or something. But [it's an] incredible relief.'

'I was just completely blown away. Absolutely astonished.'

Dementia Australia, an advocacy group for Australians diagnosed with the condition, claimed that those diagnosed with dementia are more vulnerable to deception.

'The reason why, is that as people's dementia progresses they do lose the ability to assess risk and also to manage their financial affairs,' said Maree McCabe, the organisation's Chief Executive.

'It's really important that there are a trusted group of people that are supporting somebody living with dementia, and that they are aware of their vulnerabilities and ensure that they do everything they can to protect them.'

Since the incident, Victor has set up a power of attorney with ANZ to ensure Alex's finances are kept in order.

Victor is now sharing his dad's story in the hopes that it might help to alert others, especially those with family members who have the same condition, to the dangers of losing money to scammers.

Talking about money can be difficult, but having frank conversations about finances and security with your loved ones is important.

'As Australians, we don't like to talk about money—it's a bit of a private topic,' Victor said.

'But I think… it's really good to be having these conversations early and to be putting in place some of those mechanisms.'

Key Takeaways

• A 78-year-old man named Alex Shaw lost nearly half a million dollars to scammers and was later diagnosed with dementia.
  
• His son, Victor Shaw, discovered a paper trail of his Dad's interactions with the scammers, who manipulated him into purchasing gift cards, transfers into a cryptocurrency account, and installing remote access software 'AnyDesk', leading to a massive loss.
  
• After lodging a formal complaint with ANZ bank, Victor was immensely surprised when ANZ agreed to reimburse the scam transactions totalling $460,174.04, acknowledging their failure in doing more to support Mr Shaw, given his history with scams.
  
• Dementia Australia highlighted that people with dementia are particularly vulnerable to deception as they lose the ability to assess risk and manage financial affairs. As a result, they stress the importance of having trusted individuals support those living with dementia to ensure their protection.
  

If you or anyone you know experiences a bank-related scam, immediately call your bank for further support.

You may also report scams to the ACCC via the report a scam page to help forewarn others.

Members, what are your thoughts on this story? Let us know in the comments below!

 

[ToniaKisliakov]

At a time when scams are rampant, it's easy to become a victim if we're not careful.

This was, unfortunately, the case for 78-year-old Alex Shaw, who was targeted by ruthless scammers shortly before being diagnosed with dementia.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch.

View attachment 29602

Alex Shaw, a 78-year-old customer of ANZ, was a victim of a scam that cost him almost half-a-million dollars. Image sources: Shutterstock (left), Victor Shaw (right).

'Your dad has been the victim of a scam,' the ANZ staff member said.

Though Victor had no idea about the latest issue, the magnitude of the scam was clear.

'My dad hadn't shared this with me,' Victor said.

'Whether that was because he didn't want to bother me or because he was a bit confused about it, I'm not really sure.'

'I found out that he lost pretty much most of his life savings,' he added.

Almost half a million dollars had been stolen from Alex's account.

'It was just really awful trying to wrap my head around that and then go, “OK, what are we doing now?”' Alex shared.

He knew the chances of getting the money back were extremely slim—but he was determined to try his best anyway.

Out of the half-a-billion dollars’ worth of money lost due to scams at Australia’s big four banks in the year 2021-2022, only $21 million was reimbursed or compensated.

Victor knew he needed to understand how his father had been deceived and whether the bank had done enough to help prevent the incident.

However, it was getting harder to get a straight answer out of his dad as he had noticed the decline in mental faculties for several years now. Alex was diagnosed with dementia shortly after the scamming incident.

'Day to day, he's kind of fine,' Victor said.

'But that higher-level paperwork kind-of-stuff [like] managing finances… was just really beyond him. Getting the straight narrative as to what had happened… I couldn't really work it out.'

Victor didn't realise it at the time, but thanks to a long-held habit of taking notes, his father had created an informal paper trail of his interactions with the scammers.

Alex had meticulously noted down names and details of conversations with the strangers who had contacted him.

