There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
  
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
  
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
  
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.
  

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

 

[Penny4]

I don't think so, but just my opinion, maybe others think differently.
Maybe I'll check the dictionary and see what the exact, correct definition of fraud actually is.

Yes, my opinion is unlikely too.

 

[mylittletibbies]

The dictionary definition of fraud is deceit or trickery, neither of which was committed by the bank, so I don't see how they are responsible.

 

[McGee's Ewe]

Well said!
I am sick of these daily reports of stupid people being scammed.
No sympathy whatsoever for people who lose their money like this.

I agree with BruceC. It's time people learned to take responsibility for their own stupidity and greed.
Not enough information is provided in this article. I have to assume the money came from the sale of the house and was deposited into her ANZ account. Did she then go online to search for a better investment and believe by transferring the money to NAB the interest would be much larger? Why should either bank be held responsible for something someone picks up from the Internet through unsafe searching. She chose to transfer from ANZ. The scammers are sitting there waiting for people searching for better ways to invest. They use NAB name. That's not NAB responsibility.
If banks are to be held responsible for every bit of fraudulent activity for money leaving or reportedly coming to them, what will be the flow-on effect on investment opportunities for customers of those banks? I certainly don't want my interest reduced by my bank who is forced to pay back money to stupid greedy clients who fail to safely research their investments.
Let's move on from these ridiculous stories that try to make the banks the bad guys.

 

[Squizzy1]

There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

View attachment 31271

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

Sorry, but the Finance Industry created this monster and they encouraged it's use, so should be responsible, or discontinue the use of web banking. Money laundering is another issue with this totally unseen method of banking and occurs daily imo. Meanwhile if I want to withdraw a few grand, they ask all kinds of questions, what happened to ANZ's Falcon protect program in this instance?

 

[magpie1]

Lets hope that everyone learns from this poor old lady's mistake, and be more careful with our hard earned money. To lose so much money to these b/s/a/d/'s must have been so devastating for her and her family.

 

[Barbara V]

Another repeat story,by now most people should beable to detect scams hmm

 

[Nannymoore1]

There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

View attachment 31271

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

The reason scams have blown out is purely due to the BANKS, INTERNET, and lack of SECURITY and the gullibility of believing everything that appears on the computer screen is real!
It’s not, a computer is only as honest as the person typing in the information. .
Banks were the place to go to PERSONALLY in order to manage large amounts of money. Since computers and internet banking was introduced it was an open invitation to scammers.
As soon as the regulations are tightened and Banks made more responsible, scams will continue.
Go back to making them earn the money they make by employing more people to advise and manage large amounts of money on a personal face to face contact, and SERVICE THEIR CUSTOMERS with responsibility and courtesy.
The term “I DON’T HAVE TIME “is not a fair response. Make the time as we had to do years ago when we had to take a day off work to sort out our finances etc. it pay dividends in the long run. There were no scams then, although there were bad investments and people did lose money, it happens. YOU HAVE TO BE VERY FOCUSED THESE DAYS.
M. MOORE.

 

[June E]

There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

View attachment 31271

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

If I had $750000 I hope I would have the sense not to have it all in the same bank. When it’s such a large sum why can’t banks check with you before just transferring it ? Especially to ordinary people, businesses maybe different.

 

[Littleboy8]

I lost my life savings transferring my money into an ING account. CBA did nothing at all and ING were helpful.
I had everything written down including copies of transactions, phone numbers, emails etc and all was forwarded to police who promptly lost my report!!! I don’t trust, banks, police any more!

Blimeydon’t blame you

 

[Keswickian]

It is definitely NOT the Banks responsibility to pay money back to people, WHY should they, they did NOT send the money to SCAMMERS the owner of the ACCOUNT did. If the Bank is made to pay this money beck to IDIOTS I don't know how many times people need to be told check it out properly before you do anything as in GO TO THE BANK AND SET EVERYTHING UP DON'T TRUST ONLINE FOOLS. BANK fees will skyrocket to cover this.

Agreed. If the Banks have to compensate people for their foolishness they would have to use other people's money - our money, and that's not acceptable.

 

[Penny4]

If I had $750000 I hope I would have the sense not to have it all in the same bank. When it’s such a large sum why can’t banks check with you before just transferring it ? Especially to ordinary people, businesses maybe different.

When I do online banking, there is always a pause to check if the details I entered are correct/checked. Often my bank will send a text in order for me to enter a pin number before the bank transfers the money.
If people think it's fraud, the police handles that. But it's likely they can't do anything, if people voluntarily transfer their money to somebody.

