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The Aussie dad who lost his wedding fund to a $945 million scam epidemic targeting Australian seniors

Scam Watch

The Aussie dad who lost his wedding fund to a $945 million scam epidemic targeting Australian seniors

compressed-foto-pettine-IfjHaIoAoqE-unsplash.jpeg The Aussie dad who lost his wedding fund to a $945 million scam epidemic targeting Australian seniors
Investment scams resulted in the highest overall combined losses, with $945 million reported lost in 2024, with people over 65 particularly vulnerable. Image source: Foto Pettine / Unsplash. Disclaimer: This is a stock image used for illustrative purposes only and does not depict the actual person, item, or event described.

When Jason Loyola started planning his dream wedding in 2021, he thought he was being smart with his money.



The Melbourne IT director did his homework, checked the business's ABN and licence, and even consulted the official Moneysmart website.



Six months and $60,000 later, he discovered he'd become another victim in what's now recognised as Australia's most costly type of financial crime.



Investment scams resulted in the highest overall combined losses, with $945 million reported lost in 2024. Despite this staggering figure, there's a glimmer of hope—the work of government and stakeholders including through initiatives such as the investment scam fusion cell have led to a decrease of 27.3 per cent from the $1.3 billion reported lost to investment scams in 2023.



But for Jason, that decrease came too late. His story reveals how sophisticated criminal syndicates are specifically targeting Australians with retirement savings, and why people over 60 need to be especially vigilant.



In this article



When due diligence isn't enough



Jason's approach seemed sensible. He was looking for an investment opportunity to fund his wedding when he found DHP Finance Consultants online. The company appeared legitimate—it had an Australian Business Number, proper licensing, and no warnings on government websites.









'It wasn't just like a one-time thing and then the scammers took my money. It was more they built a relationship,' Jason told news.com.au. A friendly English man would check in regularly, discussing investment returns and asking about Jason's fiancé, while sharing stories about his own young children.




'It wasn't just like a one-time thing and then the scammers took my money. It was more they built a relationship'

Jason Loyola, news.com.au



The relationship-building approach is deliberate. Scammers often make contact on social media and groom their victims over long periods of time. This grooming process helps build trust and makes victims more likely to invest larger amounts over time.









Jason started small but eventually invested $60,000 across five separate transactions over six months. When he tried to withdraw money for his wedding, the company went silent. The website disappeared, and Jason discovered the harsh truth—criminals had cloned a legitimate Queensland accounting firm's details.



The hidden epidemic targeting older Australians



Jason's experience fits a troubling pattern. People over the age of 65 were worst affected financially, with a $1,000 median loss recorded for that demographic. People aged 55 to 64 years old followed, with the recorded median loss $600.



The targeting isn't random. Reports to Scamwatch indicate scammers are targeting older Australians with retirement savings, who may be looking for investment opportunities. With interest rates remaining relatively low and cost-of-living pressures mounting, many retirees are seeking ways to make their savings work harder.










Investment scam losses by age group (2024)


Over 65: Median loss $1,000 (highest financial impact)


55-64: Median loss $600


Men lost $117.1 million to investment scams


Women lost $72.7 million to investment scams


Source: Scamwatch 2024 data




The AI revolution makes scams more convincing



Perhaps most concerning for older Australians is the increasing use of artificial intelligence to create convincing scams. We know of a recent case where an elderly woman 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.



These AI-powered deepfakes are becoming increasingly sophisticated. Scammers are creating fake videos of trusted celebrities, business leaders, and politicians to promote investment schemes. The technology has advanced to the point where even financial professionals can be fooled.



Did you know?


Did you know?
Scammers are now using deepfake technology to create fake Zoom meetings. One company lost $40 million after criminals impersonated the chief financial officer and colleagues in a video conference, convincing staff to transfer funds.



How the global syndicate operates



Jason's loss was part of something much larger. Through his connection with Investment Scam Asia, a victim support group, he helped uncover a sophisticated international operation. The syndicate has allegedly stolen $80 million from 150 victims globally, with about $25 million taken from 50 Australians.









The criminals' methods are sophisticated. They clone legitimate Australian companies, using real ABNs and business registration numbers. They maintain professional-looking websites and employ smooth-talking operators in what investigators believe are call centres across Asia.



