It all started for 61-year-old mum Paula* back in September when she began looking into government investment bonds online.
“With the cost of living going up, I was thinking anything I can do to earn a little bit of extra money will help,” she said.
Government bonds are a way for investors to lend money to the government, usually at a slightly higher interest rate than a term deposit at a bank would offer.
The interest is paid at regular intervals until the bonds reach their maturity date and the initial investment is returned.
Eager to get started, Paula did a search online and clicked on a link for what appeared to be a Commonwealth Bank advertisement selling government Treasury bonds.
Paula filled out an enquiry form with her details and waited for someone to get back to her with more information.
Not long after, a man claiming to be a Commonwealth Bank account manager phoned Paula.
“He said, ‘My name is Tom Harrison, I’m from the Commonwealth Bank and this call is being recorded,'” Paula said.
“He sounded very convincing and official.
“Straight away, I believed him – and that’s what got me into trouble. I went along with it and it turned into a nightmare.”
At Paula’s request, the man sent her some more information about the…