 

[MariaG]

This is yet another example of the need for all banks to have physical branches.
I would never transfer my hard earned based on an on-line offer.
Also, online only banking can feather its nest elsewhere.
It is sad to see this happen, however, I have to question the reluctance of more senior vulnerable people to put safeguards in place like needing a second authority for large transfers.
When my mum was diagnosed with dementia, she went to her bank with my sis and I to place controls in our hands.
Such an important thing to action.

 

[Vikki.]

im unsure how this amount could be transferred without the bank stepping in.
They don’t usually allow customers to personally transfer such a huge sum of money by themselve.
usually one would need to personally visit the bank
the whole thing doesn’t sound right.
so in this instance I believe the bank has to take some responsibilit.

 

[Penny4]

This is yet another example of the need for all banks to have physical branches.
I would never transfer my hard earned based on an on-line offer.
Also, online only banking can feather its nest elsewhere.
It is sad to see this happen, however, I have to question the reluctance of more senior vulnerable people to put safeguards in place like needing a second authority for large transfers.
When my mum was diagnosed with dementia, she went to her bank with my sis and I to place controls in our hands.
Such an important thing to action.

Yes, there's no way my mother will use online banking either. Too daunting for her and I don't blame her.
Sorry to hear about your dear mother dealing with dementia.

 

[Calan]

There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

View attachment 31271

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

View attachment 31271

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

I know how Jane feels - I lost over $500,000 way back in 2019 thanks to ID Fraud/Hacker. Bank was unhelpful because at their end it looked like I had transferred the money. But I wasn't shocked by their answer (even then) as I learnt back in the 1980's that banks only care if it doesn't cost them anything. But that's like most companies & people. Sad to say but I have very little to no trust where money is concerned these days. NO ONE is safe from these low life's no matter how much you try. I had safety measures in place up to the wazoo and still it didn't save me.

My safe tip is - invent a time machine and go back in time before the so called WWW was invented. The "Digital Age" is a cesspool of lowlifes.

I know how Jane feels - I lost over $500,000 way back in 2019 thanks to ID Fraud/Hacker. Bank was unhelpful because at their end it looked like I had transferred the money. But I wasn't shocked by their answer (even then) as I learnt back in the 1980's that banks only care if it doesn't cost them anything. But that's like most companies & people. Sad to say but I have very little to no trust where money is concerned these days. NO ONE is safe from these low life's no matter how much you try. I had safety measures in place up to the wazoo and still it didn't save me.

My safe tip is - invent a time machine and go back in time before the so called WWW was invented. The "Digital Age" is a cesspool of lowlifes.

There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

View attachment 31271

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

I don't think so, but just my opinion, maybe others think differently.
Maybe I'll check the dictionary and see what the exact, correct definition of fraud actually is.

I don't think so, but just my opinion, maybe others think differently.
Maybe I'll check the dictionary and see what the exact, correct definition of fraud actually is.

I don't think so, but just my opinion, maybe others think differently.
Maybe I'll check the dictionary and see what the exact, correct definition of fraud actually is.

I am an old age pensioner and in 2016 I was scammed out of $85,000.00 USD, (my whole life's savings), buy fraudulent share market traders. The ANZ Bank charged me thousands of dollars for the oversees transfers that the scammers processed and then their Scam Team responded by closing all of the bank accounts that I had with them, therefore The ANZ Bank also stole large amounts of money. Conclusion: DO NOT BANK WITH THE ANZ BANK.

 

[Calan]

I am an old age pensioner and in 2016 I was scammed out of $85,000.00 USD, (my whole life's savings), by fraudulent Bogus share market traders. The ANZ Bank charged me thousands of dollars for the oversees transfers that the scammers processed and then their Scam Team responded by doing nothing and then closed all of the bank accounts that I had with them, leaving me having to find another bank, therefore The ANZ Bank also stole large amounts of my money. Conclusion: DO NOT BANK WITH THE ANZ BANK.

 

[Bethwilson]

The banks take your money they have a responsibility to keep it safe. My bank has a 24/7 fraud team protecting my money I almost got scammed as well but I got an email immediately warning me there was suspicious activity on my account and the funds they had tried to withdraw was placed on hold until they heard from me. I was told in their email to ring them immediately and this was at midnight. All banks should be safeguarding your money even while you sleep

Which bank are you using?

 

[jackliz27]

There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

View attachment 31271

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

yep - I know how well ANZ looks after its customers - I had nearly 70 years banking with ANZ. Their response -"it's your fault" One of their expert staff even told me(in the middle of the banking chamber, with other people around!!!)and claimed that" I contributed to the scam. We know, we have experts on the job". Utter rubbish - I worked with computers for more than 40 years and know what happened (and have seen the same thing happen in other places). BEWARE of moving your hand over a screen / input device (not actually touching it) is the best advice I can pass on.

