Scams use fake terms deposit schemes

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BENDIGO Bank is warning that scammers are increasingly targeting Australians aged 65 and over with fake term deposit schemes. Criminals impersonate legitimate financial institutions and lure retirees into transferring large sums by promising unrealistically high returns. Older Australians reported almost $100M in scam losses last year, making them the most affected age group. The bank advises people to be wary of unsolicited investment contact, avoid clicking links, verify account details, and seek trusted advice. Suspected scams should be reported immediately.

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