Assessing income and assets in cases of suspected fraudulent transactions 108-25072901
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Scenario |
Description |
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1 |
Online Romance and Dating Scams Customer believed he was in a relationship with someone, who he met through Facebook. That person told the customer she needed urgent surgery, which she could not afford to pay, but would be receiving an inheritance. She convinced the customer to loan her $10,000 to pay for the operation, stating she would repay when she received her inheritance. The customer withdrew $10,000 from his bank account, which was sent to the third party via international money transfer. When the customer tried to contact this person regarding her surgery, she did not respond to any of his messages. It was only then that the customer realised he may have been the victim of a scam and reported the matter to the police and the bank. The customer provided the following documents:
The customer has provided sufficient evidence to show that he has been the victim of a scam and has taken all possible steps to attempt to recover the funds, so the amount of $10,000 is to be disregarded (no income or asset value to be maintained). |
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2 |
Investment Scam The customer believed he had invested $100,000 in cryptocurrency. He has provided bank statements showing multiple withdrawals/transfers over a 6-month period, and screenshots from his computer showing funds held in the cryptocurrency account had increased to over $500,000. When the customer tried to withdraw funds from his online cryptocurrency account, he was told that he would have to pay a $50,000 transfer fee, which he did. He was then told he would need to pay a tax of $100,000 to access his funds. It was only then that the customer realised he may be the victim of a scam and contacted the bank. He has provided a copy of the letter from the bank’s fraud department advising him of the outcome of their investigation. The bank advised the customer that as he withdrew funds with his authorisation, knowledge and consent, the bank found that they did not contribute to the loss of funds, so were not liable for any losses incurred. The bank also advised they were unable to recover any funds and have closed the case. The customer also provided evidence that he reported the matter to the police and ReportCyber. He has reported the matter to the appropriate authorities and has taken all possible steps to attempt to recover the funds, so there is nothing further that can be done. The investment is to be disregarded (no income or asset value to be maintained). |
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3 |
Investment Scam The customer sold her home and was researching websites regarding investment opportunities for her sale proceeds, when she was contacted by a person claiming to be from ‘a bank’. She transferred $500,000 to a term deposit account for 6 months, which was coded on the saving (SVS) screen. The customer did not realise anything was wrong until the term deposit matured and she was unable to access her online account. She contacted the bank directly and was advised there was no such account. On further investigation by the bank, it was found that the Bank State Branch (BSB) number provided for the initial deposit was for a different financial institution. The customer then contacted the other financial institution, who advised they were unable to recover any funds. The customer has provided the following documents:
She has provided sufficient evidence to show that she has been the victim of a scam and has taken all possible steps to attempt to recover the funds, so the amount of $500,000 is to be disregarded (no income or asset value to be maintained). |
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4 |
Investment Scam The customer advised that he transferred funds to a foreign exchange broker and believes he has been the victim of a scam. The moneysmart.gov.au website indicates this entity is likely to be offering financial services to Australian consumers, but does not hold an Australian Financial Services Licence (AFSL) or Australian credit licence from ASIC. Almost all providers of financial services in Australia must be licensed by ASIC. Google search also indicates that this broker is likely a scam. The customer has not provided any documents, so should be requested to provide:
Until evidence is provided, the investment must continue to be assessed. |
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5 |
Investment Scam The customer believed he was investing his money in an investment bond with an investment service provider. He has provided a copy of the contract note received as proof of purchase of the investment bond, which was coded on the Direct Investments (SVDI) screen. When he did not receive payment of his half yearly dividend, he contacted the provider, who advised they had no record of providing him with any financial services. The customer made a complaint to the Australian Financial Complaints Authority (AFCA) who found that a scammer was fraudulently using an Australian Business Number (ABN) and Australian Financial Service Licence (AFSL) number from a genuine financial investment service. He provided a copy of letter from the AFCA advising they are unable to assist as the provider had no business relationship with him. If the customer provides evidence the matter has also been reported to the appropriate authorities, such as the police and ReportCyber, then he has taken all possible steps to recover the funds, so there is nothing further he can do, and the investment bond is able to be disregarded (no income or asset value to be maintained). |