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.

 

[ToniaKisliakov]

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.

 

[ToniaKisliakov]

The person should go to the Financial Ombudsman who might help

 

[kerrikennel]

This is distressing, but why do people expect the banks to pay them back?

 

[Leenie]

This is distressing, but why do people expect the banks to pay them back?

Banks are supposed to protect your savings .

 

[Littleboy8]

Banks are supposed to protect your savings .

I got ripped off $5000.00 and the bank paid me back my money

 

[Trudi]

There is a waringin: https://www.australiangovernmentbonds.gov.au/

From ASIC:

• Financial institutions are not authorised to issue Treasury Bonds on behalf of the Australian Government.

 

[Squizzy1]

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.

Thank you for making this public, you have probably saved many from a similar fate. Unfortunately, this is not uncommon, and as such Banks and Govt, should have by now designed a means of dealing with these fraudsters, but it seems they have no interest of seeking justice. This is not the case in other jurisdictions where those scammed are fully reimbursed, and imo here, Bank profits come first. I know it doesn't help, but I am sorry for what you have had to endure.

 

[Squizzy1]

This is distressing, but why do people expect the banks to pay them back?

Because we are behind other jurisdictions such as the UK. "Banks in the UK are required to reimburse fraud victims who have been tricked into sending money to scammers under rules that will come into force next year, a regulator has confirmed1. The requirements for banks and other payment companies unveiled by the Payments Systems Regulator (PSR) are designed to ensure more consumers will get a refund if they fall victim to the phenomenon, known as authorised push payment fraud. APP scams happen when someone is tricked into making a payment to criminals posing as a legitimate organisation such as a bank". The more people who complain should prompt Govt. here to follow suit.

 

[rehandra]

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.

It is UBS....I went looking to find out a bit more about this and when I got to the UBS web site this came up as a warning.

Australia Fraud Alert​

We have been made aware of scams where unauthorised and unrelated persons purporting to be UBS personnel are approaching members of the public via calls, emails or social media channels to pitch for a fraudulent investment scheme, to obtain personal information, or to provide unauthorised payment confirmation. UBS would like to remind our clients and members of the public that our emails always come from addresses in the form of “@ubs.com” only. If you are unable to verify such persons’ identities and confirm their connection with UBS, please do not provide these individuals with your personal/corporate data or respond to any fund transfer request. Please do not open hyperlinks, attachments and QR codes from any unfamiliar sources. Please note that UBS Australia is servicing clients through its Investment Bank or Asset Management businesses – be wary of unsolicited contacts purporting to be UBS Wealth Management advisors.

What to do if you have become a victim of fraud
If you suspect you are a victim of fraud, please file a report with your local police.

• ASIC
• Phishing and Smishing
• Cybersafe
• ACCC ScamWatch

Tips to protect yourself against becoming a victim of fraud"

My question is: did this couple get involved in this by going throught the web site itself direct or by being contacted by email etc?

 

[Noon]

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.

When will people learn not to fall into these traps, you read & hear about it so much but silly people still do it. It's sad that it happens but you know if it sounds good then it's not

 

[Zemo]

I got ripped off $5000.00 and the bank paid me back my money

We were done for $30,000+ and our THEN bank offered us $9,000 because we were "long-time, trusted customers" (their words in quotes) as an implied take-it-or-leave-it exercise and possibly there would be no chance at all of recoupimg the money from overseas. Well, a bird in the hand ... you know the rest. A later email from them said that, because we had accepted their offer, we had no further claim on them and they had no further interest in our case.
Thanks, Westpac. It's nice to know you care.

 

[IAN3005]

Fortunately, I do not have any money for the scammer to be worried about.

 

[Ganny]

Fortunately, I do not have any money for the scammer to be worried about.

You are very lucky!

 

[Ganny]

When will people learn not to fall into these traps, you read & hear about it so much but silly people still do it. It's sad that it happens but you know if it sounds good then it's not

Same query I was asking myself ! Either ignorant or greed!

 

[Jest]

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.

i feel for this couple. I have been through identity fraud and I can assure you it is not pleasant.

 

[Leenie]

When will people learn not to fall into these traps, you read & hear about it so much but silly people still do it. It's sad that it happens but you know if it sounds good then it's not

People never learn until it’s too late.

 

[Leenie]

Same query I was asking myself ! Either ignorant or greed!

Usually greed..

 

[gordon1940]

Not enough information here. Who exactly was authorized to Invest the Funds? and how were they so Authorized?

 

[Tervueren]

With that much money to invest why did you not seek Professional advice from an Independent Financial Advisor? You obviously CAN afford to pay for this advice but now you have lost everything.
I feel very sorry for you and the loss of your life savings. Ignorance is never bliss but with that much at stake, I would have paid for professional help.