Sydney business banker Thurston was alerted by a long-standing customer, Daniel Smith*, about an “attractive” term deposit offer, raising the first red flag due to the large sum involved.
“He had received an attractive term deposit rate from who he thought was another reputable bank and called to see if NAB could match. If not, he would take his cash and go,” Thurston said.
Although the offered rate didn't immediately raise Thurston’s suspicions, the customer’s intent to transfer $25 million in a single transaction flagged potential concerns.
Thurston called on NAB’s private wealth banker Amit and investment specialist Jessi to investigate the term deposit rate offer and discovered several discrepancies, including odd logo placement, incorrect ABN, grammatical errors, and an unlisted deposit rate, confirming the scam. Within the hour, they called the customer back and the scam was foiled.
Investment scams rank consistently in the top-five reported by NAB customers, with the ACCC’s Scamwatch estimating that Australians lost $1.5 billion to such scams in 2022.
Amit and Jessi’s prompt action highlighted key indicators of a scam. Below is a list of tips from NAB to avoid falling victim to scams:
*Name changed for privacy.
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