I thought I was doing everything right to secure my family’s financial future. But one phone call changed everything.
I was legally in charge of my parents’ financial decisions, and I was determined to act in their best interests. When my mom’s health declined, we made the hard decision to move her into an aged care home.
The sale of our family home, which held five generations of memories, took a full year. After paying off a reverse mortgage and my mom’s care accommodation expenses, approximately $2 million remained.
I sought professional financial advice and set $400,000 aside for my mom’s future needs. The remaining $1.6 million was meant to go into a conservative fixed-term deposit.
But then I received a phone call from a man who claimed to be from my bank. He offered a fixed-term deposit with a decent rate, and I checked with my family before agreeing to proceed.
The man emailed me official-looking documents and a brochure, which were all marked with my bank’s branding. He told me that because my bank is an international one, the funds had to go into a “segregated client account” with a completely different bank.
I had no reason to doubt I was dealing with my bank, so I transferred the $1.6 million into what I believed was a term deposit in my name.
Two weeks passed, and I contacted my mom’s bank about transferring the remaining $400,000. That’s when I discovered the terrifying truth: the $1.6 million was gone.
The term deposit account I transferred the money to wasn’t in my name; it was a ‘mule’ account used by criminals to move money around. The money had been moved into 10 different Australian bank accounts and then overseas.
I was left with a sense of betrayal and frustration. Where was the accountability from the banks? Why didn’t they do more to protect me from this scam?
I’ve since joined a not-for-profit organisation, Scam Victim Alliance, which lobbies for legislative change. We want banks to be held more accountable and for there to be more transparency and better access to evidence for victims.
I’ve stopped blaming myself, and I know now that this wasn’t a personal failure – it’s systemic. It’s happening to thousands of Australians every year, and I believe it’s going to get worse as AI gets better and criminals hone their skills.
I lost my family’s inheritance, but I refuse to lose my voice. I want to raise awareness about the importance of accountability and regulation in the banking system.
If you or someone else is in immediate danger, call 000. If you’ve had your personal or financial information stolen, immediately contact your bank or credit card provider and tell them to stop any transactions. You can report scams to Scamwatch or ReportCyber.
For urgent support, contact Lifeline (13 11 14) or Beyond Blue (1300 22 4636).