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"Too good to be true": Bank teller saves couple from losing $40k

A Tasmanian couple have been saved from losing $40k into an online investment scam after a bank teller noticed the red flags. The couple visited the NAB branch in Rosny, Hobart after their account was blocked during an attempt to transfer the money to an ‘online investment firm’ in Perth. The payment was the first of two instalments that they were set to pay the "firm" but NAB Customer Advisor Erin Bugg saved them from a massive loss. Bugg became suspicious of the firm after they promised a 12 per cent return on their term deposit and a guaranteed pay out if the firm went bust. “If there was a scam red flags bingo card, ‘online investment opportunity’ would be top of the list,” the NAB Customer Advisor said. “Immediately, alarm bells went off for me. It sounded like an investment scam and I was concerned this couple could lose their life savings.” The couple, however, insisted that they weren't being scammed so Bugg decided to look into the matter further and found a website and article about the firm. When she looked into the rates they offered she realised it “was literally too good to be true." “No one likes to be told they’re being lied to, especially when they feel like they’ve done all the right things. They had done their own research, and even spoken to the company on the phone,” she said. She added that "alarm bells" started ringing when the wife explained that a man from the firm kept calling her to thank her for the investment and encourage her to open an account. The couple then rang the "firm" in front of Bugg to try and convince her it was real. “I declined to speak to the ‘firm’, but I could hear them telling the customers, ‘Oh, NAB always flags us as a scam’,’” she recalled. NAB’s fraud team then informed them that the firm had a bank account at another bank, and to call the bank to confirm whether it was legit. After calling the other bank, they found that the account was not connected to the investment firm and suggested them to not transfer anything. “It was such a relief to hear from the customer that they’d avoided being scammed,” Bugg said. This comes after Scamwatch received over 7,000 reports of investment scams collectively costing Aussies over $275 million in the last year. Image: NAB

Money & Banking

Teen with “a lot of courage” nabs her dream home at auction

Though she’s fresh out of high school, an 18-year-old has managed to buy her very own dream home.Angela - whose last name has been withheld - beat three other bidders to the punch at the Saturday auction of a 600-square-metre house with four bedrooms, two bathrooms and a double garage.An estimated 40 onlookers witnessed the sale and were reportedly shocked when they realised the 18-year-old had won.The TAFE student secured the property for $1.025 million, after bidding began at $940,000.Angela was able to afford the million-dollar price due to a medical payout she received when she was younger, The teen received substantial compensation from the hospital where she was diagnosed with cerebral palsy, after it was discovered she could have been diagnosed sooner.When she realised she had won the auction, Angela reportedly burst into tears of happiness.Martin Millard, the managing director of the company that ran the auction, said Angela’s win was incredible.“I went up and said congratulations with a little tear in my eye. That’s next level [what Angela achieved],” he told <a href="https://www.news.com.au/finance/real-estate/buying/heartwarming-moment-18yo-with-cerebral-palsy-buys-her-first-home/news-story/68aaf2a47ffe2f9e31bd08b1d8b36440" target="_blank" rel="noopener">news.com.au</a>.“It takes a lot of courage to bid at an auction.”<img src="https://oversixtydev.blob.core.windows.net/media/2022/02/auction-teen1.jpg" alt="An estimated 40 people watched as the young woman secured her dream home. Image: news.com.au" width="1280" height="720" />An estimated 40 people watched as the young woman secured her dream home. Image: news.com.auWith decades of experience in the real estate industry, Mr Millard said he’s never seen anything quite like what he witnessed at Saturday’s auction.“I’ve seen rich parents’ kids get given houses and things like that,” he said.“And I’ve seen poor parents give their kids houses.“I’ve never seen an 18-year-old turn up to an auction where there’s multiple bidders and win with her own money.”Mr Millard added that it was unusual to see young people buy their own home, but that it wasn’t impossible.Though he has seen 20-year-olds buy homes off their own back, he said there was something different about this that stood out to him.“Eighteen is a lot younger, you don’t see many 18-year-olds,” he said.“My kids’ dad is a high profile real estate (agent) and yet none of my kids have gone out to an auction and displayed that ability.”After finishing her end of school exam last year, Angela is studying a Certificate Three in Early Childhood.Speaking to <a href="https://www.realestate.com.au/news/teenage-battler-buys-1m-home/?rsf=syn:news:nca:news:spa" target="_blank" rel="noopener">realestate.com.au</a>, she said instantly fell in love with the home but “didn’t know what to expect” from the auction.“I just fell in love with the place as soon as I saw (it),” Angela said.“I didn’t know what to expect. It [the auction] was way more intense than any Year 12 exam.”Angela also hopes that her purchase will show her twin sister, who also has a disability, that they can achieve anything.Image: news.com.au

