'I can't afford the stress': Woman recounts her lengthy attempt to fight off fake trading platform
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Disclaimer: The names in asterisks (*) were changed for privacy purposes.
In a world where technology has become a double-edged sword, convenient online transactions have often been shadowed by the lurking threat of cyber scams.
For many Australians, particularly those over 60, the digital age brought out the need to be ever-vigilant against fraudsters.
What happens when an elaborate scam leads to a complicated legal battle?
This was the reality for Queensland local Jasmine*.
The mum-of-five fell victim to a sophisticated cryptocurrency scam that cost her $200,000.
The scam, orchestrated by a fake trading platform IBC Exchange, had a compelling website complete with login credentials and a real-time stock market.
It was only after the money vanished that Jasmine realised she had been duped.
Determined to reclaim her money, Jasmine embarked on a quest for justice that would soon turn into a legal nightmare.
She managed to track down the 'money mule' involved with the scam—a local pawn that funnelled her money into overseas accounts.
Despite reporting the mule to the police and the Australian Cyber Security Centre, the authorities failed to take action.
This situation left Jasmine with no choice but to pursue a civil lawsuit.
The legal battle that ensued was fraught with missteps.
Jasmine's pro bono lawyer mistakenly filed incorrect paperwork.
This mistake allowed the scammer to countersue and demand Jasmine pay their legal fees, which added thousands more to her losses.
As the case grew more complex, her lawyer withdrew and left Jasmine to face a $7500 lawsuit on her own.
In a desperate search for help, Jasmine found another pro-bono lawyer willing to assist her.
Brisbane-based lawyer Amelia* advised Jasmine to withdraw the case due to its flawed legal premise.
The settlement that followed was a bitter pill to swallow.
The mule paid Jasmine $1800, and the legal fees were dropped.
However, the settlement was a far cry from the $200,000 Jasmine lost.
‘Amelia said “If you lose, you could land up paying the mule’s fees,”’ Jasmine lamented.
‘With my cancer coming back, I can’t afford the stress.’
The mule, who claimed to have been defrauded, faced no legal consequences despite suspicious transactions with large sums of money.
Jasmine's legal battle against the scammer should be a cautionary tale for all of us.
It highlighted the importance of being cautious with online investments and the difficulties in recovering lost funds.
It also underscored the need for legal systems to adapt to the changing landscape of cybercrime.
If you suspect a scam has targeted you, report it immediately to the proper authorities.
Reach out to the Australian Financial Complaints Authority (AFCA) for guidance on any financial disputes.
The SDC Forum also has Cybersecurity for Aussies over 60 modules available for reading.
Have you or someone you know been affected by a similar scam? What measures do you take to keep your finances safe? Join the conversation and share your experiences and insights with us in the comments section.
In a world where technology has become a double-edged sword, convenient online transactions have often been shadowed by the lurking threat of cyber scams.
For many Australians, particularly those over 60, the digital age brought out the need to be ever-vigilant against fraudsters.
What happens when an elaborate scam leads to a complicated legal battle?
This was the reality for Queensland local Jasmine*.
The mum-of-five fell victim to a sophisticated cryptocurrency scam that cost her $200,000.
The scam, orchestrated by a fake trading platform IBC Exchange, had a compelling website complete with login credentials and a real-time stock market.
It was only after the money vanished that Jasmine realised she had been duped.
Determined to reclaim her money, Jasmine embarked on a quest for justice that would soon turn into a legal nightmare.
She managed to track down the 'money mule' involved with the scam—a local pawn that funnelled her money into overseas accounts.
Despite reporting the mule to the police and the Australian Cyber Security Centre, the authorities failed to take action.
This situation left Jasmine with no choice but to pursue a civil lawsuit.
The legal battle that ensued was fraught with missteps.
Jasmine's pro bono lawyer mistakenly filed incorrect paperwork.
This mistake allowed the scammer to countersue and demand Jasmine pay their legal fees, which added thousands more to her losses.
As the case grew more complex, her lawyer withdrew and left Jasmine to face a $7500 lawsuit on her own.
In a desperate search for help, Jasmine found another pro-bono lawyer willing to assist her.
Brisbane-based lawyer Amelia* advised Jasmine to withdraw the case due to its flawed legal premise.
The settlement that followed was a bitter pill to swallow.
The mule paid Jasmine $1800, and the legal fees were dropped.
However, the settlement was a far cry from the $200,000 Jasmine lost.
‘Amelia said “If you lose, you could land up paying the mule’s fees,”’ Jasmine lamented.
‘With my cancer coming back, I can’t afford the stress.’
The mule, who claimed to have been defrauded, faced no legal consequences despite suspicious transactions with large sums of money.
Jasmine's legal battle against the scammer should be a cautionary tale for all of us.
It highlighted the importance of being cautious with online investments and the difficulties in recovering lost funds.
It also underscored the need for legal systems to adapt to the changing landscape of cybercrime.
If you suspect a scam has targeted you, report it immediately to the proper authorities.
Reach out to the Australian Financial Complaints Authority (AFCA) for guidance on any financial disputes.
The SDC Forum also has Cybersecurity for Aussies over 60 modules available for reading.
