This man nearly lost $3 million to a scam with just a single text – Here's how to protect yourself

Disclaimer: The names with asterisks were changed for privacy purposes.

In today's digital age, scams have become increasingly sophisticated, and even the most cautious among us can find ourselves at risk. A recent incident involving a Western Australian business owner, Jamie* , serves as a stark reminder of how a simple text message can be the precursor to a potential financial disaster.

Jamie, who had previously fallen victim to an invoice scam, was on high alert when he received an odd text message earlier this year. The message claimed that his business credit card had been used in Darwin and was now blocked—a place he hadn't visited in months. His colleague, Lisa*, had also received a call from someone purporting to be from the National Australia Bank (NAB), asking for the NAB Connect details to unblock the account, which contained a staggering $3 million.


Sensing something amiss, Jamie reached out directly to his NAB business banker, Risma Price, using a trusted contact number he had on file. Price quickly confirmed that Jamie's account had not been compromised and that this was an attempt at an impersonation scam. She advised him not to provide any information to the caller.


compressed-shutterstock_NAB.jpeg
National Australia Bank executives warned about protecting business accounts from such scams. Image Credit: Shutterstock/Marlon Trottmann


Impersonation scams like this are alarmingly common and can be incredibly convincing. In a similar case, a Brisbane couple named Scott and Danielle lost $98,000 to a scammer who had detailed information about their Bendigo Bank account, including an access ID and recent transaction history. The scammer convinced them to share a two-factor authentication code, which led to an irreversible transaction.


NAB Executive Group Investigations and former Australian Federal Police executive Chris Sheehan warns that businesses are particularly vulnerable to such scams, especially around the end of the financial year when time pressures may cause a lapse in vigilance. The Australian Taxation Office (ATO) received 22,000 reports of scams impersonating the government department in just 12 months, with reports spiking by 34 percent between March and April.

The good news is that customers are becoming more adept at recognizing scams, as reflected in the increase in scam reports and a decrease in losses. However, as scams evolve, it's crucial for both banks and customers to stay informed about the latest tactics used by scammers.

To protect yourself from falling victim to these sophisticated scams, here are some key steps you can take:


1. Verify Contact: If you receive an unexpected call or message from your bank, use a trusted number to call them back directly. Do not use the contact details provided in the message or call.

2. Guard Your Details: Never share sensitive information such as banking passwords, PINs, or two-factor authentication codes with anyone over the phone or via text.

3. Stay Informed: Educate yourself about the latest scam tactics. Many banks, including NAB, offer free security education webinars and resources on their websites.


4. Report Suspicious Activity: If you suspect you've been targeted by a scam, report it to your bank immediately. Quick action can prevent financial loss.

5. Use Trusted Sources: Always access your bank's website by typing the URL directly into your browser or using a bookmark you've created, rather than clicking on links in emails or text messages.

6. Regularly Monitor Accounts: Keep an eye on your bank statements and account activity. Early detection of any unauthorized transactions can be key to preventing major losses.


Remember, scammers prey on urgency and fear. Taking a moment to pause and verify can make all the difference. Jamie's story could have ended very differently had he not been vigilant and aware of the red flags. Let his close call be a lesson to us all: in the fight against fraud, knowledge and caution are our best defenses.
Key Takeaways

  • A WA business owner identified a text message as a potential scam when it asked for NAB Connect details to unblock an account.
  • The owner's vigilance and previous experience with scams helped him avoid falling for an impersonation scam that could have cost him $3 million.
  • NAB's investigation team highlighted that impersonation scams are common and can target businesses, especially during peak times like the end of the financial year.
  • NAB encourages education on scam awareness and provides resources such as security education webinars to help customers stay informed and protect themselves against scams.
We'd love to hear from you, our Senior Discount Club members. Have you encountered similar scams? How do you stay safe in the digital world? Share your experiences and tips in the comments below to help your fellow members stay secure.
 
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When Jamie rang the Bank he was lucky he got someone to answer (his Business Banker Manager) which guided him on what to do and that his account was safe.
But what about when a person is doing the same thing and that Business Banking Manager does not answer the phone.?
 
