How one phone call saved someone from $1.2 million disaster—you could be next!
- Replies 7
Disclaimer: The names with asterisk (*) have been changed for privacy reasons.
In the digital age, where transactions are often just a click away, technology's convenience can sometimes lead to a false sense of security.
This was nearly the case for an Aussie, who came perilously close to losing a staggering $1.2 million in a sophisticated scam that preyed on his trust and the routine nature of online communications.
Peter Wright* was settling on a new property and was expecting an email from his conveyancer with payment details.
When he received the email asking him to transfer the funds, he didn't hesitate.
After all, it was a routine part of the property-buying process, and everything seemed to be in order.
Without a second thought, he contacted his bank to initiate the transfer on 24 October.
But Diane Zhou, a vigilant Westpac banker, sensed something was amiss.
It's not standard for bankers to verify client payment details, but Zhou's intuition told her to double-check.
Upon contacting the conveyancer, she discovered no such email had been sent.
‘I did call, and it turns out the conveyancer said she never sent out an email to the client,t and she couldn't find any emails sent from her inbox,’ Zhou recounted.
She immediately called Peter* to inform him of the potential scam.
‘He put down everything he was doing and started to panic a little bit, and then he was relieved,’ Zhou added.
‘What if we hadn't checked, or if we hadn't taken that extra step? This would have been a large mess.’
Zhou's proactive approach saved Peter* from what could have been the most significant financial loss of his life.
The email Peter* received was cleverly crafted to appear legitimate, with only minor errors that an unsuspecting victim could easily overlook.
‘(The email) was logical, but it wasn't that clear,’ she explained.
‘Usually conveyancers say to please call back and double-check the information is correct but this one doesn't say that.’
These subtle red flags were enough for Zhou to take action.
Ben Young, Westpac's Head of Fraud Prevention, warned that payment redirection scams are among the hardest to spot.
They often involve expected invoices or payment requests, making them incredibly deceptive.
According to Westpac data, these scams rank as the fifth most common and account for the second-highest financial losses over the past year, with victims losing an average of $27,500.
The close call Peter* experienced, and Diane Zhou's quick thinking are powerful reminders of the importance of vigilance in the face of increasingly sophisticated scams.
They both urge others to double-check payment details before transferring any money, no matter how routine the transaction may seem.
‘It definitely gave us something to think of, to be aware of the situation and how sophisticated the scams are nowadays,’ Zhou said.
How can you avoid falling for scams that seem normal? What steps can you take to protect yourself from sophisticated fraud attempts in everyday transactions? Share your thoughts and experiences in the comments below.
In the digital age, where transactions are often just a click away, technology's convenience can sometimes lead to a false sense of security.
This was nearly the case for an Aussie, who came perilously close to losing a staggering $1.2 million in a sophisticated scam that preyed on his trust and the routine nature of online communications.
Peter Wright* was settling on a new property and was expecting an email from his conveyancer with payment details.
When he received the email asking him to transfer the funds, he didn't hesitate.
Peter* nearly lost $1.2 million in a property settlement scam. Credit: iStock
After all, it was a routine part of the property-buying process, and everything seemed to be in order.
Without a second thought, he contacted his bank to initiate the transfer on 24 October.
But Diane Zhou, a vigilant Westpac banker, sensed something was amiss.
It's not standard for bankers to verify client payment details, but Zhou's intuition told her to double-check.
Upon contacting the conveyancer, she discovered no such email had been sent.
‘I did call, and it turns out the conveyancer said she never sent out an email to the client,t and she couldn't find any emails sent from her inbox,’ Zhou recounted.
She immediately called Peter* to inform him of the potential scam.
‘He put down everything he was doing and started to panic a little bit, and then he was relieved,’ Zhou added.
‘What if we hadn't checked, or if we hadn't taken that extra step? This would have been a large mess.’
Zhou's proactive approach saved Peter* from what could have been the most significant financial loss of his life.
The email Peter* received was cleverly crafted to appear legitimate, with only minor errors that an unsuspecting victim could easily overlook.
‘(The email) was logical, but it wasn't that clear,’ she explained.
‘Usually conveyancers say to please call back and double-check the information is correct but this one doesn't say that.’
These subtle red flags were enough for Zhou to take action.
Ben Young, Westpac's Head of Fraud Prevention, warned that payment redirection scams are among the hardest to spot.
They often involve expected invoices or payment requests, making them incredibly deceptive.
According to Westpac data, these scams rank as the fifth most common and account for the second-highest financial losses over the past year, with victims losing an average of $27,500.
The close call Peter* experienced, and Diane Zhou's quick thinking are powerful reminders of the importance of vigilance in the face of increasingly sophisticated scams.
They both urge others to double-check payment details before transferring any money, no matter how routine the transaction may seem.
‘It definitely gave us something to think of, to be aware of the situation and how sophisticated the scams are nowadays,’ Zhou said.
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