Good morning, members.

Unfortunately, we have distressing news to report. An SDC member, who wishes to remain anonymous, has fallen victim to a horrible scam.

I've included their email below:

'My husband and I have lost $370,000 to financial fraud. We were investing in Australian treasury bonds with USB. This was untrue and we were frauded. Bank was ING, totally unhelpful in retrieving money and extremely slow to help. AFCA has determined the bank did nothing wrong, all be it slowly and awarded us $600 stress money (up to $5000 was available to be awarded).'

'Contacted local members and journalists and not one outreached to help. We are in our 70s with no hope.'

'I know there are many in the same position as us and it’s not only life-changing but also humiliating. I mistakingly thought the banks involved would have to help… '

Members, if you have any words of wisdom or advice to offer, it would be greatly appreciated.

I've included a link to some mental health hotlines here for anyone who needs support.

 

[MariaG]

If I had that kind of money available for investment, I would only go face to face with a provider that is known to me, local, is fully accredited, not a fly by nighter, and has a branch that I can go into so that disclaimers can be inspected and security actioned in the proper way.
I don't have that kind of money, so I guess it's a case of not knowing what it's like until it happens to you.
My every day bank, local branch (yes, they still have a branch), CBA, invited customers to attend a talk/presentation regarding scams and what to look out for. I took advantage of it and am very glad I did. There are things to look for and other things to avoid. It is somewhat of a minefield.
In a nutshell. If it's too good to be true, it usually is not true. If an email or SMS arrives asking for personal details, ignore it and go to your branch instead. Never respond to odd requests in any way.
The only issue I have with all banks is they are insistent on closing branches and placing more demands on Mr/Mrs/Ms average to go online for everything. In my mind, that is not always a good thing.
I find security in being able to walk into a branch and handle the paperwork, ask questions as I am reading things, and asking for more if I feel the need.
I am saddened that there are still people out there falling victim to these scum bags. It's a sad thing in today's society.

 

[Tervueren]

Remember MariaG

If I had that kind of money available for investment, I would only go face to face with a provider that is known to me, local, is fully accredited, not a fly by nighter, and has a branch that I can go into so that disclaimers can be inspected and security actioned in the proper way.
I don't have that kind of money, so I guess it's a case of not knowing what it's like until it happens to you.
My every day bank, local branch (yes, they still have a branch), CBA, invited customers to attend a talk/presentation regarding scams and what to look out for. I took advantage of it and am very glad I did. There are things to look for and other things to avoid. It is somewhat of a minefield.
In a nutshell. If it's too good to be true, it usually is not true. If an email or SMS arrives asking for personal details, ignore it and go to your branch instead. Never respond to odd requests in any way.
The only issue I have with all banks is they are insistent on closing branches and placing more demands on Mr/Mrs/Ms average to go online for everything. In my mind, that is not always a good thing.
I find security in being able to walk into a branch and handle the paperwork, ask questions as I am reading things, and asking for more if I feel the need.
I am saddened that there are still people out there falling victim to these scum bags. It's a sad thing in today's society.

Remember MariaG that it was the CBA Bank that scammed their OWN customers using their Financial Advisors to only recommend to customers to invest in businesses that paid the advisers HUGE commissions, including holidays and cash bonuses - several of the businesses went broke and CBA customers lost all of their money, some their entire life savings! This was brought to light in the Banking Royal Commission with many of their customers taking the Stand to report CBA and how they were conned out of their money.
The BRC showed how CBA Financial Advisors were only recommending investments to benefit themselves, not their customers. Beware - take Care, please.

Wonderful that they are trying to make good now - be it a bit late for many!

Independent Financial Advice is the only way to go now, so please be careful with the CBA, for your own good and that of your hard-earned money.

 

[MariaG]

Remember MariaG

Remember MariaG that it was the CBA Bank that scammed their OWN customers using their Financial Advisors to only recommend to customers to invest in businesses that paid the advisers HUGE commissions, including holidays and cash bonuses - several of the businesses went broke and CBA customers lost all of their money, some their entire life savings! This was brought to light in the Banking Royal Commission with many of their customers taking the Stand to report CBA and how they were conned out of their money.
The BRC showed how CBA Financial Advisors were only recommending investments to benefit themselves, not their customers. Beware - take Care, please.

Wonderful that they are trying to make good now - be it a bit late for many!

Independent Financial Advice is the only way to go now, so please be careful with the CBA, for your own good and that of your hard-earned money.

That's why I don't use financial advisers.
I decide what I want to do and go directly to a bank to get it done.
I don't like paying commissions to anyone who is handling my own money.
We don't have a lot of money but have found that keeping it simple and going with what we know has kept our funds safe.
I guess many are lured by the promise of greater rewards.

 

[Tervueren]

That's why I don't use financial advisers.
I decide what I want to do and go directly to a bank to get it done.
I don't like paying commissions to anyone who is handling my own money.
We don't have a lot of money but have found that keeping it simple and going with what we know has kept our funds safe.
I guess many are lured by the promise of greater rewards.

I was just trying to point out that you can not trust the Banks either! x