He noted being asked to purchase hundreds of dollars worth of Apple gift cards at the supermarket and to send the serial numbers to a caller in Thailand. He was also asked to transfer money into a cryptocurrency account and click on links that would give him grant money in return.

In his notes, he was also asked to download ‘AnyDesk', which Victor found out was software that can give scammers remote access to their victim’s devices.

ANZ’s fraud detection system suspended Alex’s account due to several suspicious transactions of money (between $10,000 and $25,000) being transferred to an unknown individual’s account.

However, the account was later reactivated as the scammers ‘coached’ Alex in asking ANZ to reactivate his account.

'Ask them to unlock my account. Do not mention AnyDesk,' read Alex’s notes on his conversation with the scammer who instructed him on what to say.

Victor filed a formal complaint with ANZ but was pessimistic about the outcome.

'They just said, “Look, we're going to try and recover it, normally we can get a little bit, but don't hold out too much hope,”' Victor shared.

To his surprise, however, the bank sent him a letter three months later letting him know they would reimburse the scam transactions.

'Following our review of this matter… ANZ recognises that it could have done more to support Mr Shaw given his history with scams,' the bank said.

'Considering Mr Shaw's vulnerability and the impact the scam has had on him, we will reimburse the scam transactions totalling $460,174.04.'

Victor was astonished and said: 'Every single person I've spoken to about this has been very surprised, and it was not what we were expecting at all.'

'We thought we might get a few thousand dollars back or something. But [it's an] incredible relief.'

'I was just completely blown away. Absolutely astonished.'

Dementia Australia, an advocacy group for Australians diagnosed with the condition, claimed that those diagnosed with dementia are more vulnerable to deception.

'The reason why, is that as people's dementia progresses they do lose the ability to assess risk and also to manage their financial affairs,' said Maree McCabe, the organisation's Chief Executive.

'It's really important that there are a trusted group of people that are supporting somebody living with dementia, and that they are aware of their vulnerabilities and ensure that they do everything they can to protect them.'

Since the incident, Victor has set up a power of attorney with ANZ to ensure Alex's finances are kept in order.

Victor is now sharing his dad's story in the hopes that it might help to alert others, especially those with family members who have the same condition, to the dangers of losing money to scammers.

Talking about money can be difficult, but having frank conversations about finances and security with your loved ones is important.

'As Australians, we don't like to talk about money—it's a bit of a private topic,' Victor said.

'But I think… it's really good to be having these conversations early and to be putting in place some of those mechanisms.'

Key Takeaways

• A 78-year-old man named Alex Shaw lost nearly half a million dollars to scammers and was later diagnosed with dementia.
• His son, Victor Shaw, discovered a paper trail of his Dad's interactions with the scammers, who manipulated him into purchasing gift cards, transfers into a cryptocurrency account, and installing remote access software 'AnyDesk', leading to a massive loss.
• After lodging a formal complaint with ANZ bank, Victor was immensely surprised when ANZ agreed to reimburse the scam transactions totalling $460,174.04, acknowledging their failure in doing more to support Mr Shaw, given his history with scams.
• Dementia Australia highlighted that people with dementia are particularly vulnerable to deception as they lose the ability to assess risk and manage financial affairs. As a result, they stress the importance of having trusted individuals support those living with dementia to ensure their protection.

If you or anyone you know experiences a bank-related scam, immediately call your bank for further support.

You may also report scams to the ACCC via the report a scam page to help forewarn others.

Members, what are your thoughts on this story? Let us know in the comments below!

 

[ToniaKisliakov]

Too typical of a govt which does not care and big business lack of security for all their customers
Scammers are allowed to get away with too much as govt does not care enough to protect Australians.

 

[Dennis]

At a time when scams are rampant, it's easy to become a victim if we're not careful.

This was, unfortunately, the case for 78-year-old Alex Shaw, who was targeted by ruthless scammers shortly before being diagnosed with dementia.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch.

View attachment 29602

Alex Shaw, a 78-year-old customer of ANZ, was a victim of a scam that cost him almost half-a-million dollars. Image sources: Shutterstock (left), Victor Shaw (right).