Real Estate

Aussie beach nabs #2 spot in world ranking

The world’s top-50 beaches for 2021 have been announced, with an Australian beach taking the runner-up spot. In their annual <a rel="noopener" href="https://bigseventravel.com/the-50-best-beaches-in-the-world/" target="_blank">‘Best Beaches in the World’ list</a>, global travel authority Big 7 Travel included Queensland’s Whitehaven Beach in their scoring of stunning beaches from around the world. When citing why they decided on Whitehaven as the second-best, the judges cited the famed beach’s soft sand and named it “among the purest in the world”. <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CRS0mbBja_e/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="13"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CRS0mbBja_e/?utm_source=ig_embed&utm_campaign=loading" target="_blank">A post shared by Whitehaven Beach Day tour (@whitehavenxpress)</a> </div> </blockquote> Found on the Whitsunday Islands, the beach boasts 7km of white silica sand and is “one of the world’s most unspoiled and beautiful beaches”, according to Big 7 Travel. “Because of the silica, the sand doesn’t retain heat, so it’s a fantastic place to walk on barefoot, even on a hot day.” <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CNQVw1RspWZ/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="13"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CNQVw1RspWZ/?utm_source=ig_embed&utm_campaign=loading" target="_blank">A post shared by Norge 🇳🇴 Norway (@nortrip)</a> </div> </blockquote> The top spot was taken out by Vaeroy beach in Norway, which offers amazing coastline views from its clifftops and surprisingly warm waters. Image: The Whitsundays Queensland / Instagram

Domestic Travel

NAB sacks staff member who “falsified” positive COVID-19 diagnosis

A National Australia Bank employee whose allegedly fake coronavirus test result led to an evacuation at the bank’s Melbourne head office has been sacked. Staff received an email from NAB’s chief people officer Susan Ferrier on Monday, letting them know the worker at the Bourke St building had falsified the positive result for a COVID-19 test on March 17. "We have since determined the testing information provided by the colleague appears to have been falsified,” she wrote. “The colleague subsequently undertook a test which was negative. Reflecting the severity of this matter, the colleague will not be returning to NAB.” Ferrier issued an apology for the uncertainty and stress caused by the situation.

Money & Banking

Westpac to pay one year off mortgages for fire-affected customers

Westpac has announced that it will pay one year off the mortgages for customers who lost their homes this bushfire season. Customers who took out mortgages through the bank will have their repayments paid for up to $1,200 per month over a period of one year, acting chief executive Peter King said. “These initiatives are designed to provide practical, on the ground support for our customers, our people and for those who are caring for affected communities,” King said in a statement. “In times of such unprecedented devastation, we want customers and communities to know we’re here to help alleviate financial concerns so they can rebuild their lives, homes and businesses.” Customers who need to rebuild their place of residence will also be eligible for interest free home loans through the Bushfire Recovery Support Package, while businesses may access low-interest loans. The initiative is Westpac’s latest effort to support bushfire-affected communities. Last week, the bank announced a $1.5 million Bushfire Fund, including emergency grants of up to $2,000 for temporary accommodation, food and clothing. There have been 10,550 insurance claims valued at $939 million lodged with Westpac as of Friday, the bank said. All four major banks have announced disaster relief packages. Commonwealth Bank and NAB each established a $1 million bushfire relief fund, while ANZ pledged $500,000 to support affected home loan customers and local community services. Westpac estimated that the bushfire crisis will cost Australia <a href="https://indaily.com.au/news/business/2020/01/13/bushfires-to-cost-nation-5b-westpac/">$5 billion in direct losses</a> and chip the country’s economic growth by 0.2 to 0.5 per cent.

