Even the most financially sophisticated people can be scammed. Take the case of Joanna, a 60-year-old tech executive who sits on a couple of ASX-listed company boards.
Joanna bought a car online. She had been looking for a while and a good deal popped up on a reputable website. In a series of convincing emails with the car's owner, it all sounded legitimate. It wasn't until Joanna sent the money to the owner's bank account that she realised she had been tricked. She had handed over her money, but she wasn't going to get a car.
In hindsight, Joanna says she was busy and in a hurry, which made her susceptible to being fleeced. But it is what happened after she paid her money that made it worse. All websites recommend you contact your bank if you have been scammed. So, Joanna did just that to try to stop the transaction. But she couldn't get through to her bank or the car owner's bank. She sat on hold for long periods over four days, for what she estimates to be about eight hours, trying to resolve the issue, knowing it was unlikely the money was still in her account.
She emailed her bank but the scammer's bank didn't have an email address for sending through
