Would you have spotted the warning signs? The scam that almost cost a man $440,000
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Financial scams are becoming increasingly sophisticated, preying on trust and promising returns that seem too good to pass up.
What appeared to be a routine banking transaction quickly unravelled into a troubling case of deception, putting a customer’s life savings at risk.
What happened next highlights the importance of vigilance and the sharp instincts that can make all the difference.
When a man in his 70s walked into a NAB branch, ready to invest a substantial amount of money, something didn’t sit right with customer advisor Erin Browning.
The Mansfield branch banker listened carefully as he explained his plan to transfer more than $400,000 into a term deposit promising a staggering 20 per cent return.
The investment opportunity had been introduced by a woman named Susie*, a new acquaintance who had gained his trust.
‘Alarm bells started ringing straight away,’ Erin said.
A return that high was an immediate red flag, but that wasn’t the only thing that seemed off.
The man, who had recently sold his shares, spoke confidently about his decision, but Erin noticed inconsistencies in his responses.
‘It sounded like Bob* had been coached. It was all a bit strange,’ she said.
She probed further and discovered more warning signs—no direct contact with the company, a mismatched ABN, and no publicly listed phone number.
Sensing something was wrong, she reached out to NAB’s Fraud Operations, who quickly confirmed her suspicions.
When she informed Bob that the bank would not process the transfer, he was reluctant at first.
However, after a discussion, he acknowledged that things didn’t quite add up.
Thanks to Erin’s vigilance, he was saved from losing $440,000.
According to NAB, investment scams account for the highest financial losses among fraud cases each year.
Chris Sheehan, NAB Executive for Group Investigations and a former senior Australian Federal Police officer, warned that scammers often pose as legitimate financial institutions.
‘Investment scams are among the top scams impacting our customers,’ he said.
‘They often involve criminals impersonating banks with impressive rates and professional follow-up.’
He urged Australians to be wary of unsolicited investment opportunities, social media ads, unusually high returns, and financial advisors without an AFS license.
‘If it appears too good to be true, it probably is,’ he said.
*Names have been changed to protect privacy.
In a previous story, we covered how a routine bank visit uncovered a major scam that nearly cost a man $440,000.
Scammers are constantly finding new ways to target unsuspecting victims, whether through fake investment opportunities or deceptive emails.
Read on to learn how these tactics put streaming accounts and payment details at risk.
With scammers becoming more convincing, do you think you’d be able to spot the red flags before it’s too late?
Let us know your thoughts in the comments.
What appeared to be a routine banking transaction quickly unravelled into a troubling case of deception, putting a customer’s life savings at risk.
What happened next highlights the importance of vigilance and the sharp instincts that can make all the difference.
When a man in his 70s walked into a NAB branch, ready to invest a substantial amount of money, something didn’t sit right with customer advisor Erin Browning.
The Mansfield branch banker listened carefully as he explained his plan to transfer more than $400,000 into a term deposit promising a staggering 20 per cent return.
The investment opportunity had been introduced by a woman named Susie*, a new acquaintance who had gained his trust.
‘Alarm bells started ringing straight away,’ Erin said.
A return that high was an immediate red flag, but that wasn’t the only thing that seemed off.
The man, who had recently sold his shares, spoke confidently about his decision, but Erin noticed inconsistencies in his responses.
‘It sounded like Bob* had been coached. It was all a bit strange,’ she said.
She probed further and discovered more warning signs—no direct contact with the company, a mismatched ABN, and no publicly listed phone number.
Sensing something was wrong, she reached out to NAB’s Fraud Operations, who quickly confirmed her suspicions.
When she informed Bob that the bank would not process the transfer, he was reluctant at first.
However, after a discussion, he acknowledged that things didn’t quite add up.
Thanks to Erin’s vigilance, he was saved from losing $440,000.
According to NAB, investment scams account for the highest financial losses among fraud cases each year.
Chris Sheehan, NAB Executive for Group Investigations and a former senior Australian Federal Police officer, warned that scammers often pose as legitimate financial institutions.
‘Investment scams are among the top scams impacting our customers,’ he said.
‘They often involve criminals impersonating banks with impressive rates and professional follow-up.’
He urged Australians to be wary of unsolicited investment opportunities, social media ads, unusually high returns, and financial advisors without an AFS license.
‘If it appears too good to be true, it probably is,’ he said.
*Names have been changed to protect privacy.
In a previous story, we covered how a routine bank visit uncovered a major scam that nearly cost a man $440,000.
Scammers are constantly finding new ways to target unsuspecting victims, whether through fake investment opportunities or deceptive emails.
Read on to learn how these tactics put streaming accounts and payment details at risk.
With scammers becoming more convincing, do you think you’d be able to spot the red flags before it’s too late?
Let us know your thoughts in the comments.
