Trying to get into my trust account

By Bailey Compton 24 Nov 2023

Scammers getting brazen and posh.

There is one thing certain in life: the scammers are definitely innovative. If only they had turned their entrepreneurial minds to doing good, the problems of the World may be resolved.

A couple of weeks ago I was requested by a favoured client to intervene between a bank and their office.

On the Thursday, the office administrator was contacted by a man purporting to be from Bendigo Bank. He had an English accent and appeared to have considerable knowledge of the banking practice and our client’s business.

The caller, who identified as Nigel, said that the bank had noted a number of attacks on their trust account from hackers. Interestingly, Nigel was able to see what transactions had occurred in the trust account. Somehow, he had access to the information.

On Friday, the licensee-in-charge got involved. Nigel told him that the best way to protect the account was to set up an account in the administrator’s name and to transfer 10% of the trust across. This, Nigel claimed, would protect the trust.

Nigel had harassed the administrator for two hours on the Thursday, and on Friday, an hour with the licensee. The warnings were there: the BSB Nigel wanted to transfer the money into was not Bendigo Bank but HSBC, the trust money was going into the administrator’s name, and, this transfer would protect the whole. Rubbish!

I was summoned into the call. I got to give it to him; he continued to bat on. Trying to convince me of the actions. He dropped off the line when I asked for his number so the investigation team at Fair Trading could call and confirm.

This guy was believable. He held information that only the bank should have. He was persistent. We were lucky that the administrator and the licensee were experienced. These guys are good, and a novice may just have been caught out.