Don’t let them trick you! One retiree lost $140,000, but here’s how you can stay safe

Retiree ‘tricked’ out of $140,746 as more Aussies fall victim to scams

A Tasmanian retiree thought he had stumbled across a once-in-a-lifetime opportunity.

Instead, he lost the savings he had been putting aside to build a granny flat.


Now, his story serves as a warning to others as scammers continue to target Australians with increasingly sophisticated schemes.

It began when 69-year-old Peter Riseley came across what looked like a legitimate advert online.

The promotion claimed Prime Minister Anthony Albanese had invested $52 million into a new trading platform and encouraged everyday Australians to join.


1756695399774.png
Fake trading platform cost retiree $140,000. Image source: Pexels/cottonbro studio | Disclaimer: This is a stock image used for illustrative purposes only and does not depict the actual person, item, or event described.


Believing the offer was genuine, Riseley decided to take a chance with US$250.

He said the platform quickly showed results.

‘I only started with US$250, and they started trading on the platform with commodities, and I made $52 just overnight,’ Riseley told Yahoo Finance.

The fast returns helped convince him the scheme was real.

The scammers called him several times a day, always from different numbers.

Although he became suspicious, they assured him this was because they were part of a call centre.

They encouraged him to trust them—and to keep investing more of his money.


Riseley said the fraudsters told him that the Australian dollar was weakening against the US dollar.

They insisted he would make far more profit trading commodities through their system than by leaving his money in a bank account.

‘Then they encourage you to put more money in and exchange it into US dollars to trade on the commodities,’ he explained.

When he hit his bank’s $5,000 daily withdrawal limit, the scammers coached him on how to raise it.

‘When the bank security team questioned the increase, they coached me on what to say to them as well,’ he said.

This allowed them to siphon even more of his funds.


They also pressured him to download an app that gave them remote access to his device.

At one point, they transferred $40,000 directly from his bank account into the platform without him taking any action.

Within two months, Riseley had handed over $140,746.

He later filed a complaint with NAB and prepared a police report but said he had been unable to recover the money.

The funds had been intended to build a granny flat on his property—plans that have now been abandoned.

NAB’s Executive Group Investigations, Chris Sheehan, said the bank had been investing ‘heavily’ in scam prevention measures.


Scams don’t always come in the form of flashy investment platforms—sometimes they appear to be official messages from trusted institutions.

The same tactics of urgency and false authority are used to pressure people into clicking links or sharing personal details.

One recent case highlights how even Medicare and Centrelink are being impersonated in dangerous new schemes.

Read more: Centrelink and Medicare warn Australians of new data scam risk

Key Takeaways
  • A Tasmanian retiree lost $140,746 to an investment scam.
  • The scheme falsely claimed Anthony Albanese had backed the platform.
  • Scammers gained remote access to his device and coached him on bypassing bank security.
  • Despite reporting the crime, his money has not been recovered.

Losing hard-earned savings to a scam is devastating—but how many more Australians will fall into the same trap before stronger protections are in place?
 

Seniors Discount Club

Sponsored content

Info
Loading data . . .
like a siren the first thing was believing albo. why are people so gullible, or is it greedy?
 
Saw the ad this morning. Thought it had to be scam but unfortunately people are going to fall for it 😕
 
ALERT! SCAM! - no way would the prime minister of Australia be advocating an investment. Or any politician, if it comes to that. How can people be so gullible, with all the media trying to alert people to scams. Warning bells were caroling like a Carilion when the ad suggested Albo was involved!
 
like a siren the first thing was believing albo. why are people so gullible, or is it greedy?
Both: that’s what these vermin rely on. There’s always one!
 
If it seems to good to be true, it is too good to be true.
It seems that the quest for the holy grail of easy money over-rides the need for caution.
I am at a loss.
 
like a siren the first thing was believing albo. why are people so gullible, or is it greedy?
These fake endorsements have been around for a couple of years, "citing" such people as Sam Kerr, Larry Edmur, Natalie Barr and so on.

Albanese is just the latest and nothing to do with who he is.
 
  • Like
Reactions: Dynomite and PattiB
I researched some of these scams and traced a few back to a Russian petfood manufacturer.

Who would have thought?
 
  • Wow
Reactions: Dynomite and PattiB
When I saw this ad , I couldn’t believe any long term resident of Australia would fall for it, as the voice behind Mr Albanese’s picture had an American accent. It was so obviously fake, however someone who was new to the country or had a hearing defect, may have missed this.
 
  • Like
Reactions: Dynomite and PattiB
As much as I feel so very sorry for the mess it made of his finances. When are we going to check these to good to be true deals.
At 85 I might have been surprised that albonese even had that kind of money to invest. Red flag plus.
But would have done my due diligence.
 

Join the conversation

News, deals, games, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.

Seniors Discount Club

The SDC searches for the best deals, discounts, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.
  1. New members
  2. Jokes & fun
  3. Photography
  4. Nostalgia / Yesterday's Australia
  5. Food and Lifestyle
  6. Money Saving Hacks
  7. Offtopic / Everything else
  • We believe that retirement should be a time to relax and enjoy life, not worry about money. That's why we're here to help our members make the most of their retirement years. If you're over 60 and looking for ways to save money, connect with others, and have a laugh, we’d love to have you aboard.
  • Advertise with us

User Menu

Enjoyed Reading our Story?

  • Share this forum to your loved ones.
Change Weather Postcode×
Change Petrol Postcode×