One of Australia's biggest banks has admitted it "could have done more" to protect a client who was scammed out of his life savings shortly before he was diagnosed with dementia. ANZ has agreed to refund almost half a million dollars to the man, but it's a rare outcome for the majority of Australians targeted by scammers.
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00:00 As the rector of an Anglican church in Hobart, Victor Shaw provides support and advice to
00:08 his congregation.
00:09 In your anger, do not sin.
00:13 But earlier this year, it was his father in need of help.
00:17 I found out that he'd lost pretty much most of his life savings, about $450,000.
00:27 To make matters worse, 78-year-old Alex was diagnosed with dementia days later, making
00:33 it difficult to figure out how he'd been conned.
00:36 He was quite confused really about the whole thing.
00:39 But Victor found clues in his dad's handwritten notes, which summarised the calls he'd received
00:44 from strangers.
00:46 They indicated he'd fallen victim to a remote access scam, and that after his account was
00:51 suspended by ANZ due to suspicious transactions, he was tricked into getting it reactivated.
00:57 Then after the bank account was unlocked, they just took it all.
01:02 After reviewing the circumstances, ANZ agreed to pay back $460,000, admitting it could have
01:09 done more to support the 78-year-old, given his vulnerability and a prior history of being
01:15 scammed.
01:16 I was just completely blown away by it, absolutely astonished.
01:19 But not everyone is as fortunate.
01:22 Of the more than half a billion dollars lost through scams at Australia's big four banks,
01:26 only $21 million was paid back to customers over a 12-month period.
01:32 Australians over the age of 65 are scammed more frequently and lose more money than other
01:37 age groups.
01:38 But factors such as dementia can also make people more vulnerable.
01:42 The reason why is that as people's dementia progresses, they do lose the ability to assess
01:49 risk and also to manage their financial affairs.
01:53 To ensure his father's finances are now safe, Victor has activated his power of attorney,
01:58 and he's sharing his dad's experience to help other families protect their loved ones from
02:03 scammers.
02:04 [BLANK_AUDIO]