A Remarkable Case: ANZ Returns Scammed Savings to Elderly Customer
The Unfolding of the Scam
Victor Shaw was haunted by the shocking news of his father, 78-year-old Alex Shaw, falling prey to a scam. Despite past experiences with scams, the magnitude of this latest episode remained unknown to Victor until the bank broke the news. Alex had lost almost half a million dollars, which constituted most of his life savings.
Victor was left grappling with the devastating reality and the daunting task of retrieving the stolen money, a feat that seemed extremely unlikely considering the minuscule percentage of scam victims who manage to recoup their losses.
Tracing the Scamming Path
Victor needed to unravel the scamming scheme and assess whether ANZ had taken adequate measures to thwart it. His father's recent diagnosis of dementia complicated matters. However, Alex's meticulous note-taking habit inadvertently supplied Victor with a paper trail of the scam.
His notes revealed interactions with scammers urging him to purchase Apple gift cards and provide the serial numbers to a caller in Thailand. Other instructions involved transferring money into a cryptocurrency account and clicking on links promising substantial grant money. The notes also mentioned "AnyDesk", which Victor learned was a software that scammers use to remotely access devices.
The Bank's Role and Response
Victor soon discovered that ANZ's fraud detection system had initially suspended his father's account due to suspicious transactions. However, the account was reactivated, and the fraudulent transactions continued until the account was depleted.
Upon lodging a complaint with ANZ, Victor was not optimistic about a favourable resolution. However, three months later, ANZ sent him a letter stating it would reimburse the entire loss of $460,174.04, acknowledging that it could have done more to support Alex, considering his past scams and current vulnerability.
Vulnerability of Dementia Patients
Victor's story underscores the heightened susceptibility of dementia patients to scams. Dementia Australia, an advocacy group for Australians living with the condition, emphasises the need for a trusted group of people to support dementia patients and ensure their protection due to their diminishing ability to assess risk and manage financial affairs.
Victor has now established power of attorney with the bank to secure his father's finances. By sharing his father's story, he aims to encourage families to have early conversations about financial safety with their aging parents and put protective mechanisms in place.
Conclusion
This case exemplifies how scams are an "insidious problem" affecting the entire community, as stated by Shaq Johnson, ANZ's head of customer protection. However, it also highlights the vital role banks can play in safeguarding their customers. Banks, like ANZ, should continually review and adjust their capabilities to keep their customers safe and ensure that victims of scams are not left to bear the burden of their losses alone.