The grandmother fell victim to the scam under the belief that she was transferring her money into an new bank account, which promised a high interest rate.
An Australian grandmother has been scammed out of nearly $480,000 in a complex fraud scheme after selling her family home.
Unfortunately, her funds were transferred to a fake National Australia Bank account that was set up by scammers. In Australia, customers are encouraged to report scams to their banks, but there are limited options for recourse.Unlike the UK, where new laws will soon mandate banks to refund scam victims within days unless negligence or fraud is involved, Australians do not necessarily have a guaranteed entitlement to compensation for losses to scammers.
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