'The syndicate has been running for over 10 years first terrorising Europe,' Jason explained. Police investigations revealed the operation involved 'cloned investment websites, call centre operators and shell addresses for posted mail, while funds were transferred into cryptocurrency and offshore making them untraceable.'



What went wrong—and what's improving



Jason's case highlights systemic weaknesses. The accounting firm whose identity was stolen had already warned ASIC about the cloning, but no public warnings were issued to protect potential victims. Jason believes if ASIC had acted on the 2020 warning, his 2021 losses could have been prevented.









However, the regulatory response has significantly improved. In the last six months of 2024, ASIC increased its new investigations by 31 per cent to 109 new investigations, commenced 15 new court actions, and completed 376 surveillances. The update also reports ASIC was successful in the majority of its civil and criminal prosecutions, securing $46.6 million in civil penalties and 13 criminal convictions.



Most impressively, ASIC now has a rapid response capability. The regulator 'shuts down 130 investment scam websites per week' and of the over 6,000 URLs referred to the NASC takedown service, 92 per cent were successfully removed, avoiding an estimated $36 million in losses.




Verification steps that might have helped Jason



  • Check ASIC's investor alert list (launched November 2023)

  • Verify the actual company website independently

  • Call the legitimate business directly using contact details from official sources

  • Never rely solely on website information for verification

  • Be suspicious if pressure is applied to invest quickly




The rise of victim advocacy



Jason's journey from victim to advocate reflects a growing movement. He now works with Investment Scam Asia to identify and warn other victims, even providing his ID to prove he's genuine when people initially suspect he's another scammer.









A new Australian group, the Scam Victims Alliance, launched this year with Jason as a member. President Harriet Spring criticises the new Scam Prevention Framework, arguing it creates 'an incredibly complex system' where 'victims will have to not only take on the banks but they'll also have to take on the multinational social media companies.'



Spring wants simpler accountability: 'If they held the banks to account through quite simple straightforward mechanisms and actually did their jobs as regulators to impose fines and to penalise banks, I think that the private sector would step into this quite agile space in a much more meaningful way than government ever could.'



Fighting back with technology



The good news is that prevention efforts are working. The National Anti-Scam Centre's latest Targeting Scams Report found scam losses reported to key organisations fell by 25.9 per cent to $2 billion in 2024, showing the efforts by government, industry, law enforcement and community organisations are reducing the financial impact of scams on Australians.









Banks are also stepping up their game. Scamwatch data shows that the most reported contact method leading to financial loss was social media. There were 7,724 reports about social media scams leading to financial loss in 2024 with overall losses of $69.5 million. Phone scams had the highest overall losses for contact method with $107.2 million reported lost across 2,179 reporters.





Example Scenario


  1. The statistics show scammers are increasingly using social media and phone calls to make initial contact. Be extra cautious about investment opportunities promoted through Facebook, Instagram, or unsolicited phone calls. Legitimate investment opportunities don't need to be promoted through social media advertising.





Protecting yourself and your savings



The key to protection lies in understanding how modern scams work. Unlike the crude email scams of the past, today's investment frauds are sophisticated, personalised, and designed to build relationships over time.



Here are the essential steps every Australian should take before making any investment:









Verification checklist:





  • Search for the company on ASIC's investor alert list
  • Call the company directly using contact details from official government registers
  • Never use contact details provided on websites that approached you
  • Ask for detailed documentation and get independent financial advice
  • Be suspicious of any pressure to invest quickly or 'limited time' offers



Red flags to watch for:





  • Promises of guaranteed high returns with low risk
  • Testimonials from people you can't verify independently
  • Pressure to invest quickly or miss out on opportunities
  • Requests to keep investments secret from family or friends
  • Professional-looking websites with recent registration dates



The emotional toll and recovery



Jason's experience took a heavy emotional toll. He felt 'embarrassed and ashamed initially, feeling it was the end of his world.' This shame often prevents victims from reporting scams or seeking help, which is exactly what criminals count on.









The financial impact was devastating. Jason lost a total of $120,000 across two separate but connected scams and had to borrow money from family. But his story also shows the power of collective action—by connecting with other victims and sharing information, he's helped identify the broader criminal network and warn others.



For victims dealing with the aftermath, support is available through IDCARE (1800 595 160), Australia's national identity and cyber support service, and through victim support groups like the Scam Victims Alliance.



