Peter Riseley of Tasmania fell victim to what appeared to be a legitimate online trading platform advertisement that even featured the prime minister. It started as a small investment which yielded some success, but due to the relentless calls from persuasive scammers, he eventually switched to larger and larger investments. Ultimately, he lost all of his life savings which he had set aside for a granny flat.
Tactics Used by Scammers
The scammers employed psychological methods to manipulate him, such as asking for US dollars instead of his other currency savings because of “better returns.” Also, the scammers attempted to cover their remote access deposit request by remote access software. This made it possible for the scammers to firstly take complete control of Peter’s device, incrementally increase bank withdrawal limits, and eventually leave him with nothing. When he started becoming suspicious, their excuses of changing numbers being “normal for a call center” served to manipulate his trust even more.
The Scope of Australia’s Fraud Problem
Cases like Peter’s are a growing concern. As stated the National Anti-Scam Centre, Australians lost approximately AUD $175 million to scammers in the first half of 2025 alone, which translates to over 108,000 reported scams. The elderly, and retired individuals in particular, continue to be the most fiercely targeted. Schaffer reported that over 65’s lost $120 million last year alone, a 13% increase, while overall scam losses in other demographics declined.
Australia’s Fraud Surge Impacting Retirees — Key Points
| Category | Details |
|---|---|
| Case Example | Peter Riseley (Tasmania) scammed via fake online trading platform |
| Scam Tactics | Psychological manipulation, remote access software controlling devices, repeated calls, excuses for number changes |
| Financial Loss | Entire life savings intended for granny flat |
| Australia’s Fraud Scale | AUD $175 million lost in H1 2025; over 108,000 reported scams |
| Elderly Targeting | Over 65s lost $120 million in 2024 (13% increase); elderly and retirees most targeted |
| Scam Methods | Impersonation, fake endorsements, social engineering, high-pressure tactics |
| Victim Impact | Significant financial loss; low recovery rates; emotional and financial distress |
| Preventive Advice | Awareness of scam tactics; report fraud promptly to banks and authorities |
Exploiting Older Australians
Fraudsters often impersonate legitimate finance representatives or use fake endorsements to lure elderly Australians due to their substantial retirement savings. Many rely on social engineering, which includes impersonation and high-pressure escalation, to deceive their victims.
Victim Consequences
Australian retirees like Peter, reporting the fraud and saving scam to their bank and local authorities, are desperate to regain their hard-earned savings. Unfortunately, most older Australians are left with little to no hope. Peter’s experience, along with the many older Australians, is a reminder of the rampant fraud crisis in Australia.