'Your dad has been the victim of a scam,' the ANZ staff member said.

Though Victor had no idea about the latest issue, the magnitude of the scam was clear.

'My dad hadn't shared this with me,' Victor said.

'Whether that was because he didn't want to bother me or because he was a bit confused about it, I'm not really sure.'

'I found out that he lost pretty much most of his life savings,' he added.

Almost half a million dollars had been stolen from Alex's account.

'It was just really awful trying to wrap my head around that and then go, “OK, what are we doing now?”' Alex shared.

He knew the chances of getting the money back were extremely slim—but he was determined to try his best anyway.

Out of the half-a-billion dollars’ worth of money lost due to scams at Australia’s big four banks in the year 2021-2022, only $21 million was reimbursed or compensated.

Victor knew he needed to understand how his father had been deceived and whether the bank had done enough to help prevent the incident.

However, it was getting harder to get a straight answer out of his dad as he had noticed the decline in mental faculties for several years now. Alex was diagnosed with dementia shortly after the scamming incident.

'Day to day, he's kind of fine,' Victor said.

'But that higher-level paperwork kind-of-stuff [like] managing finances… was just really beyond him. Getting the straight narrative as to what had happened… I couldn't really work it out.'

Victor didn't realise it at the time, but thanks to a long-held habit of taking notes, his father had created an informal paper trail of his interactions with the scammers.

Alex had meticulously noted down names and details of conversations with the strangers who had contacted him.

He noted being asked to purchase hundreds of dollars worth of Apple gift cards at the supermarket and to send the serial numbers to a caller in Thailand. He was also asked to transfer money into a cryptocurrency account and click on links that would give him grant money in return.

In his notes, he was also asked to download ‘AnyDesk', which Victor found out was software that can give scammers remote access to their victim’s devices.

ANZ’s fraud detection system suspended Alex’s account due to several suspicious transactions of money (between $10,000 and $25,000) being transferred to an unknown individual’s account.

However, the account was later reactivated as the scammers ‘coached’ Alex in asking ANZ to reactivate his account.

'Ask them to unlock my account. Do not mention AnyDesk,' read Alex’s notes on his conversation with the scammer who instructed him on what to say.

Victor filed a formal complaint with ANZ but was pessimistic about the outcome.

'They just said, “Look, we're going to try and recover it, normally we can get a little bit, but don't hold out too much hope,”' Victor shared.

To his surprise, however, the bank sent him a letter three months later letting him know they would reimburse the scam transactions.

'Following our review of this matter… ANZ recognises that it could have done more to support Mr Shaw given his history with scams,' the bank said.

'Considering Mr Shaw's vulnerability and the impact the scam has had on him, we will reimburse the scam transactions totalling $460,174.04.'

Victor was astonished and said: 'Every single person I've spoken to about this has been very surprised, and it was not what we were expecting at all.'

'We thought we might get a few thousand dollars back or something. But [it's an] incredible relief.'

'I was just completely blown away. Absolutely astonished.'

Dementia Australia, an advocacy group for Australians diagnosed with the condition, claimed that those diagnosed with dementia are more vulnerable to deception.

'The reason why, is that as people's dementia progresses they do lose the ability to assess risk and also to manage their financial affairs,' said Maree McCabe, the organisation's Chief Executive.

'It's really important that there are a trusted group of people that are supporting somebody living with dementia, and that they are aware of their vulnerabilities and ensure that they do everything they can to protect them.'

Since the incident, Victor has set up a power of attorney with ANZ to ensure Alex's finances are kept in order.

Victor is now sharing his dad's story in the hopes that it might help to alert others, especially those with family members who have the same condition, to the dangers of losing money to scammers.

Talking about money can be difficult, but having frank conversations about finances and security with your loved ones is important.

'As Australians, we don't like to talk about money—it's a bit of a private topic,' Victor said.

'But I think… it's really good to be having these conversations early and to be putting in place some of those mechanisms.'