Recently, when I turned my computer on, I got a message that I had downloaded a TROJAN and I had to ring Microsoft on a particular mobile number to get it removed. Also the message came from somewhere with a country code I could not identify. I could not get my anti-virus software to open, and the same for my favourite browser or even the Microsoft version of a browser. A Reverse Phone Book showed that the number was "unallocated". I rang the number and asked to woman who answered just who she was working for. She prevaricated. Then she asked me to key in certain characters into my computer. I wrote them down instead. This included the letters ACCESS. She then asked me about my on-line banking and use of my credit card online. I gave her nothing. She then said to turn the computer off for 2 hours and the problem would be resolved. After about 5 or 6 hours, I powered the computer up again and this time I had the same message but I could get Vipre, my pet malware killer to open. A quick scan removed "2 threats". I then set it to do a "Deep Scan" which takes hours. Eventually, Vipre reported that there were no files removed and the computer was clean.
I will not use this computer for online banking until I have established a new bank account with a different bank and I have just a few dollars in the account to risk.
 
I have had that happen. I was unable to turn off the computer so unplugged everything while I thought what I could do. My virus checker did not operate. I tried all sorts of ways to shut down to no avail but after a while it appeared to be gone. I decided to leave it for some time and then turned it back on and was able to use the virus checker which found nothing. It did seem strange that I originally could not get it to shut down though. It was rather scary.
 
Not trying to diverse in anyway - but - I have become more aware since watching a new movie called The Bee Keeper with Jason Stathan and how ruthless these scammers are and how they go about things - it was a real eye opener (so glad I watched it) - but if you don't like violence in movies take care in choosing to watch it please.
 
We were in the bank this morning when an elderly chap came in with an A4 sheet of paper. He said he'd had an email that morning and printed it off as he wasn't sure if it was real or a scam. The teller looked at it and said it looked real enough but on closer inspection (he pointed out a couple of things to the chap) he said he thought it was a scam so he would do a check. The old chap did the right thing and went in and checked.
 
I have just received a letter from a company I have never heard of so it must be a scam. It was from "RJDDBK@ porporative.com for Critical Security Notice". This is what is said:

"Critical Security Notice

Urgent: Malware Threat Detected!


Your system security is compromised! Failure to renew your subscription has left your devices exposed. Immediate action is required to protect your data and prevent a breach.


Warning: Your personal data is vulnerable. Please act now to secure your information.

  1. Click the button below to renew your protection immediately.
  2. Install the latest security updates without delay.
  3. Run a comprehensive system scan to detect and remove threats.
  4. Ensure all critical files are backed up securely.
Renew Now Cancel Subscription
For assistance, please contact our support team.
We appreciate your prompt action to ensure your security."
 
Not trying to diverse in anyway - but - I have become more aware since watching a new movie called The Bee Keeper with Jason Stathan and how ruthless these scammers are and how they go about things - it was a real eye opener (so glad I watched it) - but if you don't like violence in movies take care in choosing to watch it please.
Was a good movie..👌
 
I have just received a letter from a company I have never heard of so it must be a scam. It was from "RJDDBK@ porporative.com for Critical Security Notice". This is what is said:

"Critical Security Notice

Urgent: Malware Threat Detected!


Your system security is compromised! Failure to renew your subscription has left your devices exposed. Immediate action is required to protect your data and prevent a breach.


Warning: Your personal data is vulnerable. Please act now to secure your information.

  1. Click the button below to renew your protection immediately.
  2. Install the latest security updates without delay.
  3. Run a comprehensive system scan to detect and remove threats.
  4. Ensure all critical files are backed up securely.
Renew Now Cancel Subscription
For assistance, please contact our support team.
We appreciate your prompt action to ensure your security."
Hahaha they might catch someone asleep
 
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Reactions: janj
I have just received a letter from a company I have never heard of so it must be a scam. It was from "RJDDBK@ porporative.com for Critical Security Notice". This is what is said:

"Critical Security Notice

Urgent: Malware Threat Detected!


Your system security is compromised! Failure to renew your subscription has left your devices exposed. Immediate action is required to protect your data and prevent a breach.


Warning: Your personal data is vulnerable. Please act now to secure your information.

  1. Click the button below to renew your protection immediately.
  2. Install the latest security updates without delay.
  3. Run a comprehensive system scan to detect and remove threats.
  4. Ensure all critical files are backed up securely.
Renew Now Cancel Subscription
For assistance, please contact our support team.
We appreciate your prompt action to ensure your security."
It is a scam. Don't respond to it. Delete the message.
 
  • Like
Reactions: janj

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