Scammers took $66.6 million from seniors—could this 30-minute tip stop them?
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Scammers are getting smarter—and unfortunately, they’re aiming straight at retirees.
What might look like a safe financial opportunity can sometimes be something far more sinister.
A growing concern has prompted one of Australia’s major banks to speak out.
The promise of safe, stable returns is exactly what makes term deposits appealing—especially for older Australians hoping to secure their retirement savings.
But now, that very reputation is being exploited by scammers in a fast-growing con that has cost seniors millions.
In the days following World Elder Abuse Awareness Day on 15 June, Bendigo Bank issued a sharp warning about an alarming spike in fraudulent term deposit schemes.
The scams, designed to mimic legitimate financial services, have reportedly targeted Australians aged 65 and older with fake investment offers that ultimately drain victims’ funds.
Jason Gordon, head of customer and threat protection at Bendigo Bank, explained the strategy behind these cons.
‘Term deposits are regarded as conservative and secure investment options,’ Gordon said. ‘Scammers know this and try to leverage the risk profile of these investments for their own ends with fake investment opportunities that redirect your funds to their own bank account.’
And it’s working. Despite representing less than 20 per cent of the population, Australians aged 65 and older reported a staggering $66.6 million in losses to investment scams last year alone. That same group was hit hardest, accounting for nearly one-third of all scam losses reported to Scamwatch—a national figure that reached $99.6 million.
Behind these scams lies a calculated approach. Most begin with phony ads for term deposits, often encountered through social media or in online chats. Data breaches also played a role, handing scammers access to personal details that allowed for persistent and highly targeted outreach.
Gordon outlined the red flags that Australians should watch out for: ‘implausibly high interest rates,’ contact via phone, email or SMS from unknown sources, and businesses with a ‘lack of digital footprint’. Any mismatched banking details or pressure tactics—such as a ‘time sensitive offer to “invest now”’—should also raise alarm bells.
To reduce the risk, Bendigo Bank has eliminated clickable links from its SMS communications. ‘Bendigo Bank has removed all links from SMS messages,’ Gordon said, advising customers to treat any SMS containing a link as suspicious. He urged people to research unfamiliar offers, consult trusted friends or family, and avoid rushing financial decisions.
The bank also introduced 30-minute in-person sessions at local branches to help older Australians navigate digital banking more safely.
Despite the growing sophistication of these scams, Gordon highlighted a positive shift: seniors are reporting more incidents. So far in 2024, Scamwatch has received over 62,000 scam reports from Australians in this age group.
‘Reporting scams is critical in helping telcos, internet service providers, banks and law enforcement put a stop to criminal activity,’ Gordon said.
Many seniors pride themselves on spotting scams a mile away—but some are crafted so cleverly, even the sharpest eyes can miss them.
If you’ve ever second-guessed a message from a loved one, this story might feel all too familiar.
Watch the video and let us know—do you think the bank could have done more?
Source: Youtube/ABC News (Australia)
With scams becoming harder to spot and more sophisticated every year, have you or someone you know ever had a close call with one? Let us know your experience in the comments.
In a related story, we took a closer look at how some superannuation members have been misled by dodgy schemes that quietly chip away at retirement savings.
For older Australians keeping a close eye on their nest egg, recognising the warning signs early can make all the difference.
If protecting your super is a top priority, that one’s worth a read too.
Read more: Tax office exposes scams that mislead super members
What might look like a safe financial opportunity can sometimes be something far more sinister.
A growing concern has prompted one of Australia’s major banks to speak out.
The promise of safe, stable returns is exactly what makes term deposits appealing—especially for older Australians hoping to secure their retirement savings.
But now, that very reputation is being exploited by scammers in a fast-growing con that has cost seniors millions.
In the days following World Elder Abuse Awareness Day on 15 June, Bendigo Bank issued a sharp warning about an alarming spike in fraudulent term deposit schemes.
Seniors targeted in term deposit scam spike. Image source: Pexels/Pavel Danilyuk
The scams, designed to mimic legitimate financial services, have reportedly targeted Australians aged 65 and older with fake investment offers that ultimately drain victims’ funds.
Jason Gordon, head of customer and threat protection at Bendigo Bank, explained the strategy behind these cons.
‘Term deposits are regarded as conservative and secure investment options,’ Gordon said. ‘Scammers know this and try to leverage the risk profile of these investments for their own ends with fake investment opportunities that redirect your funds to their own bank account.’
And it’s working. Despite representing less than 20 per cent of the population, Australians aged 65 and older reported a staggering $66.6 million in losses to investment scams last year alone. That same group was hit hardest, accounting for nearly one-third of all scam losses reported to Scamwatch—a national figure that reached $99.6 million.
Behind these scams lies a calculated approach. Most begin with phony ads for term deposits, often encountered through social media or in online chats. Data breaches also played a role, handing scammers access to personal details that allowed for persistent and highly targeted outreach.
Gordon outlined the red flags that Australians should watch out for: ‘implausibly high interest rates,’ contact via phone, email or SMS from unknown sources, and businesses with a ‘lack of digital footprint’. Any mismatched banking details or pressure tactics—such as a ‘time sensitive offer to “invest now”’—should also raise alarm bells.
To reduce the risk, Bendigo Bank has eliminated clickable links from its SMS communications. ‘Bendigo Bank has removed all links from SMS messages,’ Gordon said, advising customers to treat any SMS containing a link as suspicious. He urged people to research unfamiliar offers, consult trusted friends or family, and avoid rushing financial decisions.
The bank also introduced 30-minute in-person sessions at local branches to help older Australians navigate digital banking more safely.
Despite the growing sophistication of these scams, Gordon highlighted a positive shift: seniors are reporting more incidents. So far in 2024, Scamwatch has received over 62,000 scam reports from Australians in this age group.
‘Reporting scams is critical in helping telcos, internet service providers, banks and law enforcement put a stop to criminal activity,’ Gordon said.
Many seniors pride themselves on spotting scams a mile away—but some are crafted so cleverly, even the sharpest eyes can miss them.
If you’ve ever second-guessed a message from a loved one, this story might feel all too familiar.
Watch the video and let us know—do you think the bank could have done more?
Source: Youtube/ABC News (Australia)
With scams becoming harder to spot and more sophisticated every year, have you or someone you know ever had a close call with one? Let us know your experience in the comments.
In a related story, we took a closer look at how some superannuation members have been misled by dodgy schemes that quietly chip away at retirement savings.
For older Australians keeping a close eye on their nest egg, recognising the warning signs early can make all the difference.
If protecting your super is a top priority, that one’s worth a read too.
Read more: Tax office exposes scams that mislead super members
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