'I was so relieved': Westpac's latest feature keeps couple's savings safe from six-digit investment scam
- Replies 4
Disclaimer: The couple's last name was redacted for privacy purposes.
In an age where digital transactions are now the norm, the threat of sophisticated scams looms larger than ever.
It's a harsh reality that unscrupulous con artists target Australians.
However, there's a silver lining to this cautionary tale, as a couple discovered when they narrowly avoided a financial disaster thanks to a vigilant banking feature.
Ricky and Elaine* wanted to invest their savings wisely.
After selling their home, the couple sought to put their funds into what they believed were secure corporate bonds.
Their due diligence seemed thorough; they researched the company, Investment Gateway, and the man who claimed to be a reputable investor, Mark Edwards.
With the company listed on ASIC since 2003 and the bonds seemingly attached to the Commonwealth Bank, everything checked out—or so they thought.
The couple's nightmare began to unfold when they transferred a staggering $350,000 to the scammer, who had expertly masqueraded as a legitimate investment firm.
As Ricky was guided through the transfer process by 'Mr Edwards', Westpac's security measure, SaferPay, kicked in.
The feature, designed to protect customers from potential scams, places a 24-hour hold on flagged transfers, allowing time for further scrutiny and verification.
The bank's detailed questioning raised red flags, and Ricky's subsequent investigations revealed alarming inconsistencies.
The escrow company they were told to use was only established four days prior to the transaction.
The BSB number also led to an ANZ bank in Byron Bay.
The realisation hit hard—scammers almost took off with Ricky and Elaine's hard-earned money.
Despite Ricky's careful nature, the scammer's tactics almost succeeded.
'We called Westpac, and the lady on the end of the phone was so good and said, "The money is coming back into your account," and they would have called us if we hadn't called them,' Ricky shared.
'I was so relieved. I would have lost my money if it wasn't for that.'
Introduced last March, Westpac's SaferPay is an AI-powered security feature to combat scam tactics in online banking.
The bank previously prevented over $400 million in customer losses and hoped to save millions more with the relatively new tool.
Westpac's Head of Fraud Protection, Ben Young, emphasised the importance of SaferPay's capability to prevent customer losses.
'Through the series of questions asked as part of Westpac SaferPay's protocols, the transfer was flagged as a potential scam and put on hold,' Mr Young shared.
'Sophisticated investment scams are on the rise. Even savvy people who have done thorough research can lose hundreds of thousands of dollars to scammers.'
Mr Young advised on consulting with trusted friends, family, or experts before making significant financial decisions.
He also recommended checking with resources like moneysmart.gov.au to make sure the investments are legitimate.
Despite the successful intervention, the scammer dared to contact Ricky again, keeping his deceitful narrative.
Ricky left a piece of advice for anyone planning to invest their hard-earned money.
'Never send money to a company or person you've never met before. Meet them in the flesh like a bank manager or go into their offices,' he shared.
This cautionary episode served as a reminder to those considering investment opportunities.
Features like Westpac's SaferPay are invaluable tools in the fight against fraud.
Still, they work best when coupled with our vigilance and scepticism.
Have you encountered any Westpac SaferPay in one of your transactions? Share your thoughts and experiences with us in the comments below.
In an age where digital transactions are now the norm, the threat of sophisticated scams looms larger than ever.
It's a harsh reality that unscrupulous con artists target Australians.
However, there's a silver lining to this cautionary tale, as a couple discovered when they narrowly avoided a financial disaster thanks to a vigilant banking feature.
Ricky and Elaine* wanted to invest their savings wisely.
After selling their home, the couple sought to put their funds into what they believed were secure corporate bonds.
Their due diligence seemed thorough; they researched the company, Investment Gateway, and the man who claimed to be a reputable investor, Mark Edwards.
With the company listed on ASIC since 2003 and the bonds seemingly attached to the Commonwealth Bank, everything checked out—or so they thought.
Westpac's SaferPay prevented a scammer from taking a huge sum of money from a couple. Image Credit: Shutterstock/T. Schneider
The couple's nightmare began to unfold when they transferred a staggering $350,000 to the scammer, who had expertly masqueraded as a legitimate investment firm.
As Ricky was guided through the transfer process by 'Mr Edwards', Westpac's security measure, SaferPay, kicked in.
The feature, designed to protect customers from potential scams, places a 24-hour hold on flagged transfers, allowing time for further scrutiny and verification.
The bank's detailed questioning raised red flags, and Ricky's subsequent investigations revealed alarming inconsistencies.
The escrow company they were told to use was only established four days prior to the transaction.
The BSB number also led to an ANZ bank in Byron Bay.
The realisation hit hard—scammers almost took off with Ricky and Elaine's hard-earned money.
Despite Ricky's careful nature, the scammer's tactics almost succeeded.
'We called Westpac, and the lady on the end of the phone was so good and said, "The money is coming back into your account," and they would have called us if we hadn't called them,' Ricky shared.
'I was so relieved. I would have lost my money if it wasn't for that.'
Introduced last March, Westpac's SaferPay is an AI-powered security feature to combat scam tactics in online banking.
The bank previously prevented over $400 million in customer losses and hoped to save millions more with the relatively new tool.
Westpac's Head of Fraud Protection, Ben Young, emphasised the importance of SaferPay's capability to prevent customer losses.
'Through the series of questions asked as part of Westpac SaferPay's protocols, the transfer was flagged as a potential scam and put on hold,' Mr Young shared.
'Sophisticated investment scams are on the rise. Even savvy people who have done thorough research can lose hundreds of thousands of dollars to scammers.'
Mr Young advised on consulting with trusted friends, family, or experts before making significant financial decisions.
He also recommended checking with resources like moneysmart.gov.au to make sure the investments are legitimate.
Despite the successful intervention, the scammer dared to contact Ricky again, keeping his deceitful narrative.
Ricky left a piece of advice for anyone planning to invest their hard-earned money.
'Never send money to a company or person you've never met before. Meet them in the flesh like a bank manager or go into their offices,' he shared.
This cautionary episode served as a reminder to those considering investment opportunities.
Features like Westpac's SaferPay are invaluable tools in the fight against fraud.
Still, they work best when coupled with our vigilance and scepticism.
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