'Appalling betrayal': Elderly man loses $600,000 to alleged fraudsters
Updated . First published
An elderly man lost $600,000 to a pair of alleged scammers in what police labelled an “appalling betrayal” in Sydney.
A police strike force was established last year to investigate two men suspected of convincing an 88-year-old man to give them access to his online bank account and credit card.
Two men have been arrested in Yagoona, Sydney, after allegedly defrauding an elderly man of more than $600,000. NSW Police
Over a year, the men allegedly spent more than $600,000 of the 88-year-old’s money, including by buying shares and transferring funds to themselves and others.
At about 6.10am yesterday, police executed a search warrant at a unit in Yagoona in Sydney’s south-west.
They arrested two men, aged 22 and 25.
They were both charged with fraud offences and dealing with the proceeds of crime.
The 25-year-old was also charged with not complying with a digital evidence access order.
They were both refused bail and will appear in court today.
Detective Superintendent Gordon Abinja said the alleged crimes were “an appalling betrayal of a vulnerable member of our community”.
“If you think a loved one is being manipulated or pressured into handing over money or access to accounts, please come forward,” he said.
“We would much rather check on something early than see another person lose their life savings.”
Financial elder abuse set to rise
The Australian Banking Association (ABA) says the financial abuse of older Australians is set to increase as house prices and superannuation balances leave older people at risk of “inheritance impatience”.
“Get your affairs in order. Talk to your bank about setting up direct debits and pre-authorised bill payments. Consider who has third party authorisations over your accounts and ensure that they are trusted,” the ABA recommends.
“Put in place arrangements, like power of attorney, for how your money and property will be handled if something happens to you or you can no longer communicate your wishes effectively.”
Almost six in 10 Australians are worried that someone they know will be the victim of financial elder abuse, as by 2050 Australians aged over 65 will comprise around 25 per cent of the population.
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