NAB bank teller saves elderly man from losing $400,000 in investment scam
A quick-thinking bank teller has saved a Victorian man from losing hundreds of thousands of dollars after he was tricked by an investment scam.
Bob, aged in his 70s, walked into a NAB branch in Mansfield wanting to transfer $440,000 into an investment scheme after selling his shares.
A new friend had told him about the scheme and promised he would receive a 20 per cent return on a term deposit.
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By continuing you agree to our Terms and Privacy Policy.However, NAB customer advisor Erin Browning was instantly suspicious upon hearing Bob’s plan.
“Alarm bells started ringing straight away,” she 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.”
Browning investigated the scheme a little bit further and found more warning signs including a mismatched ABN and no publicly listed phone number.
Bob had also not had any direct contact with the company.
“It sounded like Bob had been coached. It was all a bit strange,” Browning said.
After contacting NAB’s fraud operations department Browning told Bob she was unable to do the transfer.
“He initially resisted but eventually agreed things didn’t add up,” she said.
NAB group investigations general manager Chris Sheehan said investment scams usually involve criminals impersonality banks “with impressive rates and professional follow-up”.
“Investment scams are among the top scams impacting our customers,” he said.
According to ScamWatch, Australians lose more money to investment scams than any other type of scam.
There are several types of investment scams including crypto scams, Ponzi schemes, online dating scams, superannuation scams and sports betting scams.
Sheehan said the major warning signs to watch out for are unsolicited opportunities, social media ads, claims of beating inflation, unusually high rates and advisors without an Australian Financial Services (AFS) license.
“If it appears too good to be true, it probably is,” he said.
More information on investment scams can be found on ScamWatch’s website.
* Bob is not the elderly man’s real name.
Originally published on 7NEWS
