'I'd rather keep the money under the mattress': scammers defrauded an elderly woman of $480

An Australian grandmother was swindled out of almost $480 in an elaborate fraud scheme after selling her family's home, reports New York Post.

Photo: IStock

Jane, an ANZ Bank customer for nearly five decades, was the victim of fraud. She thought she was transferring her money to an ING bank account, which promised a high interest rate.

Unfortunately, her funds were transferred to a fake National Australia Bank account set up by scammers.

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Jane immediately contacted ANZ and NAB after realizing what had happened. But she was informed that her money was non-refundable.

In Australia, customers are encouraged to report fraud to their banks, but recourse is limited.
Unlike countries where laws require banks to return money to fraud victims within days, Australians do not necessarily have a guaranteed right to compensation for losses suffered from scammers.

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ANZ eventually agreed to refund Jane's $636 but indicated it could not provide more substantial assistance.

“I used to have unlimited faith in the banking system,” said the elderly woman. “But my money would be safer under the mattress.”

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Stephanie Tonkin of the Consumer Action Center said bank impersonation scams are becoming more complex and widespread.

“We missed the point because we don't have any strict rules about who is responsible,” she said.

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