Key Takeaways

• A 78-year-old man named Alex Shaw lost nearly half a million dollars to scammers and was later diagnosed with dementia.
• His son, Victor Shaw, discovered a paper trail of his Dad's interactions with the scammers, who manipulated him into purchasing gift cards, transfers into a cryptocurrency account, and installing remote access software 'AnyDesk', leading to a massive loss.
• After lodging a formal complaint with ANZ bank, Victor was immensely surprised when ANZ agreed to reimburse the scam transactions totalling $460,174.04, acknowledging their failure in doing more to support Mr Shaw, given his history with scams.
• Dementia Australia highlighted that people with dementia are particularly vulnerable to deception as they lose the ability to assess risk and manage financial affairs. As a result, they stress the importance of having trusted individuals support those living with dementia to ensure their protection.

If you or anyone you know experiences a bank-related scam, immediately call your bank for further support.

You may also report scams to the ACCC via the report a scam page to help forewarn others.

Members, what are your thoughts on this story? Let us know in the comments below!

I have made my eldest son in Canberra My Power of Attorney I have given him my permission to link his computer to mine and my bank account thus he keeps an eye on all my transactions, being 94 It is so easy to make mistakes in these days' technologies.

 

[AlanQ]

good to hear the bank has refunded this mans money, but equally, everything he did would be all but impossible to pick up on. Maybe, banks need to implement a limit on transactions and anything outside that limit then requires the account holder to be also held to account for their actions. Far too many people playing the scammed card but when you drill down they did everything that they're told not to do. ie click on links to sms messages. The son of this man also should have had far more control of his father's daily dealings, but that then start the 'my money, my rights' choirs. How the hell to you stop family members also taking advantage of people in similar situations. There are so many greedy and entitled people out there that will take advantage.

 

[Littleboy8]

At a time when scams are rampant, it's easy to become a victim if we're not careful.

This was, unfortunately, the case for 78-year-old Alex Shaw, who was targeted by ruthless scammers shortly before being diagnosed with dementia.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch.

View attachment 29602

Alex Shaw, a 78-year-old customer of ANZ, was a victim of a scam that cost him almost half-a-million dollars. Image sources: Shutterstock (left), Victor Shaw (right).

'Your dad has been the victim of a scam,' the ANZ staff member said.

Though Victor had no idea about the latest issue, the magnitude of the scam was clear.

'My dad hadn't shared this with me,' Victor said.

'Whether that was because he didn't want to bother me or because he was a bit confused about it, I'm not really sure.'

'I found out that he lost pretty much most of his life savings,' he added.

Almost half a million dollars had been stolen from Alex's account.

'It was just really awful trying to wrap my head around that and then go, “OK, what are we doing now?”' Alex shared.

He knew the chances of getting the money back were extremely slim—but he was determined to try his best anyway.

Out of the half-a-billion dollars’ worth of money lost due to scams at Australia’s big four banks in the year 2021-2022, only $21 million was reimbursed or compensated.

Victor knew he needed to understand how his father had been deceived and whether the bank had done enough to help prevent the incident.

However, it was getting harder to get a straight answer out of his dad as he had noticed the decline in mental faculties for several years now. Alex was diagnosed with dementia shortly after the scamming incident.

'Day to day, he's kind of fine,' Victor said.

'But that higher-level paperwork kind-of-stuff [like] managing finances… was just really beyond him. Getting the straight narrative as to what had happened… I couldn't really work it out.'

Victor didn't realise it at the time, but thanks to a long-held habit of taking notes, his father had created an informal paper trail of his interactions with the scammers.

Alex had meticulously noted down names and details of conversations with the strangers who had contacted him.

He noted being asked to purchase hundreds of dollars worth of Apple gift cards at the supermarket and to send the serial numbers to a caller in Thailand. He was also asked to transfer money into a cryptocurrency account and click on links that would give him grant money in return.

In his notes, he was also asked to download ‘AnyDesk', which Victor found out was software that can give scammers remote access to their victim’s devices.

ANZ’s fraud detection system suspended Alex’s account due to several suspicious transactions of money (between $10,000 and $25,000) being transferred to an unknown individual’s account.

