We have all heard horror stories about scams, but this latest one is taking the cake. Three real estate and settlement agents have lost more than $100,000 between them after scammers called them, pretending to be from one of the big four banks.

In each case, the scammers knew exactly how much the recent payment was for, and told the victims they needed a special code to be sent to their phone in order to unlock the account, while instead, they used the code to withdraw funds from the trust account.

Three shocking cases have emerged where unsuspecting individuals fell victim to real estate and settlement scams, resulting in a collective loss exceeding $100,000. Image by Squirrel_photos from Pixabay

The victims have been left feeling angry and humiliated—their hard-earned money gone in the blink of an eye. Western Australia’s Commissioner for Consumer Protection Trish Blake said ‘it’s disturbing how realistic the scam appeared to be, and is urging consumers and businesses to be vigilant.’

'If you receive a call from your bank, no matter how legitimate they may seem, never give out personal details or access codes over the phone,' Ms Blake said. 'The best thing to do is hang up and call your bank back from a known number such as the one on their website or a bank statement. Always assume you are talking to a scammer.'

NAB have implemented a new system to send real-time, personalised messages to customers performing out-of-character transactions in the NAB online banking and smartphone app. Ms Blake also recommended consumers set up two-factor authentication on their bank accounts which makes it much harder for scammers to access.

Warning Signs Of Real Estate Scams​

• Payment Methods:
  • Requests for wire transfers or cash payments instead of cheques or non-cash methods.
  • Legitimate real estate transactions should involve cheques or other non-cash payment methods.
• Rushed Purchase:
  • Be cautious if a seller attempts to rush you into making a purchase.
  • They may be in a hurry to take advantage of you or steal from you.
• Bypassing Legal Assistance:
  • Be careful of anyone who suggests bypassing the services of a lawyer.
  • It's wise to have a legal professional assist you with any transactions for guidance and protection.
• Unrealistic Deals:
  • If something appears too good to be true, it likely is.
  • Unusual deals or unrealistic discounts could be a sign of a scam.

Key Takeaways

• Real estate scams have cost companies over $100,000, with scammers pretending to be from major banks.
• Three real estate and settlement agents were victimised, losing a large sum of money due to these scams.
• Western Australia’s Commissioner for Consumer Protection, Trish Blake, urges consumers and businesses to be vigilant and always confirm the legitimacy of any calls from banks.
• It is recommended for consumers to set up two-factor authentication on their bank accounts to make it more difficult for scammers to gain access.

This story serves as a reminder of the importance of maintaining our financial security. Let's remain vigilant and ensure that we prioritise our safety. Spread the word to your friends and family about the need to stay cautious and avoid answering calls from unfamiliar numbers.

If you or someone you know has fallen victim to a scam or encountered suspicious behaviour, it is crucial to report it. Contact Scamwatch here or visit their website to share your experience and help prevent others from becoming targets.

By actively participating and doing our part, we can collectively contribute to the safety and well-being of our community. Members, what are some effective strategies or practices you follow to safeguard yourself against scams and maintain your financial security? Share your tips and insights to help others stay safe!

 

[Catherines]

Not again, is all I have to say.

 

[Bill MacL]

That's a good one, real estate agents getting conned, they make sh--loads of money, up there with dentists and politicians.

 

[ausbear]

Cheques will soon be redundant, so be extra careful folks!

 

[rehandra]

We have all heard horror stories about scams, but this latest one is taking the cake. Three real estate and settlement agents have lost more than $100,000 between them after scammers called them, pretending to be from one of the big four banks.

In each case, the scammers knew exactly how much the recent payment was for, and told the victims they needed a special code to be sent to their phone in order to unlock the account, while instead, they used the code to withdraw funds from the trust account.

View attachment 21523

Three shocking cases have emerged where unsuspecting individuals fell victim to real estate and settlement scams, resulting in a collective loss exceeding $100,000. Image by Squirrel_photos from Pixabay

The victims have been left feeling angry and humiliated—their hard-earned money gone in the blink of an eye. Western Australia’s Commissioner for Consumer Protection Trish Blake said ‘it’s disturbing how realistic the scam appeared to be, and is urging consumers and businesses to be vigilant.’