Money & Banking

Pensioners, students and unemployed will receive $50 million in compensation from NAB

National Australia Bank (NAB) will pay $49.5 million to tens of thousands of customers who were sold junk credit card and personal loan insurance. The major lender and its subsidiary MLC Limited have agreed to settle a class action taken against them by law firm Slater and Gordon in the Federal Court. The class action, which is taken on behalf of tens of thousands of Australians, alleged NAB and MLC engaged in unconscionable conduct by selling consumer credit insurance (CCI), credit card insurance and personal loan insurance that did not adequately cover the customers. Slater and Gordon practice group leader Andrew Paull said the policies were “<a href="https://www.abc.net.au/news/2019-11-20/nab-class-action-consumer-credit-insurance-compensation/11721820">next to worthless</a>” to many of the people they were sold to. He said it was the first consumer class action settled in relation to the royal commission into the finance sector, and the compensation was the largest that had ever been paid by a big-four bank to its customers. “A $49.5 million settlement is a terrific result for the tens of thousands of people who fall within the class,” Paull said in a statement. “If any NAB customers think that they have been paying for either NAB credit card cover or NAB personal loan cover, we’d encourage them to register their details on our website.” The compensation payments will be limited to pensioners, students and unemployed customers who were sold the insurance policies under scrutiny. Paull said the amount of payment each customer could receive would depend on their premiums, which ranged from hundreds to over a thousand dollars per year. “Those amounts are very significant for the types of people who are participating in this action,” he said. “For a person who is unemployed, for a person living on the disability pension, a few hundred dollars a year or a thousand dollars a year makes a very big difference.” NAB’s legal counsel Sharon Cook said the settlement was “the right thing to do” to regain customer trust. “As we have said, we can only move forward if we deal with the past, so that we can earn trust among customers and the broader community and grow confidence in the future of NAB,” she said. “It is important to note NAB no longer sells CCI products through any of its banking channels, and has implemented a remediation program for CCI customers.”

Money & Banking

NAB faces heavy penalties after admitting money-laundering breach

National Australia Bank (NAB) faces the prospect of further remediation and a massive fine after revealing it might have made multiple breaches of counter-terrorism and anti-money laundering laws. The bank said in its annual report on Friday that it might have been involved in a breach or alleged breaches of laws governing bribery, corruption and financial crime. NAB said it has self-reported “a number” of issues to financial intelligence agency AUSTRAC. The bank also said that it provided documents and information to the financial intelligence watchdog. NAB is unsure how deeply the issue had run as well as how significant any AUSTRAC penalty would be. “The potential outcome and total costs associated with the investigation and remediation process remain uncertain,” the bank said in its annual report, according to <a href="https://thenewdaily.com.au/money/finance-news/2019/11/15/nab-penalty-money-laundering/">The New Daily</a>. “Given the large volume of transactions that the group processes, the undetected failure of internal AML/CTF controls, or the ineffective implementation or remediation of compliance issues, could result in a significant number of breaches … and significant monetary penalties.”

Money & Banking

“People are fed up”: Treasurer Josh Frydenberg asks ACCC to investigate banks who fail to pass on rate cuts

Australian Treasurer Josh Frydenberg has asked the Australian Competition and Consumer Commission (ACCC) to investigate the banking sector for failing to pass on interest rate cuts to customers in full. This comes after three official rate cuts since January, meaning that the new rate is a record low of 0.75 per cent. Frydenberg has said that the big four banks, ANZ, NAB, Commonwealth Bank and Westpac have failed to pass on the rate changes in full to their customers. "It's costing someone with a $400,000 mortgage around $500 in higher interest payments than they otherwise should have to pay if these last three rate cuts were passed on in full," Frydenberg told Channel 9, according to <a href="https://www.abc.net.au/news/2019-10-14/josh-frydenberg-asks-accc-to-investigate-banking-sector/11598614">The ABC</a>. "But it's not just these last three rate cuts where the banks have failed to pass them on, it's actually what's happened previously under the Labor government, there were 14 different rate cuts and only five of them were passed on in full. "So clearly there's a structural challenge here, there's a pattern of behaviour and the Australian people are fed up." Frydenberg has said that the ACCC needs to use its “particular powers to compel documentation to lift the hood and get to the bottom of this issue”. Labor also welcomes the inquiry by the ACCC in principle, but is asking to see the details of the plan. "Labor has been calling for the ACCC to play a bigger role here," Shadow Treasurer Jim Chalmers told AM. "With record household debt and stagnant debt under the Liberals you can see why customers are frustrated at the banks for not passing through interest rate cuts. "The big banks are still very profitable by international standards so they shouldn't be doing the wrong thing by borrowers. "We want to make sure that those interest rate cuts can do good in the economy, that means having them passed onto consumers." ANZ chief executive Shayne Elliot welcomes the inquiry. "Despite intense competition, there is cynicism in the broader community about interest rates for home loans," he said. "We know we have not done a good job in explaining our position and we will be working hard to ensure this process delivers results." Mike Baird, chief customer officer for consumer banking at NAB agrees, saying that the inquiry is “an important opportunity to discuss the challenges of an increasingly low interest rate environment and engage in a broader discussion about how we support all our customers— both depositors and borrowers". Westpac has said it’s “too early to comment” and a spokesman for Commonwealth Bank has said that it was “currently digesting the implications”.