However, the account was later reactivated as the scammers ‘coached’ Alex in asking ANZ to reactivate his account.

'Ask them to unlock my account. Do not mention AnyDesk,' read Alex’s notes on his conversation with the scammer who instructed him on what to say.

Victor filed a formal complaint with ANZ but was pessimistic about the outcome.

'They just said, “Look, we're going to try and recover it, normally we can get a little bit, but don't hold out too much hope,”' Victor shared.

To his surprise, however, the bank sent him a letter three months later letting him know they would reimburse the scam transactions.

'Following our review of this matter… ANZ recognises that it could have done more to support Mr Shaw given his history with scams,' the bank said.

'Considering Mr Shaw's vulnerability and the impact the scam has had on him, we will reimburse the scam transactions totalling $460,174.04.'

Victor was astonished and said: 'Every single person I've spoken to about this has been very surprised, and it was not what we were expecting at all.'

'We thought we might get a few thousand dollars back or something. But [it's an] incredible relief.'

'I was just completely blown away. Absolutely astonished.'

Dementia Australia, an advocacy group for Australians diagnosed with the condition, claimed that those diagnosed with dementia are more vulnerable to deception.

'The reason why, is that as people's dementia progresses they do lose the ability to assess risk and also to manage their financial affairs,' said Maree McCabe, the organisation's Chief Executive.

'It's really important that there are a trusted group of people that are supporting somebody living with dementia, and that they are aware of their vulnerabilities and ensure that they do everything they can to protect them.'

Since the incident, Victor has set up a power of attorney with ANZ to ensure Alex's finances are kept in order.

Victor is now sharing his dad's story in the hopes that it might help to alert others, especially those with family members who have the same condition, to the dangers of losing money to scammers.

Talking about money can be difficult, but having frank conversations about finances and security with your loved ones is important.

'As Australians, we don't like to talk about money—it's a bit of a private topic,' Victor said.

'But I think… it's really good to be having these conversations early and to be putting in place some of those mechanisms.'

Key Takeaways

• A 78-year-old man named Alex Shaw lost nearly half a million dollars to scammers and was later diagnosed with dementia.
• His son, Victor Shaw, discovered a paper trail of his Dad's interactions with the scammers, who manipulated him into purchasing gift cards, transfers into a cryptocurrency account, and installing remote access software 'AnyDesk', leading to a massive loss.
• After lodging a formal complaint with ANZ bank, Victor was immensely surprised when ANZ agreed to reimburse the scam transactions totalling $460,174.04, acknowledging their failure in doing more to support Mr Shaw, given his history with scams.
• Dementia Australia highlighted that people with dementia are particularly vulnerable to deception as they lose the ability to assess risk and manage financial affairs. As a result, they stress the importance of having trusted individuals support those living with dementia to ensure their protection.

If you or anyone you know experiences a bank-related scam, immediately call your bank for further support.

You may also report scams to the ACCC via the report a scam page to help forewarn others.

Members, what are your thoughts on this story? Let us know in the comments below!

That’s a terrible story glad they got there money back

 

[Jest]

At a time when scams are rampant, it's easy to become a victim if we're not careful.

This was, unfortunately, the case for 78-year-old Alex Shaw, who was targeted by ruthless scammers shortly before being diagnosed with dementia.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch.

View attachment 29602

Alex Shaw, a 78-year-old customer of ANZ, was a victim of a scam that cost him almost half-a-million dollars. Image sources: Shutterstock (left), Victor Shaw (right).

'Your dad has been the victim of a scam,' the ANZ staff member said.

Though Victor had no idea about the latest issue, the magnitude of the scam was clear.

'My dad hadn't shared this with me,' Victor said.

'Whether that was because he didn't want to bother me or because he was a bit confused about it, I'm not really sure.'

'I found out that he lost pretty much most of his life savings,' he added.

Almost half a million dollars had been stolen from Alex's account.

'It was just really awful trying to wrap my head around that and then go, “OK, what are we doing now?”' Alex shared.