'If you receive a call from your bank, no matter how legitimate they may seem, never give out personal details or access codes over the phone,' Ms Blake said. 'The best thing to do is hang up and call your bank back from a known number such as the one on their website or a bank statement. Always assume you are talking to a scammer.'

NAB have implemented a new system to send real-time, personalised messages to customers performing out-of-character transactions in the NAB online banking and smartphone app. Ms Blake also recommended consumers set up two-factor authentication on their bank accounts which makes it much harder for scammers to access.

Warning Signs Of Real Estate Scams​

• Payment Methods:
  • Requests for wire transfers or cash payments instead of cheques or non-cash methods.
  • Legitimate real estate transactions should involve cheques or other non-cash payment methods.
• Rushed Purchase:
  • Be cautious if a seller attempts to rush you into making a purchase.
  • They may be in a hurry to take advantage of you or steal from you.
• Bypassing Legal Assistance:
  • Be careful of anyone who suggests bypassing the services of a lawyer.
  • It's wise to have a legal professional assist you with any transactions for guidance and protection.
• Unrealistic Deals:
  • If something appears too good to be true, it likely is.
  • Unusual deals or unrealistic discounts could be a sign of a scam.

Key Takeaways

• Real estate scams have cost companies over $100,000, with scammers pretending to be from major banks.
• Three real estate and settlement agents were victimised, losing a large sum of money due to these scams.
• Western Australia’s Commissioner for Consumer Protection, Trish Blake, urges consumers and businesses to be vigilant and always confirm the legitimacy of any calls from banks.
• It is recommended for consumers to set up two-factor authentication on their bank accounts to make it more difficult for scammers to gain access.

This story serves as a reminder of the importance of maintaining our financial security. Let's remain vigilant and ensure that we prioritise our safety. Spread the word to your friends and family about the need to stay cautious and avoid answering calls from unfamiliar numbers.

If you or someone you know has fallen victim to a scam or encountered suspicious behaviour, it is crucial to report it. Contact Scamwatch here or visit their website to share your experience and help prevent others from becoming targets.

By actively participating and doing our part, we can collectively contribute to the safety and well-being of our community. Members, what are some effective strategies or practices you follow to safeguard yourself against scams and maintain your financial security? Share your tips and insights to help others stay safe!

'If you receive a call from your bank, no matter how legitimate they may seem, never give out personal details or access codes over the phone,' Ms Blake said. 'The best thing to do is hang up and call your bank back from a known number such as the one on their website or a bank statement. Always assume you are talking to a scammer.' This is what I do every time. I recently received a call from bankwest wanting to discuss my term deposit. This WAS a legitimate call but I said to the lady "sorry, you may be legit but I am now hanging up and will ring the bank myself as there are too many scams around." She totally understood and I did get back to her even though it took time to do so but at least I knew it was not a scam.

 

[Mars]

I've been getting a lot of phone calls from Charities Lately some I've never heard of one of them is Fly Air Also a private Health insurance and Green Peace, also others. They are not over seas calls, and the people are well spoken. I do not know if these are scams or not. some even ring after 630pm.

 

[rehandra]

I've been getting a lot of phone calls from Charities Lately some I've never heard of one of them is Fly Air Also a private Health insurance and Green Peace, also others. They are not over seas calls, and the people are well spoken. I do not know if these are scams or not. some even ring after 630pm.

Mars, the thing is they will all be wanting money and the last thing you want to do is give out your credit card number to people you do not know. Best just to say thank you for the call but Iam hanging up. This happened to me yesterday someone saying they were from Microsoft.

 

[KSS]

I've been getting a lot of phone calls from Charities Lately some I've never heard of one of them is Fly Air Also a private Health insurance and Green Peace, also others. They are not over seas calls, and the people are well spoken. I do not know if these are scams or not. some even ring after 630pm.

Charities and political parties are exempt from "do not call" registers and so are likely to call at any time, especially during times of high probability of someone being there to answer such as early evening just as dinner is in the making. The easiest way to deal with it is just say, "No thank you" as soon as they say who they are and hang up. After all, we all have the ability and opportunity to make whatever donations to whatever charity we decide and do not need unannounced begging calls at inappropriate times to make them.