Money & Banking

Duty-free shopping: The do's and don'ts for nabbing a bargain

When you’re lounging around at the airport waiting for the boarding gate to open, it can be tempting to look around the brightly lit shops and pick up some duty-free goods. While you may find great bargains, the cost of some items at these stores can be a lot more expensive than local retailers. If you’re not paying attention, you may end up paying up to twice the recommended retail prices. Here are the things you should get at the duty-free to save money, as well as the shopping traps you should avoid. What you should buy You could save a great deal when buying liquor, cigars and tobacco products at the airport. According to a review by <a href="https://www.escape.com.au/travel-advice/duty-free-is-it-really-worth-it/news-story/6212a769799001a67abb6813d7ca95e8">finder.com.au</a>, spirits such as Absolut vodka and Johnnie Walker Red whiskey were 33 per cent cheaper. The price gaps can be more significant if you’re travelling to a country where alcoholic drinks or cigarettes are more expensive due to high taxes – so stock up on the way to avoid spending a fortune later. Keep in mind the restrictions in place for alcohol purchases – in Australia the limit is 2.25 litres. Some cosmetics, electronic goods and luxury goods – such as perfumes, bags or sunglasses – can also be cheaper, depending on price variations. A <a href="https://www.choice.com.au/travel/on-holidays/duty-free/articles/duty-free-shopping-traps">2018 comparison by CHOICE</a> found that iPhone X Silver 256GB was cheaper at Sydney Airport’s Heinemann duty-free shop than at Apple Store, while Canon IXUS 190 Digital Camera was more affordable at Harvey Norman. Andy Kollmorgen of the consumer group advised travellers to “shop around” and “do your research”. What you shouldn’t buy In general, confectionery and snacks are a no-go – finder.com.au discovered that Tim Tams were priced 72 per cent higher than in supermarkets. It can indeed be hard to resist getting the special chocolate blocks that you can’t find in your neighbourhood Woolies, but common snacks should be purchased out of the airport.

Retirement Income

Were you affected? Sophisticated scam targets NAB customers

Customers who bank with NAB, one of Australia’s big four banks, have been impacted by a sophisticated phishing scam. The bank has been targeted by online scammers who are hoping to get confidential details from users. Email security company MailGuard discovered the scam, according to <a href="https://finance.nine.com.au/small-business/nab-scam-fake-bpay-transaction-attempts-to-steal-personal-information/b1f47fe3-2b15-4aa8-8ee3-cec6078545ac">Nine Finance</a>. It has been sent from several compromised accounts pretending to be NAB. Customers receive an email that looks like an official correspondence from NAB, explaining that their last BPAY was put on hold. It invites victims to click on a provided link to check their transaction history. Once victims click the link, they are taken to a page that looks like the official NAB login page, but is a sophisticated copy. “Unsuspecting recipients who click on the link to check their BPAY Payment status are led to a convincing-looking copy of the NAB login page. This is actually a phishing page,” explained MailGuard. Once information has been entered, it is then harvested by the criminals before redirecting them to the actual NAB website. “Cybercriminals have taken great pains to replicate official landing pages from NAB – including incorporating the bank’s branding and logo using high-quality graphical elements. All this is done in an attempt to trick the users into thinking the scam is legitimate,” explained MailGaurd.

