📰 Bob's Brush with a $440k Scam: How a Sharp-Eyed Banker Saved the Day
When Bob* walked into his local NAB branch wanting to transfer $440,000 into an investment scheme, customer advisor Erin Browning was immediately suspicious.
The customer in his 70s was lured by the promise of a 20% return on a term deposit from his new friend Susie*.
Fresh from selling his shares, Bob told staff at the Mansfield branch in regional Victoria he was ready to invest, but Erin's instincts kicked in.
“Alarm bells started ringing straight away,” Erin said.
“The extraordinarily high term deposit rate was the first red flag. Then, the offer was from someone called ‘Susie’, not from a genuine organisation.”
Erin's probing revealed more inconsistencies: no direct contact with the company, a mismatched ABN, and no publicly listed phone number.
Despite Bob's rehearsed answers, Erin's training told her something was off. “It sounded like Bob had been coached. It was all a bit strange,” she said.
Erin, on high alert for scams, contacted NAB’s Fraud Operations, who confirmed her suspicions.
“I told Bob we couldn’t make the transfer. He initially resisted but eventually agreed things didn’t add up,” she said.
NAB data reveals investment scams are responsible for the biggest dollar loss each year.
NAB Executive, Group Investigations Chris Sheehan, said investment scams often promise quick, high returns with minimal risks.
“Investment scams are among the top scams impacting our customers,” said Mr Sheehan, a former senior Australian Federal Police officer.
“They often involve criminals impersonating banks with impressive rates and professional follow-up.”
Mr Sheehan advised Australians to watch for red flags: unsolicited opportunities, social media ads, claims of beating inflation, unusually high rates, and advisors without an AFS license.
“If it appears too good to be true, it probably is,” he said.
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