He knew the chances of getting the money back were extremely slim—but he was determined to try his best anyway.

Out of the half-a-billion dollars’ worth of money lost due to scams at Australia’s big four banks in the year 2021-2022, only $21 million was reimbursed or compensated.

Victor knew he needed to understand how his father had been deceived and whether the bank had done enough to help prevent the incident.

However, it was getting harder to get a straight answer out of his dad as he had noticed the decline in mental faculties for several years now. Alex was diagnosed with dementia shortly after the scamming incident.

'Day to day, he's kind of fine,' Victor said.

'But that higher-level paperwork kind-of-stuff [like] managing finances… was just really beyond him. Getting the straight narrative as to what had happened… I couldn't really work it out.'

Victor didn't realise it at the time, but thanks to a long-held habit of taking notes, his father had created an informal paper trail of his interactions with the scammers.

Alex had meticulously noted down names and details of conversations with the strangers who had contacted him.

He noted being asked to purchase hundreds of dollars worth of Apple gift cards at the supermarket and to send the serial numbers to a caller in Thailand. He was also asked to transfer money into a cryptocurrency account and click on links that would give him grant money in return.

In his notes, he was also asked to download ‘AnyDesk', which Victor found out was software that can give scammers remote access to their victim’s devices.

ANZ’s fraud detection system suspended Alex’s account due to several suspicious transactions of money (between $10,000 and $25,000) being transferred to an unknown individual’s account.

However, the account was later reactivated as the scammers ‘coached’ Alex in asking ANZ to reactivate his account.

'Ask them to unlock my account. Do not mention AnyDesk,' read Alex’s notes on his conversation with the scammer who instructed him on what to say.

Victor filed a formal complaint with ANZ but was pessimistic about the outcome.

'They just said, “Look, we're going to try and recover it, normally we can get a little bit, but don't hold out too much hope,”' Victor shared.

To his surprise, however, the bank sent him a letter three months later letting him know they would reimburse the scam transactions.

'Following our review of this matter… ANZ recognises that it could have done more to support Mr Shaw given his history with scams,' the bank said.

'Considering Mr Shaw's vulnerability and the impact the scam has had on him, we will reimburse the scam transactions totalling $460,174.04.'

Victor was astonished and said: 'Every single person I've spoken to about this has been very surprised, and it was not what we were expecting at all.'

'We thought we might get a few thousand dollars back or something. But [it's an] incredible relief.'

'I was just completely blown away. Absolutely astonished.'

Dementia Australia, an advocacy group for Australians diagnosed with the condition, claimed that those diagnosed with dementia are more vulnerable to deception.

'The reason why, is that as people's dementia progresses they do lose the ability to assess risk and also to manage their financial affairs,' said Maree McCabe, the organisation's Chief Executive.

'It's really important that there are a trusted group of people that are supporting somebody living with dementia, and that they are aware of their vulnerabilities and ensure that they do everything they can to protect them.'

Since the incident, Victor has set up a power of attorney with ANZ to ensure Alex's finances are kept in order.

Victor is now sharing his dad's story in the hopes that it might help to alert others, especially those with family members who have the same condition, to the dangers of losing money to scammers.

Talking about money can be difficult, but having frank conversations about finances and security with your loved ones is important.

'As Australians, we don't like to talk about money—it's a bit of a private topic,' Victor said.

'But I think… it's really good to be having these conversations early and to be putting in place some of those mechanisms.'

Key Takeaways

• A 78-year-old man named Alex Shaw lost nearly half a million dollars to scammers and was later diagnosed with dementia.
• His son, Victor Shaw, discovered a paper trail of his Dad's interactions with the scammers, who manipulated him into purchasing gift cards, transfers into a cryptocurrency account, and installing remote access software 'AnyDesk', leading to a massive loss.
• After lodging a formal complaint with ANZ bank, Victor was immensely surprised when ANZ agreed to reimburse the scam transactions totalling $460,174.04, acknowledging their failure in doing more to support Mr Shaw, given his history with scams.
• Dementia Australia highlighted that people with dementia are particularly vulnerable to deception as they lose the ability to assess risk and manage financial affairs. As a result, they stress the importance of having trusted individuals support those living with dementia to ensure their protection.

