Scammers targeting older Australians
by Warrandyte Diary
7th July 2025
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VICTORIA Police has issued a warning over a “bank courier” scam in the Manningham area, while Bendigo Bank warns that scammers may be targeting older Australians in fake term deposit scams.
Jason Gordon, Head of Customer and Threat Protection at Bendigo Bank, says scammers are impersonating legitimate financial services businesses, offering fake investment opportunities in an attempt to lure would-be investors, particularly those aged 65 and older, into transferring large sums of money to scammers.
“Term deposits are regarded as conservative and secure investment options.
“Scammers know this and try to leverage the risk profile of these investments for their own ends with fake investment opportunities that redirect your funds to their own bank account.
“Australians lose more to investment scams than any other scam type, and retirees and those approaching retirement are often a target for term deposit scams and other kinds of investment scams.
“Scamwatch says that many Australians aged 65 and older have retired and may be seeking investment opportunities, which may explain people in this age group reporting total losses to investment scams of $66.6 million last year.
“[More broadly] Australians aged 65 and over had the highest overall reported losses to Scamwatch of $99.6M — almost one third of all losses reported last year.
“This cohort only makes up less than 20 per cent of the population, so these disproportionate losses tell us that this is a targeted demographic, and that those over 65 should be extra cautious,” says Mr Gordon.
How are scammers targeting older Australians?
“A common way for scammers to capture contact information is through phoney online advertisements promoting fake term deposits.
“By engaging with these advertisements on social media, through online chat interactions or by processing payments online, scammers can collect your details and make you a target,” Mr Gordon says.
“Data breaches impacting companies that hold your personal information are another way your information can fall into the hands of scammers.
“Once they have your information, you may be contacted directly by the scammers, sometimes repeatedly and over prolonged periods of time, as they set up and execute the scam,” he says.
Warning signs of a term deposit scam
Mr Gordon says these scams are often highly sophisticated and can resemble genuine offers from trusted organisations, but here are some signs it may be a scam:
- Implausibly high returns: Fake term deposit or investment opportunities will often come with implausibly high interest rates, promised returns or guarantees.
Always be sceptical if the offer is too good to be true and is markedly different to what reputable and reliable sources are able to offer. - Cold outreach or unexpected contact: Phone calls, emails or SMSs claiming to be from a financial services business should be treated with extreme caution — especially if you haven’t dealt with them before.
- A lack of digital footprint: Scammers deliberately impersonate businesses without much of an online presence to limit consumers’ ability to compare their “real” website with the scammers’ fake one.
Mismatched details of the receiving bank account: Any account you are transferring to should be in the same name as the relevant financial services business. - Time-sensitive offer to “invest now”: Pressure to act quickly, often using phrases like “last chance” or “exclusive opportunity.”
Bank card courier scam
Manningham Police’s Crime Investigation Unit is also reporting that it is currently investigating multiple incidents involving Manningham residents handing over their bank cards to “bank couriers”.
Scamming criminals typically target seniors who live alone, and they spend hours on the phone manipulating their victims.
Criminals pretend to be from your bank, IT company, or phone company and tell you that your account or computer is not secure.
They will ask you to provide your PIN and leave your card out for collection, or to withdraw cash and hand this over instead.
They may even know some basic details about you (including the last four digits on your bank card).
Don’t be tricked into verifying or providing any personal information, don’t even agree that you are you.
Hang up!
How to stay protected
Mr Gordon says that scams are becoming more sophisticated, but there are ways we can act to protect ourselves and our loved ones.
“Never click on links in unsolicited emails or messages about financial products.
“Bendigo Bank has removed all links from SMS messages, so customers who receive an SMS that includes a link should treat that as suspicious,” Mr Gordon says.
“We urge Australians to treat all unsolicited contact regarding investment opportunities as suspicious and do your own research or ask a friend or family member to help you look into the opportunity before you act,” he says.
- Your bank or phone company will never ask you to:
- disclose your PIN
- leave your card out to be collected
- withdraw cash from your account
- transfer money to another account to keep it secure.
What to do if you’ve been scammed
Mr Gordon’s advice to customers who may have fallen victim to a term deposit or investment scam is to visit bendigobank.com.au/security immediately to report the incident and receive support.
Encouragingly, people aged 65 and over were the most likely to report a scam in 2024, with more than 62,000 reports lodged to Scamwatch.
“Reporting scams is critical in helping telcos, internet service providers, banks, and law enforcement put a stop to criminal activity,” Mr Gordon says.
Knowledge is power
If your community group or retirement village would like a presentation from Victoria Police on scam awareness, contact Manningham’s Crime Prevention Officer on 8841 3999 or via email manningham-crime-prevention-mgr@police.vic.gov.au.
Bendigo Bank also offers a face-to-face education approach to help its customers and the community safely navigate digital banking.
The 30-minute, standardised classes for customers and local community groups highlight the benefits and importance of getting digitally connected, staying safe and recognising and preventing scams and fraud.
Customers are encouraged to enquire at their local Bendigo Bank.
Please talk to your loved ones about the warning signs, and for more information visit scamwatch.gov.au.
