A NSW pensioner has been conned into transferring tens of thousands of dollars to a man posing as a fake Fair Trading employee.
NSW Fair Trading Commissioner Rod Stowe says a 74-year-old Hunter region man received a call, allegedly from the Commonwealth Bank, telling him he was owed $31,000 in "overpaid bank charges" and to contact fake agency staffer Alan Spencer to facilitate the transfer.
The man twice withdrew $9700 in cash on "Mr Spencer's" instruction, depositing one amount into a Westpac account and the other into a NAB account.
Mr Stowe said a warning against the "insidious scam" was issued in 2013, and urged consumers to understand a government agency would never cold call offering money.
"Unfortunately it is often the elderly and trusting who become victims," he said.
The agency has also been contacted by an elderly woman who claims she has lost millions of dollars in a similar scam, with the perpetrator offering awards and recognition to gain her money.
Police and Fair Trading officials are investigating her claims.
A spokeswoman from the Department of Finance, Services and Information said scammers will often ask for cash deposits of under $10,000 as they are less likely to raise suspicion with financial institutions.
"We often think these complaints are the tip of the iceberg," she said.
Scams can be reported to Fair Trading on 13 32 20.