Money & Banking

NAB admits to charging 4000 dead customers fees

The National Australia Bank (NAB) has become the latest financial institution revealed to be deducting fees from dead customers. The claims were confirmed during the Royal Commission as the bank’s superannuation comes under scrutiny. The former chair of NAB’s superannuation trustee Nulis, Nicole Smith, said the error was discovered after NAB went through its books in May, after similar allegations were made against the Commonwealth Bank in April. NAB admitted charging more than 4000 dead superannuation customers advice fees. NAB has also been accused of charging customers for no service, after some members were billed for financial advice when there was no adviser attached to their account. Earlier, Ms Smith admitted there was a “conflict” when bankers behind the overcharging of fees were asked to review whether customers should be refunded for the error. Counsel assisting the Royal Commission, Michael Hodge QC, is examining the case of NAB charging fees but providing no service, which has now seen customers being refunded up to $122 million. Mr Hodge said there was a conflict that the people who had levied the fees were also being asked to recommend to the superannuation trustee board if there was a need to compensate customers. “It is hopelessly conflicted isn’t it? If it is the one (doing the review) that has taken the money and has to pay it back,” Mr Hodge asked Ms Smith. “Yes, there is a conflict in terms of the revenue,” she said. When he continued on the point, Ms Smith said: “I believe it is conflicted — but not hopelessly conflicted.” In 2016, NAB spent five or six months discussing ways to keep the wrongly charged fees from their superannuation members, although the bank denied trying to avoid the refund to customers. Ms Smith claimed there was “appropriate representation” from the trustee working with NAB, outside legal advice and the review process was considered independent. The commission heard that at one stage NAB proposed reviewing the delivery of services based on “fair exchange value”, not on whether the service had actually been provided to customers or not. The Australian Securities and Investments Commission rejected the proposal. Ms Smith agreed with ASIC, saying: “You can't charge a fee unless you've actually provided a service.” During the commission, Ms Smith admitted that she did not challenge the bank on some of their internal processes which led to the scandal.

Money & Banking

Hackers target customers of major Aussie bank

Customers of a major Australian bank have been warned to be vigilant when banking online, with hackers targeting personal accounts in the latest scam. NAB online banking customers have been sent emails which tells victim their account has been disabled before prompting them to enter their password. But the link the victims are redirected to a fake website when they follow the prompts. From here the scammers take your password and access your account. <img width="497" height="350" src="https://oversixtydev.blob.core.windows.net/media/37163/fake-site_497x350.jpg" alt="Fake Site"/> The fake NAB site. Image credit: Fairfax Media A NAB spokeswoman said, “We remind customers, NAB will never ask you to confirm, update or disclose personal or banking information via email or text.” <blockquote class="twitter-tweet"> <a href="https://twitter.com/NAB">@NAB</a> ummmm I literally used my card today... is this a scam orr?? <a href="https://twitter.com/hashtag/help?src=hash">#help</a> <a href="https://t.co/TiA6NZUMlb">pic.twitter.com/TiA6NZUMlb</a> — Dana Ashley (@Danaaaashley) <a href="https://twitter.com/Danaaaashley/status/866975434709229576">May 23, 2017</a></blockquote> MailGuard CEO, Craig McDonald, told <a href="http://www.smh.com.au/" target="_blank">Fairfax Media</a> consumers should remain vigilant when banking online, “A phishing scam is a fraudulent attempt to steal your information or identity for financial gain. In this case, the perpetrators want victim's banking details. "Creating a fake website allows them to collect peoples' account number and passwords without arousing suspicion. "That valuable information is collected and used to make future unauthorised transactions." Have you ever fallen victim to a scam?

Money & Banking

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"Too good to be true": Bank teller saves couple from losing $40k

Teen with “a lot of courage” nabs her dream home at auction

Aussie beach nabs #2 spot in world ranking

NAB sacks staff member who “falsified” positive COVID-19 diagnosis

Westpac to pay one year off mortgages for fire-affected customers

Pensioners, students and unemployed will receive $50 million in compensation from NAB

NAB faces heavy penalties after admitting money-laundering breach

“People are fed up”: Treasurer Josh Frydenberg asks ACCC to investigate banks who fail to pass on rate cuts

Duty-free shopping: The do's and don'ts for nabbing a bargain

Were you affected? Sophisticated scam targets NAB customers

NAB admits to charging 4000 dead customers fees

Hackers target customers of major Aussie bank

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