Warning as Aussie mum loses $150,000 life savings to scam using CBA, Tom Piotrowski images: 'Destroyed my life'

June 26, 2026 - 09:05

Multiple Australians are coming forward to say they have lost everything to a sophisticated "pump and dump" scam that targets victims through social media and popular messaging apps. The fraudsters use fake images of Commonwealth Bank executive Tom Piotrowski and other well-known figures to build trust before luring people into fake investment schemes.

One mother, who asked not to be named, told reporters she lost her entire life savings of $150,000. She said the scammers contacted her through a social media platform, posing as legitimate financial advisors. They showed her fabricated documents and screenshots that appeared to show massive returns from stock trading. "They destroyed my life," she said. "I thought I was investing for my children's future. Now I have nothing."

The scam works by convincing victims to download a trading app that looks professional but is completely fake. Users see their balances grow rapidly, which encourages them to invest more. When they try to withdraw money, the scammers demand additional fees or simply disappear. The Australian Competition and Consumer Commission has issued a warning, noting that these scams are becoming more common and harder to spot. They advise people to never send money to someone they have only met online, and to always verify investment opportunities through official channels.