 

[sharyn13]

With so much money involved, and so many scams these days I don't understand why you wouldn't go to the bank personally to do such a transaction.
I can't believe that people can be so flippant with their money, and she apparently did this in three separate transactions.
Why is the bank responsible for your own carelessness. Nobody wants to take responsibility for their own actions these days.
I feel extremely sorry for this lady, but I still don't see that it is the banks fault.

You would be lucky to find a bank these days, they have all closed in my area.They are trying to make us do all our banking online, no wonder there are so many scams.

 

[IanB.]

There have been plenty of reports about the rise of scams, and while many have been done to try and combat them, sadly, there are still those who fall victim to these schemes.

Unfortunately, one grandmother named Jane was the latest victim who lost a whopping $750,000 to a scam.

Jane, an ANZ customer of nearly 50 years, had recently sold her family home and was ready to invest the money in some long-term savings when disaster struck.

The grandmother fell for an elaborate hoax as she believed she was sending the money into an ING account that would offer an attractive interest rate—but instead, the money ended up in a bogus NAB account created by scammers.

View attachment 31271

A grandmother fell victim to a scam and lost a total amount of $750,000. Image source: shurkin_son on Freepik.

Jane lost her money in the blink of an eye and said she had contacted both ANZ and NAB about the mistake but was told her money was gone for good. She was then warned that it was unlikely that she would receive much of the money back.

It is understood that Australians are encouraged to reach out to their banks if they have been victimised by a scam.

In comparison the UK, where new laws yet to be implemented in the coming year, will require banks to refund victims of scams within days unless proven to have acted negligently or fraudulently.

Australians are not necessarily entitled to the same compensation.

ANZ eventually agreed to return $1000 to Jane but said it couldn’t do much else. Understandably, Jane was absolutely devastated and expected much more support from her bank.

'I used to have ultimate faith in the banking system,' she said.

'But my money would have been safer under my mattress.'

Jane’s daughter, Sarah, who shared her mum’s pain, said: 'You feel that lump in your throat...to realise that my mum had been a victim of such a massive crime.'

Stephanie Tonkin from the Consumer Law Action Centre also added that bank impersonation scams are becoming far more common and difficult to recognise for average people.

'We’ve dropped the ball because we don’t have any form of strict regulation that says who is responsible,' she said.

In similar news, Artificial Intelligence (AI) voice cloning scams have become more sophisticated.

This scam involves cybercriminals stealing a victim’s voice from social media and using it to fool unsuspecting family members with a fearmongering phone call. This is done in the hopes of receiving money or access to private information.

You can find out more about this story and how to stay safe from such scams here.

This story comes after reports of another senior was targetted by scammers shortly before being diagnosed with dementia at age 78.

Victor, Alex's son, said he found out about the missing money when he and his father had recently visited their local ANZ branch—apparently, almost half a million dollars had been stolen from Alex's account.

Alex, however, had meticulously noted down names and details of conversations with the strangers who had contacted him.

To Victor’s surprise, the bank sent them a letter three months later letting him know they would reimburse the scam transactions on his father’s bank account.

You can read more about this here.

Members, it’s important that we keep ourselves educated and vigilant when it comes to scammers and their sneaky tactics, to ensure we as well as our loved ones don’t fall into the same traps.

You can find out about the latest news on scams on our Scam Watch forum here.

Make sure your family and friends remain aware of the most common scams out there, and if you happen to be a victim of fraud, it’s essential to call your bank as soon as possible and report the incident to Scamwatch to help protect others.

Key Takeaways

• An Australian grandmother named Jane was scammed out of $750,000 after falling for a hoax involving a fake NAB account.
• Jane contacted both ANZ and NAB after realising the scam, but was told her money was lost and she would likely not receive much of it back.
• Unlike in the UK, where new laws will force banks to refund victims of scams within days, Australians are not necessarily entitled to compensation for funds lost to scammers.
• Stephanie Tonkin from the Consumer Law Action Centre noted the increase in bank impersonation scams and stated that Australia lacks strict regulation concerning responsibility in these situations.

Members, how do you stay safe from the different types of scams nowadays? Share your tips with us below!

Sorry to hear ; but for duckin' sake people , go to a local in person professional when transferring money to/into anything new ; especially large amounts of hard earned dollars. Go into your bank (not easy these days but ..... ) and ask them to check/organize/check again/transfer your money
Although not 100% safe ; do transfers in smaller amounts
Why use the word "grandma" . The lady is not actually that old to be totally lost with all this IT ****.
Sorry ; but I cannot give too much sympathy --- yes I'm total A/H but come on ; WAKE UP PEOPLE