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80yo loses $1 million in sophisticated finance app fraud

Simon Beaumont
Article image for 80yo loses $1 million in sophisticated finance app fraud

Scam victim Veronica has revealed her shattering story that highlights how easy it is to be fooled by fraudulent activity.

The 80-year-old lost almost $1 million to scam companies, her life savings after 30 years of work, with the activity taking a heavy toll on her health.

“At the beginning I couldn’t be used for anything, for a good four weeks,” she told Mornings host Liam Bartlett.

Tap PLAY to hear how Veronica was duped and what fraud specialists are doing to deter further action

“Then I was on tranquilisers, and slowly, slowly I came to accept it, but it took a long time.”

Fraud and crime specialist Ken Gamble, the executive chair of International Fraud Watch Global, told Bartlett that Veronica was one of several Australian victims of a sophisticated superannuation scam.

The victims were given access to a leading finance app, which they claim gave them false confidence their money was safe.

Scam victims claim they were signed up to use a software product to oversee their self managed super funds.

IFWG’s investigations into the app recently led to a raid on a call centre in the Philippines.

Simon Beaumont
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