If you or anyone you know experiences a bank-related scam, immediately call your bank for further support.

You may also report scams to the ACCC via the report a scam page to help forewarn others.

Members, what are your thoughts on this story? Let us know in the comments below!

reading this shows what scumbags breathe. maybe, hard as it would be, take the computer off and leave a mobile just for interacting with family. This is a hard one and I feel for the man and son.

 

[Jest]

Too typical of a govt which does not care and big business lack of security for all their customers
Scammers are allowed to get away with too much as govt does not care enough to protect Australians.

you cannot blame the government for someones inability to do the correct thing. ie hang up, do not answer, do not interact. remember he was diagnosed after the fact.

 

[Veronica McDonald]

At a time when scams are rampant, it's easy to become a victim if we're not careful.

This was, unfortunately, the case for 78-year-old Alex Shaw, who was targeted by ruthless scammers shortly before being diagnosed with dementia.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch.

View attachment 29602

Alex Shaw, a 78-year-old customer of ANZ, was a victim of a scam that cost him almost half-a-million dollars. Image sources: Shutterstock (left), Victor Shaw (right).

'Your dad has been the victim of a scam,' the ANZ staff member said.

Though Victor had no idea about the latest issue, the magnitude of the scam was clear.

'My dad hadn't shared this with me,' Victor said.

'Whether that was because he didn't want to bother me or because he was a bit confused about it, I'm not really sure.'

'I found out that he lost pretty much most of his life savings,' he added.

Almost half a million dollars had been stolen from Alex's account.

'It was just really awful trying to wrap my head around that and then go, “OK, what are we doing now?”' Alex shared.

He knew the chances of getting the money back were extremely slim—but he was determined to try his best anyway.

Out of the half-a-billion dollars’ worth of money lost due to scams at Australia’s big four banks in the year 2021-2022, only $21 million was reimbursed or compensated.

Victor knew he needed to understand how his father had been deceived and whether the bank had done enough to help prevent the incident.

However, it was getting harder to get a straight answer out of his dad as he had noticed the decline in mental faculties for several years now. Alex was diagnosed with dementia shortly after the scamming incident.

'Day to day, he's kind of fine,' Victor said.

'But that higher-level paperwork kind-of-stuff [like] managing finances… was just really beyond him. Getting the straight narrative as to what had happened… I couldn't really work it out.'

Victor didn't realise it at the time, but thanks to a long-held habit of taking notes, his father had created an informal paper trail of his interactions with the scammers.

Alex had meticulously noted down names and details of conversations with the strangers who had contacted him.

He noted being asked to purchase hundreds of dollars worth of Apple gift cards at the supermarket and to send the serial numbers to a caller in Thailand. He was also asked to transfer money into a cryptocurrency account and click on links that would give him grant money in return.

In his notes, he was also asked to download ‘AnyDesk', which Victor found out was software that can give scammers remote access to their victim’s devices.

ANZ’s fraud detection system suspended Alex’s account due to several suspicious transactions of money (between $10,000 and $25,000) being transferred to an unknown individual’s account.

However, the account was later reactivated as the scammers ‘coached’ Alex in asking ANZ to reactivate his account.

'Ask them to unlock my account. Do not mention AnyDesk,' read Alex’s notes on his conversation with the scammer who instructed him on what to say.

Victor filed a formal complaint with ANZ but was pessimistic about the outcome.

'They just said, “Look, we're going to try and recover it, normally we can get a little bit, but don't hold out too much hope,”' Victor shared.

To his surprise, however, the bank sent him a letter three months later letting him know they would reimburse the scam transactions.

'Following our review of this matter… ANZ recognises that it could have done more to support Mr Shaw given his history with scams,' the bank said.

'Considering Mr Shaw's vulnerability and the impact the scam has had on him, we will reimburse the scam transactions totalling $460,174.04.'

