Yahoo Finance Aussie homebuyers lose $800k in ‘hard to detect’ scam
Scammers are impersonating Aussie businesses and trying to steal money from unsuspecting customers.
Aussies are being warned to watch out for fake email invoices, after one couple was fleeced out of $800,000 by scammers impersonating their solicitor.
Aussies lost a whopping $16.2 million to payment redirection scams last year, Scamwatch found, despite the total number of reports actually dropping by 28 per cent.
Scammers will often pose as a real business you’ve recently dealt with, particularly those dealing with large transfers of money such as real estate agents, lawyers or construction companies. However, Scamwatch has also received reports of car dealerships, travel companies and their customers being targeted.
Have you fallen victim to a scam? Contact tamika.seeto@yahooinc.com to share your story
One Aussie couple lost more than $800,000 to a scammer pretending to be their solicitor while they were finalising settlement of a property, who were able to access the businesses’ email system.
“I was emailed transfer details to complete the funds transfer before a property purchase,” they said.
“The email came from my solicitor’s legitimate email address. The bank details provided were incorrect, unbeknown to me.
“I received a confirmation email from my legal team confirming receipt of funds, but it went to a scammer instead.”
RELATED
Centrelink and Medicare impersonated in new 'quishing' QR scam
Scam alert: Gina Rinehart fires up after Aussie retiree's $110k life savings snatched
High-tech Facebook scam cons grandmother out of $10,000 with just one click: ‘Humiliated’
Another Aussie man lost more than $35,000 to scammers who compromised the email account of the car dealership he had been buying a car from.
He received a fake email invoice for the car’s outstanding balance and paid it thinking it was genuine. He only realised it was a scam when he went to pick up his car at the dealership.
Scammers becoming ‘more targeted’
Australian Competition and Consumer Commission (ACCC) deputy chair Catriona Lowe said scammers were “becoming more targeted” in their approach.
“These criminals are posing as genuine businesses that a consumer has recently dealt with, sending fake invoices with altered payment details so that the money ends up with the scammer,” Lowe said.
“This scam is hard to detect because the scammer will either hack into the email system of the business or impersonate the business’ email address by changing as little as one letter.”
If you receive an invoice via email, Lowe recommends calling the business directly on a number you’ve found yourself to confirm the payment details are correct.
Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.
