Sarah and Laine Robinson did everything by the book. They saved for years, hired a reputable conveyancer, and even brought in a buyer’s agent to help them navigate the competitive property market.
But despite their best efforts, they fell victim to a sophisticated scam that left them heartbroken and financially drained.
The Perfect Scam
The Robinsons had finally found their dream home in Mount Nathan on the Gold Coast. They went to an ANZ bank branch to transfer their $300,000 deposit, but unbeknownst to them, the money was being sent to a scam account. The email address used to send the instructions was almost identical to their conveyancer’s, minus the “.au” at the end.
A Day of Reckoning
The day before settlement, the Robinsons’ world came crashing down. Their conveyancer couldn’t find the full deposit in the trust account, and they were left scrambling to figure out what had happened. The realisation that they had been scammed was devastating.
Spear Phishing: The New Scourge
The Robinsons were victims of a “spear phishing” attack, a type of scam where criminals impersonate someone you trust to gain access to your sensitive information. According to security expert Philip Goldie, these targeted attacks are becoming more common and can have a huge financial impact.
Funds Sent to Victorian Account
The investigation into the scam was initially handled by Queensland Police, but it was later transferred to Victoria Police after it was discovered that a university student in Melbourne owned the bank account that received the stolen funds. ANZ was able to recover $82,000 of the stolen money, but the Robinsons were left to pick up the pieces.
Banks Must Do More
The Robinsons are furious that ANZ didn’t do more to warn them about the suspicious transaction. They received a late-night phone call from the bank asking to confirm the account details, but there was no indication that anything was amiss. The bank has since apologised for the way the call was handled.
How to Protect Yourself
As scams become more sophisticated, it’s essential to take extra precautions to stay safe. Here are some tips to protect yourself:
- Make sure your personal email account is well protected with a complex password and multi-factor authentication.
- Be cautious when dealing with large sums of money or sensitive information. Double-check and triple-check that you’re interacting with a legitimate organisation.
The Robinsons want to share their story to warn others about the dangers of conveyancing scams. Don’t let it happen to you!