Peter was almost tricked out of $1.2 million, but a single phone call saved him.

Exclusive: Peter Wright* had been eagerly awaiting an email from his conveyancer to finalize the purchase of his new property. So, when he received a request to transfer $1.2 million, he didn't think twice. Without double-checking the details, he called his bank and instructed them to process the transfer on October 24. But little did he know, his bank's employee, Diane Zhou, had a gut feeling about the transaction.

Even though it was not a common practice for the bank to verify payment details on behalf of their clients, Zhou decided to take an extra step and do it anyways. She called the conveyancer and to her surprise, found out that no such email had been sent to Peter. The conveyancer couldn't even find any trace of the email in her inbox. Alarmed, Zhou immediately contacted Peter and informed him about the potential scam.

Peter, who was in the middle of his daily routine, was taken aback and started to panic. But, thanks to Zhou's quick thinking, he was able to avoid a huge financial loss. He was relieved and grateful that she had taken the time to verify the details. Zhou couldn't help but think about the possible consequences if they hadn't caught the scam in time.

As Zhou carefully examined the email, she noticed some minor mistakes that raised a red flag for her. She explained, "The email seemed logical at first glance, but upon closer inspection, it wasn't very clear. Usually, conveyancers advise their clients to double-check the information before proceeding with the transfer, but this particular email didn't mention anything like that. Also, the BSB and account numbers were from different banks."

According to Ben Young, Westpac's Head of Fraud Prevention, payment redirection scams are the most challenging to identify. He pointed out that scammers often send fake invoices or bills, making it difficult for victims to realize they are being scammed. In some cases, people have lost millions of dollars in a single transaction.

Recent data from Westpac revealed that payment redirection scams rank as the fifth most common scam, with the second-highest financial losses in the past year. On average, victims have lost $27,500 to this type of scam. In light of this, both Zhou and Peter are urging others to be extra cautious and double-check payment details before transferring any money.

Zhou admitted, "This incident definitely opened our eyes to the sophistication of scams these days. It's crucial to be aware and vigilant about such situations." Peter, who wishes to remain anonymous for privacy reasons, shared a similar sentiment. He added, "I learned a valuable lesson from this experience and hope others can learn from it too."

*Name has been changed for privacy reasons.

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