Wade told his bank to stop a $50,000 transfer after scammers hacked his accounts... what happened next has sparked a two year battle
A business owner was left crippled after scammers stole $50,000 despite warning the bank to pause the cash transfer.
A business owner was left crippled after scammers stole $50,000 despite warning the bank to pause the cash transfer.
Wade Brown received a panicked late-night phone call one Friday night in 2022 after his staff noticed $50,000 was missing from the bank account for his business Pure Glass WA - which is located at Margaret River, south of Perth.
The money was sent to a bank account with AMP titled Pure Glasses with the description Invoice 21745.
Mr Brown quickly called his bank, Bankwest, and froze his account. He claimed the bank staff promised to alert AMP of the fraudulent transfer.
However, Mr Brown still felt uneasy so called AMP himself to ensure the funds would not clear.
AMP reportedly told him the transfer would remain pending until Monday.
Despite the reassurance from both banks, the $50,000 was successfully transferred to the AMP account and into the hands of the scammer.
Mr Brown has spent the last two years desperately trying to get his money back, but to no avail.
Wade Brown (pictured) lost $50,000 in 2020 after a scammer tricked an employee at his business, Pure Glass WA
Mr Brown quickly called his bank, Bankwest, and froze his account. He claimed the bank staff promised to alert AMP of the fraudulent transfer
It almost crippled us. $50,000 is a lot in any small business, he told news.com.au.
The business owner claims Bankwest told him in 2022 his business was liable for the scam, not the bank, and refused to reimburse him.
Mr Brown then launched a complaint with the Australian Financial Complaints Authority (AFCA).
AFCA concluded the fault lay with Pure Glass WA and that Bankwest was not responsible for reimbursing the business.
While Mr Brown admits the scam could have been a lot worse, he feels as though the banks cheated him.
He is still trying to piece together how the hackers were able to successfully enter his Bankwest account.
Its understood the day before the scammer called, Pure Glass suffered an internet outage.
Subsequently, the scammer called pretending to be a Telstra employee investigating issues with the business modem.
One of Pure Glass employees fell for the scam as the criminal was able to provide details of the business modem.
Mr Brown claimed the scammer should not have been able to access his bank account to make the two transfers (pictured)
Bankwest claims the employee was then convinced to download software, which gave them access to Pure Glass systems.
Mr Brown disagrees but claimed even if the scammer did have access to Pure Glass computer, they would not be able to access its banking.
A token code must be entered into the system before any transaction is approved.
That code is generated by a dongle kept in a locked room and changed every few minutes.
I tried to do two transactions without a security code - its impossible, Mr Brown said.
Bankwest claimed the scammer was able to obtain the token code by sending it to a registered mobile number.
A Bankwest spokesman would not comment directly on Mr Browns case to the outlet but said keeping customers funds secure is a priority.
It added it is accelerating investment into its scam-detection technology and claimed it does everything it can to prevent or recall funds lost to scams.
An AMP spokeswoman said this does seem like a case that would benefit from further investigation and urged Mr Brown to contact it again.
AMP recognises our important role in working with regulators and other banks to help protect the community from fraudulent activity, and like other organisations, weve uplifted and improved our own systems and practices to protect consumers, she said.
Daily Mail Australia has contacted both banks for further comment.
