A Gold Coast couple, Sarah and Laine Robinson, lost $250,000 in a sophisticated mortgage scam. The tragedy unfolded as they prepared to buy their dream home in Mount Nathan. Despite their cautious approach, the Robinsons fell victim to a “spear phishing” attack, a highly targeted scam that dupes victims with personalised tactics.
The Perfect Setup Ends in Tragedy
The Robinsons had diligently saved for years to afford their house deposit. They engaged a reputable conveyancer and even hired a buyers agent. Confident in their preparations, they made two large bank transfers for their deposit, totalling over $300,000.
The day before settlement, disaster struck. Almost all their deposit had vanished into a scam account. “We went into the bank and we thought we have nothing to worry about,” said Mr Robinson.
The couple only realised something was wrong when their conveyancer contacted them, stating the second payment of $252,000 was missing. Ms Robinson was shocked, recalling her meticulous correspondence. “I told Laine, ‘I’ve been corresponding with the conveyancer for two weeks … I followed their email and they replied, we’ve received funds.’”
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How the Scam Worked
The scammer had sent emails posing as the Robinsons’ conveyancer. The emails included accurate details such as fees and stamp duty amounts. The deception lay in the sender’s email address, which was missing “.au” at the end.
Upon realising the truth, Ms Robinson said, “He told me, ‘Sarah, it’s all a scam. It’s not real.’”
A Family Devastated
The Robinsons’ loss was devastating. “From the moment it happened, I fell apart,” Ms Robinson said. “I’ve lost parents, and [the grief] was much the same because you just don’t expect it, and it changes your life so quickly.”
The family, with three children, now faces the daunting task of starting over.
Rise of Spear Phishing Scams
Experts warn spear phishing scams are becoming more common. Unlike broad phishing attempts, spear phishing involves targeted attacks on individuals with high-value transactions.
Philip Goldie, managing director of security company Okta, noted a shift in scam tactics. “Most attacks were ‘very broad phishing scams’ … like text messages from Australia Post or Linkt asking for a bill to be paid,” he said.
Now, scammers invest more time targeting individuals for significant financial gains. “That sort of scam takes a lot more time and effort on the perpetrator’s side … the financial loss … can be huge,” Goldie explained.
The Role of Technology
Goldie warned that advancements in artificial intelligence (AI) could worsen the situation. AI allows cybercriminals to scale their operations, generating personalised scam content with greater efficiency.
Banking Missteps
The Robinsons criticised their bank, ANZ, for its handling of the situation. Ms Robinson received a late-night call from ANZ to confirm the account details for the $252,000 transfer. While on the phone, she rechecked the email and confirmed the details.
“There was no indication that the woman on the other end of the line was worried about the transfer,” she said.
Weeks later, ANZ apologised, admitting the phone call lacked urgency. A letter from ANZ stated it was too late to recover the funds even if the scam had been identified during the call.
ANZ recovered $82,000 of the $252,000 but declined further comment.
Police Investigation
Queensland Police initially investigated the case before transferring it to Victoria Police. Authorities discovered the scam account belonged to a Melbourne university student.
How to Stay Protected
Goldie emphasised the importance of securing email accounts. “Make sure your personal email account is well protected,” he advised.
He recommended using a complex, unique password and enabling multi-factor authentication.
Goldie also urged caution when transferring money. “Double check, triple check, make sure you’re talking to someone legitimate,” he said.
A Warning to Others
The Robinsons shared their story to raise awareness. “If somebody said to me, conveyancing scams are so rife in Australia right now, you have to make sure of this … there’s so many points where so many people could have helped me,” Ms Robinson said.
Lessons Learned
The Robinsons’ experience highlights the devastating impact of cybercrime. As scams grow more sophisticated, vigilance is crucial. Individuals and institutions must adopt stronger measures to prevent future tragedies.
Their story serves as a sobering reminder to always verify financial transactions and question unexpected communications.