Sydney Couple Warns of Email Scam After Losing $100,000

After losing over $100,000 to an email scam that impersonated a well-known payment service, a Sydney couple is now warning others to exercise caution online.

How $100,000 Got Swindled in Two Hours

News.com.au reports that the couple received an email containing a payment request that appeared to be from PayPal. The email also instructed the couple to call a mobile phone number if they suspected the payment request was fraudulent.

The unsuspecting couple followed the instructions, and a con artist posing as a bank customer service representative answered the phone.

The scammer convinced the couple that there were numerous fraudulent transactions and that they needed to follow a series of steps to get rid of them.

Now comes the part where the con artist swindled the couple's entire savings in a matter of hours. The scammer then requested the couple's personal information, debit card numbers, and a series of one-time passcodes. The couple mistook their actions as authorizing the cancellation of fraudulent transactions.

They were, however, authorizing the transfer of more than $100,000 to a scammer in Perth.

But why did bank officials not inform the couple of the sudden large fund transfers? According to News.com.au, the suspicious transactions prompted the couple's bank to contact them.

They were, unfortunately, still on the phone with the scammers at the time. The bank then blocked the couple's card but could not recover the funds because they had already given the scammers the one-time passcodes.

Here's How to Protect Yourself Against Email Scams

Phishing is a prevalent form of cyberattack in which scammers use email or text messages to trick you into disclosing sensitive information, such as passwords and account numbers.

It is essential to be able to identify them and take preventative measures.

The FTC warns that phishing emails and text messages frequently tell a story to convince you to click a link or open an attachment. These messages may appear to originate from a reputable organization, such as your bank or credit card company. Some common phishing email and text message methods include:

claiming that your account has been compromised
requesting personal or financial information from you
including an invoice you are unfamiliar with
giving away a freebie coupon

Additionally, here are some signs that an email or text message you received is a scam:

The message has a generic greeting.
The message claims there is a problem with your account or payment information.
The message invites you to click a link to update your payment details.

Protect Yourself from Phishing Attacks

Here are steps you can do to protect you from online scammers.

Use security software to protect your computer and phone, and set it to automatically update to deal with new security threats.
Some accounts provide additional security by requiring two or more login credentials. This is known as multi-factor authentication, making it more difficult for scammers to access your accounts if they obtain your username and password.
Back up your computer and phone data and save it to an external hard drive or the cloud.
If you are a victim of a phishing attack, contact the Federal Trade Commission (FTC) or the FBI/Internet Crime Complaint Center. You can also contact the National Fraud Information Center/Internet Fraud Watch or the police department in your area.

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