What authorities are doing now



The regulatory landscape has changed dramatically since Jason's experience. ASIC now maintains an updated investor alert list, and the National Anti-Scam Centre coordinates responses across multiple agencies.



The new 'Stop. Check. Protect.' campaign launched in 2024 specifically targets the psychological tactics scammers use. Rather than assuming people will never fall for scams, it acknowledges that anyone can be vulnerable and focuses on practical steps to verify opportunities.



ACCC Deputy Chair Catriona Lowe said: 'We need to remain vigilant and pivot our defences to maintain this downward trajectory. One of the best weapons we have is the intelligence gathered in reports from Australians.'



What This Means For You


The human cost of investment scams extends far beyond financial losses. For many victims, the betrayal of trust and the realisation they've been deliberately targeted can be as devastating as the money lost. Jason's transformation from victim to advocate shows that while the criminals may take your money, they don't have to take your voice.



If you suspect you've encountered an investment scam, report it immediately to Scamwatch, contact your bank, and don't let embarrassment prevent you from seeking help. As Jason learned, you're likely not alone, and sharing your experience could help prevent others from losing their life savings.



Have you or someone you know encountered suspicious investment opportunities? Share your experiences in the comments below—your story could help protect fellow readers from falling victim to these sophisticated schemes.





  • Original Article


    https://www.news.com.au/finance/mon...m/news-story/fc4b74b38df4aadc6a6eb2d9daaffe59





  • Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre

    Cited text: Investment scams resulted in the highest overall combined losses, with $945 million reported lost in 2024.


    Excerpt: Investment scams resulted in the highest overall combined losses, with $945 million reported lost in 2024.



    https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent





  • Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre

    Cited text: However, the work of government and stakeholders including through initiatives such as the investment scam fusion cell have led to a decrease of 27.3 ...


    Excerpt: the work of government and stakeholders including through initiatives such as the investment scam fusion cell have led to a decrease of 27.3 per cent from the $1.3 billion reported lost to investment scams in 2023.



    https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent





  • Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre

    Cited text: Scammers often make contact on social media and groom their victims over long periods of time.


    Excerpt: Scammers often make contact on social media and groom their victims over long periods of time.



    https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent





  • Australia's $319 million year in scams — and the biggest ...

    Cited text: People over the age of 65 were worst affected financially, with a $1,000 median loss recorded for that demographic. People aged 55 to 64 years old fol...


    Excerpt: People over the age of 65 were worst affected financially, with a $1,000 median loss recorded for that demographic.



    https://www.sbs.com.au/news/article...ar-in-scams-and-the-biggest-hitters/mhxh5oy4o





  • Scam losses decline, but more work to do as Australians lose $2.7 billion | ACCC

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


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



    https://www.accc.gov.au/media-relea...ore-work-to-do-as-australians-lose-27-billion





  • Scam losses decline, but more work to do as Australians lose $2.7 billion | ACCC

    Cited text: We know of a recent case where an elderly woman lost her life savings after seeing a deepfake Elon Musk video on social media, clicking the link and r...


    Excerpt: We know of a recent case where an elderly woman lost her life savings after seeing a deepfake Elon Musk video on social media, clicking the link and registering her details online.



    https://www.accc.gov.au/media-relea...ore-work-to-do-as-australians-lose-27-billion





  • 25-026MR ASIC shuts down 130 investment scam websites per week | ASIC

    Cited text: The report also highlights that in the last six months of 2024, ASIC increased its new investigations by 31 per cent[2] to 109 new investigations, commenced 1...


    Excerpt: In the last six months of 2024, ASIC increased its new investigations by 31 per cent to 109 new investigations, commenced 15 new court actions, and completed 376 surveillances.



    https://www.asic.gov.au/about-asic/...s-down-130-investment-scam-websites-per-week/





  • Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre

    Cited text: Of the over 6,000 URLs referred to the NASC takedown service, 92 per cent were successfully removed, avoiding an estimated $36 million in losses.


    Excerpt: of the over 6,000 URLs referred to the NASC takedown service, 92 per cent were successfully removed, avoiding an estimated $36 million in losses.



    https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent





  • Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre

    Cited text: The National Anti-Scam Centre’s latest Targeting Scams Report found scam losses reported to key organisations fell by 25.9 per cent to $2 billion in 2...


