Feature image above: Banker Erin Browning from NAB’s Mansfield branch in regional Victoria.
Published on 10.03.2025
When Bob* walked into his local NAB branch wanting to transfer more than $400,000 into an investment scheme, customer advisor Erin Browning was immediately suspicious.
The customer in his 70s was lured by the promise of a 20% return on a term deposit from his new friend Susie*.
Fresh from selling his shares, Bob told staff at the Mansfield branch in regional Victoria he was ready to invest, but Erin’s instincts kicked in.
Local banker, Erin Browning, saved her customer $440,000 from an investment scam.
“Alarm bells started ringing straight away,” Erin said.
“The extraordinarily high term deposit rate was the first red flag. Then, the offer was from someone called ‘Susie’, not from a genuine organisation.”
Erin’s probing revealed more inconsistencies: no direct contact with the company, a mismatched ABN, and no publicly listed phone number.
Despite Bob’s rehearsed answers, Erin’s training told her something was off. “It sounded like Bob had been coached. It was all a bit strange,” she said.
Erin, on high alert for scams, contacted NAB’s Fraud Operations, who confirmed her suspicions.
“I told Bob we couldn’t make the transfer. He initially resisted but eventually agreed things didn’t add up,” she said.
NAB data reveals investment scams are responsible for the biggest dollar loss each year.
NAB Executive, Group Investigations Chris Sheehan, said investment scams often promise quick, high returns with minimal risks.
“Investment scams are among the top scams impacting our customers,” said Mr Sheehan, a former senior Australian Federal Police officer.
“They often involve criminals impersonating banks with impressive rates and professional follow-up.”
Mr Sheehan advised Australians to watch for red flags: unsolicited opportunities, social media ads, claims of beating inflation, unusually high rates, and advisors without an AFS license.
“If it appears too good to be true, it probably is,” he said.
Visit NAB’s Security Hub, opens in new window to learn more about recognising investment scam red flags and protecting yourself.
Notes to the Editor:
Education
With winter travel in full swing, being smart about how you plan, spend and pack is more important than ever. With the continued rise in scams across the globe, NAB is helping holidaymakers stay one step ahead of common travel scams, while cult luggage brand July has tips on packing with intention and ease.
22.07.2025 | 2 min read
Cyber security
Learn more about how Confirmation of Payee is being rolled out help tackle scams and reduce misdirected payments.
02.07.2025 | 2 min read
Scams
NAB has today welcomed the launch of the banking industry’s new Confirmation of Payee system to help tackle scams.
02.07.2025 | 2 min read