Man reveals how he lost $120k in global scam
#scam #investigativejournalism #money #finance #cybercrime
A Melbourne man has spoken out after losing more than $120,000 in a sophisticated global scam that has devastated victims around the world. Jason Loyola, an IT director, was hoping to fund his dream wedding when he invested in what looked like a legitimate financial consultancy service. He checked the company’s ABN, its Australian Financial Services Licence and even the Moneysmart website, which showed no warnings. Everything appeared above board, so he began investing small amounts before eventually handing over $60,000 across several transactions in 2021.
The scammers built a relationship with Jason, contacting him regularly, updating him on supposed profits and even sharing personal stories about family life. But when Jason tried to withdraw his funds, the company vanished. The website of DHP Finance Consultants disappeared, his emails went unanswered and his heart sank when he realised he had been the target of an elaborate ruse. Later, he would discover he had been caught twice, losing another $60,000 to a linked fraudulent company.
What Jason didn’t know at the time was that he was far from alone. He has since connected with dozens of Australians and more than 150 victims worldwide through a support network called Investment Scam Asia. Together they believe the syndicate behind the scam has stolen more than $10 billion over the past decade, operating boiler rooms in Asia, cloning legitimate businesses and even tricking victims into creating bank accounts to launder money. Despite police investigations and reports to ASIC, funds were quickly shifted into cryptocurrency and offshore accounts, making them almost impossible to trace.
The emotional toll was crushing. Jason admits he was initially embarrassed and ashamed, but he has since become a campaigner for stronger protections, arguing regulators, banks and tech giants all have the power to stop these scams before they destroy lives. He believes ASIC failed to act quickly enough despite warnings, while banks and social media companies continue to profit from transactions and advertising connected to scams.
Jason’s story has also led him to join the newly formed Scam Victims Alliance, founded to support those affected by financial crime. Its president, Harriet Spring, has warned that the government’s Scam Prevention Framework may add layers of complexity without offering real relief to victims, many of whom have lost their life savings and are left feeling humiliated. She believes banks should be held more accountable, with tougher penalties for allowing mule accounts to operate, while scams grow increasingly sophisticated through the use of AI and deepfake technology.
Experts now warn that artificial intelligence is ushering in a chilling new era of fraud. Scammers are already using deepfakes to impersonate business leaders in virtual meetings, tricking companies into transferring millions of dollars. With romance scams, home deposit theft and fake investment opportunities all on the rise, the scale and impact of financial crime is only getting worse.
Despite government promises of reform, many victims feel abandoned. Jason continues to work with others through ethical hackers and online communities to expose the syndicates and warn people before it is too late. His message is clear: anyone can fall victim, and much more needs to be done to protect Australians from scams that ruin lives.
This powerful story reveals the devastating human cost of online fraud, the failure of systems meant to protect consumers, and the urgent need for action as scammers adopt new tools to stay ahead.
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