Victor was astonished and said: 'Every single person I've spoken to about this has been very surprised, and it was not what we were expecting at all.'

'We thought we might get a few thousand dollars back or something. But [it's an] incredible relief.'

'I was just completely blown away. Absolutely astonished.'

Dementia Australia, an advocacy group for Australians diagnosed with the condition, claimed that those diagnosed with dementia are more vulnerable to deception.

'The reason why, is that as people's dementia progresses they do lose the ability to assess risk and also to manage their financial affairs,' said Maree McCabe, the organisation's Chief Executive.

'It's really important that there are a trusted group of people that are supporting somebody living with dementia, and that they are aware of their vulnerabilities and ensure that they do everything they can to protect them.'

Since the incident, Victor has set up a power of attorney with ANZ to ensure Alex's finances are kept in order.

Victor is now sharing his dad's story in the hopes that it might help to alert others, especially those with family members who have the same condition, to the dangers of losing money to scammers.

Talking about money can be difficult, but having frank conversations about finances and security with your loved ones is important.

'As Australians, we don't like to talk about money—it's a bit of a private topic,' Victor said.

'But I think… it's really good to be having these conversations early and to be putting in place some of those mechanisms.'

Key Takeaways

• A 78-year-old man named Alex Shaw lost nearly half a million dollars to scammers and was later diagnosed with dementia.
• His son, Victor Shaw, discovered a paper trail of his Dad's interactions with the scammers, who manipulated him into purchasing gift cards, transfers into a cryptocurrency account, and installing remote access software 'AnyDesk', leading to a massive loss.
• After lodging a formal complaint with ANZ bank, Victor was immensely surprised when ANZ agreed to reimburse the scam transactions totalling $460,174.04, acknowledging their failure in doing more to support Mr Shaw, given his history with scams.
• Dementia Australia highlighted that people with dementia are particularly vulnerable to deception as they lose the ability to assess risk and manage financial affairs. As a result, they stress the importance of having trusted individuals support those living with dementia to ensure their protection.

If you or anyone you know experiences a bank-related scam, immediately call your bank for further support.

You may also report scams to the ACCC via the report a scam page to help forewarn others.

Members, what are your thoughts on this story? Let us know in the comments below!

I think the son should have been more involved in his father’s affairs. Like ask questions when he visited him. To have money stolen like this is the worst thing ever. I personally know what it’s like to have money stolen from an account. This story makes us that are of sound mind to watch your bank statements.

 

[Littleboy8]

you cannot blame the government for someones inability to do the correct thing. ie hang up, do not answer, do not interact. remember he was diagnosed after the fact.

Yeah but he probably had pre dementia before the scam and wasn’t showing any symptoms. Affects everybody differently don’t forget

 

[Macarj]

I'm also with ANZ very happy with the ANZ they have notified me a number of times over the years with dodgy withdrawal attempts

 

[Sheenagh]

I have absolute zero confidence that the ANZ give 20cents worth of care for any of their customers. They are only interested in how they can make money for their shareholders or CEO. Their biggest investment is in housing loans for which they get a minimum of 2 1/2 times back what was borrowed. They are saving money on closing branches (no more lease payments/outgoings on the buildings), retrenching staff (saving hundreds of thousands of $'s not paying wages/super/workcover/bonuses/leave entitlements). They would rather push elderly customers out onto the streets to visit ATM's which carries a huge personal risk to the customer but guess what, the ANZ doesnt have to pay if anything happens to that person. I will stand by my absolute belief that NO, NOT ONE, CEO in this Country is worth millions but boards have been bullied into signing contracts for these guys. Lets now look at Qantas.........................................

 

[gordon1940]

Too typical of a govt which does not care and big business lack of security for all their customers
Scammers are allowed to get away with too much as govt does not care enough to protect Australians.

It is very difficult to protect people from themselves. I thought ANZ did well.

 

[Ezzy]

Extremely lucky gent. ANZ admitted they should have done more to protect him too. Perhaps, in a small way, refunding the total of the money lost was their admission of guilt?