    Excerpt: The National Anti-Scam Centre's latest Targeting Scams Report found scam losses reported to key organisations fell by 25…



    https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent





  • Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre

    Cited text: Scamwatch data shows that the most reported contact method leading to financial loss was social media. There were 7,724 reports about social media sca...


    Excerpt: Scamwatch data shows that the most reported contact method leading to financial loss was social media.



    https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent





  • Australians better protected as reported scam losses fell by almost 26 per cent | National Anti-Scam Centre

    Cited text: We need to remain vigilant and pivot our defences to maintain this downward trajectory,” ACCC Deputy Chair Catriona Lowe said.One of the best weapons ...


    Excerpt: ACCC Deputy Chair Catriona Lowe said: 'We need to remain vigilant and pivot our defences to maintain this downward trajectory.



    https://www.nasc.gov.au/news/austra...ported-scam-losses-fell-by-almost-26-per-cent



Last edited:

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I'm afraid , when it comes to investing, I take the safe road.
Once you retire your options to recoup the money you loose are very limited.
I just put my money in a fixed term investment at the bank where I can get the best return. Better safe than sorry.
 
I'm afraid , when it comes to investing, I take the safe road.
Once you retire your options to recoup the money you loose are very limited.
I just put my money in a fixed term investment at the bank where I can get the best return. Better safe than sorry.
We work with a Financial Planner and he’s worth every cent that we pay him. He’s looked after us for a number of years now, and it’s so good to have peace of mind.
 
Strange but I have never seen any of these type of scams on Facebook. But as I only use Facebook for my embroidery I belong to these groups only. Lately I have found that some people are obviously scammers as they show a picture of a beautiful design but when asked where it can be bought they then offer it to you for $20. I at first was interested but was not going to pay someone so asked where the site was and I would get it there. Of course there was no site. Obviously a scammer who once had your bank details would then be able to get the rest of your oney. So we all need to be aware of many different ways these people operate.
 
I came across a bloke who copied and forged a solicitors papers and details and conned money out of people to do court cases.....a lot of money over time.
 
We've had a couple of cards closed and replaced by the banks due to dodgy activities.
 
We've had a midnight call once from our bank to inform us that someone overseas was hacking into our account and they blocked it. Another time, I was walking around at a large shopping centre and went to use my card at the ATM. It was blocked. I rang the bank. They cancelled it, due to someone who had skimmed it sitting nearby as I walked past. I have since used a rfid wallet and have had zero skimming issues since. People complain about banks, but both times I couldn't fault them.
 
How much money did he really need for his wedding? :rolleyes:
 
on-line screams stupidity.
 
I came across a bloke who copied and forged a solicitors papers and details and conned money out of people to do court cases.....a lot of money over time.
and what did you do about it. appears zilch. thanks a lot.
 
I bought Aussie shares no scam things have convinced me at all
 
How much money did he really need for his wedding? :rolleyes:
Right on.
About 15 years ago my younger brother did it cheep in a park with great views of the Sydney Harbour Bridge as a magnificent backdrop using a celebrant. Quick and easy and we went to a Chinese Restaurant. There were about 15-20 of us there.
This guy wanted $60,000 for a wedding?
 
and what did you do about it. appears zilch. thanks a lot.
It could be possible that he come across this shady guy at the end of the timeline.
I don't know, just saying don't go off half cocked.
 
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Reactions: Jo Piper3
We've had a midnight call once from our bank to inform us that someone overseas was hacking into our account and they blocked it. Another time, I was walking around at a large shopping centre and went to use my card at the ATM. It was blocked. I rang the bank. They cancelled it, due to someone who had skimmed it sitting nearby as I walked past. I have since used a rfid wallet and have had zero skimming issues since. People complain about banks, but both times I couldn't fault them.
I had a similar experience. My car had to have some work done, working in the Community, Age Care, need a car, so hired one. Went to pay and my Card declined. Rang NAB, and they had blocked it as someone in Canada had tried to pay with it. As I had never been to Canada, or usa, so the bank blocked my card. Had to get another card, but did thank the local branch and get them to pass it on. Being local, the Car Company trusted me to return next day with cash, and as we always used the same mechanic, `just pay when you are able.
 

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