Sharp-eyed worker intervenes just in time to protect retiree from costly financial trap

When Sharon, a NAB banker at Hoppers Crossing, noticed something wasn't quite right that Saturday morning, her quick thinking prevented what could have been a devastating loss for customer Bruce.

His plan to withdraw $100,000 from his retirement account might have seemed routine, but the warning signs were impossible to ignore.

The story unfolding in that Melbourne bank branch reflects a troubling reality: seniors over 65 are increasingly in scammers' crosshairs, with losses jumping 13.3 per cent to $120 million in 2023.

Yet it also demonstrates how vigilant bank staff can serve as the last line of defence against sophisticated fraudsters.

A scammer's playbook in action

Bruce had walked into the branch accompanied by a man calling himself Simon, who claimed to be a business associate.

The red flags started stacking up immediately. Simon dominated the conversation, wouldn't let Bruce speak, and had laid out documents including a contract urging Bruce to sign quickly and rush the transaction through.

Reports to Scamwatch indicate scammers are targeting older Australians with retirement savings, who may be looking for investment opportunities.

The scheme Bruce had been drawn into promised a tempting 15 per cent return—a classic hallmark of investment scams that have become increasingly sophisticated.

What made this case particularly concerning was the physical presence of the scammer. While most scams start with a phone call, text message or on social media, there are rare instances, like this where the scammer is physically present, according to NAB executive group investigations Chris Sheehan, a former Australian Federal Police executive.

The rising threat to Australian seniors

The numbers paint a stark picture of the challenges facing older Australians. Australians lost over $119 million to various forms of scams between January and April 2025, while the total number of scams reported fell by almost 25 per cent, indicating that scammers are extracting larger amounts of money from victims.

People over the age of 65 were disproportionally impacted by investment scams, with many reporting significant losses after being contacted by scammers through social media. The ACCC suspects these criminals specifically prey on seniors and retirees looking for investment opportunities to boost their retirement income.

Recognising the warning signs

Sharon's training and intuition helped her spot several critical red flags that every Australian should know about. Bruce's normally relaxed and chatty demeanour had changed—he seemed 'tense and almost unsure.' The pushy companion who wouldn't let him speak was another major concern.

The technical red flags were equally important. Bruce didn't have internet banking set up, which made the large transaction more suspicious, and he lacked proper identification required for such substantial withdrawals.

Banks fighting back with new technology

The good news is that Australian banks are implementing increasingly sophisticated protection measures. Leading financial institutions are adopting consortium data, AI-driven fraud detection and real-time monitoring, with AI-powered monitoring that detects anomalies in real time, identifying and halting suspicious transactions instantly.

NAB has announced new security measures, including requiring customers to take a selfie when opening accounts or products online, aimed at reducing identity theft.

Australian banks have also rolled out a confirmation of payee feature this year, which alerts customers transferring money to a new account if the name entered doesn't match the details held by the receiving bank.

What scammers don't want you to know

One recent case involved an elderly woman who lost her life savings after seeing a deepfake Elon Musk video on social media, clicking the link and registering her details online. She was assigned a 'financial advisor' and could see on an online dashboard she was apparently making returns, but she couldn't withdraw her money.

This highlights how scammers use increasingly sophisticated technology, including AI and deepfake videos, to make their schemes appear legitimate. They're also patient, often building relationships over weeks or months before making their move.

Your action plan if targeted

If you suspect you're being targeted by a scammer, follow the National Anti-Scam Centre's advice:

STOP - Don't rush to act. Scammers will create a sense of urgency.

THINK - Ask yourself if you really know who you're communicating with. Scammers can impersonate others and lie about who they are, especially online.

PROTECT - Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately.

The happy ending

Three weeks after the attempted scam, Bruce returned to Sharon's branch with a simple but powerful message: thank you. Her vigilance had saved him from losing his life savings to criminals who prey on retirees seeking to grow their nest eggs.

This story reminds us that while scammers are becoming more sophisticated, the human element—whether it's a trained bank employee or your own gut instinct—remains one of our best defences.

Have you or someone you know encountered a similar scam attempt? Share your experience in the comments below to help keep fellow members of our community safe.