1 00:00:00,240 --> 00:00:03,120 Speaker 1: This is the fits In and Whipper with Kate Richie podcast. 2 00:00:03,400 --> 00:00:04,439 Speaker 1: This is disgusting. 3 00:00:05,080 --> 00:00:08,920 Speaker 2: An investigation can reveal that seventy Australian victims have lost 4 00:00:08,960 --> 00:00:12,320 Speaker 2: more than seven million dollars to the Tom Petrowski shared 5 00:00:12,360 --> 00:00:16,440 Speaker 2: trading scam. But Facebook have come out and said, look, 6 00:00:16,440 --> 00:00:19,360 Speaker 2: we're dealing with it. But they they're not really dealing 7 00:00:19,400 --> 00:00:23,920 Speaker 2: with it at all. Okay, we're suggesting they don't care. Well, 8 00:00:24,440 --> 00:00:27,880 Speaker 2: look I didn't know this. This blows my mind. But 9 00:00:28,040 --> 00:00:32,400 Speaker 2: internal Meta documents, which is Facebook, revealed that the company 10 00:00:32,920 --> 00:00:35,960 Speaker 2: have been making three billion dollars a year WHIP or 11 00:00:36,040 --> 00:00:40,320 Speaker 2: nineteen percent of its revenue from scam, illegal gambling and 12 00:00:40,400 --> 00:00:46,040 Speaker 2: pornography advertisements from companies based in China. So so this 13 00:00:46,640 --> 00:00:50,080 Speaker 2: they not like we all know that there's so many 14 00:00:50,120 --> 00:00:54,880 Speaker 2: scam admurnisements on meta right on Facebook, but they're not 15 00:00:54,960 --> 00:00:57,440 Speaker 2: taking them off because they're making three billion dollars a 16 00:00:57,520 --> 00:00:57,760 Speaker 2: year and. 17 00:00:57,800 --> 00:00:59,760 Speaker 1: Re Tom Petrowski. 18 00:01:00,280 --> 00:01:02,840 Speaker 2: Just to be clear, these are fake ads that are 19 00:01:02,840 --> 00:01:05,240 Speaker 2: being shown on mata. He's not ripping people off and 20 00:01:05,319 --> 00:01:07,760 Speaker 2: hiding their funds in his beard, is he. 21 00:01:08,200 --> 00:01:09,840 Speaker 1: Well, you can ask the man himself. 22 00:01:09,880 --> 00:01:13,000 Speaker 2: Tom Petrovsky Finances book from nab Tried Tommy. 23 00:01:13,200 --> 00:01:15,840 Speaker 1: Welcome Tom. 24 00:01:16,920 --> 00:01:23,800 Speaker 3: Good to chat. It's heartbreaking under these circumstances, isn't it. 25 00:01:24,600 --> 00:01:28,479 Speaker 3: These numbers just take your breadth away. Like I'll give 26 00:01:28,480 --> 00:01:32,720 Speaker 3: you a figure that's even in twenty twenty two, like 27 00:01:33,040 --> 00:01:36,560 Speaker 3: more than three billion dollars was scammed from Assise alone, 28 00:01:36,720 --> 00:01:43,399 Speaker 3: and the line's share of that comes from financial scams. 29 00:01:43,560 --> 00:01:46,560 Speaker 3: So you know you see a number like that, yes 30 00:01:46,600 --> 00:01:50,720 Speaker 3: it's massive, but you know these the people you know, 31 00:01:50,760 --> 00:01:54,520 Speaker 3: your mum and dad, your relatives, people who you know, 32 00:01:55,280 --> 00:02:02,040 Speaker 3: and sometimes because no one wants to look like a bill, 33 00:02:02,280 --> 00:02:04,800 Speaker 3: you know, you might not tell people if this has 34 00:02:04,920 --> 00:02:08,320 Speaker 3: happened to you. And it's really important that you know, 35 00:02:08,320 --> 00:02:12,840 Speaker 3: we have these types of chats because when you see 36 00:02:12,840 --> 00:02:17,600 Speaker 3: something dodgy, then you're wary and you take the right steps. 37 00:02:17,639 --> 00:02:22,000 Speaker 3: So yeah, just to have a small sum of money 38 00:02:22,080 --> 00:02:24,080 Speaker 3: is bad enough, because you feel like you've been done 39 00:02:24,080 --> 00:02:28,639 Speaker 3: over when you have had your life savings taken off you, 40 00:02:28,639 --> 00:02:31,200 Speaker 3: you know, I mean the desperation that you must feel 41 00:02:31,919 --> 00:02:32,720 Speaker 3: is impossible. 42 00:02:33,120 --> 00:02:36,760 Speaker 2: Hole, Tom It's a double edged sword for me because 43 00:02:36,800 --> 00:02:39,520 Speaker 2: you know what, when I see your face on the television, 44 00:02:39,639 --> 00:02:42,320 Speaker 2: I look at a trusted man. I go Oh my god, 45 00:02:42,360 --> 00:02:46,200 Speaker 2: that's Tom Petrowski. But now, in a way, Tommy, we 46 00:02:46,280 --> 00:02:48,520 Speaker 2: have to look at you as a bit of a scam, you. 47 00:02:48,480 --> 00:02:49,040 Speaker 1: Know what I mean? 48 00:02:49,120 --> 00:02:53,239 Speaker 2: Like no, because we dam Because now when we look 49 00:02:53,280 --> 00:02:55,560 Speaker 2: at Tom, we've sort of got to think to ourselves, 50 00:02:55,760 --> 00:02:57,840 Speaker 2: is this a scam? And I don't want to think 51 00:02:57,880 --> 00:03:00,560 Speaker 2: that because he is one of the most trusted in 52 00:03:00,600 --> 00:03:03,200 Speaker 2: the finance industry. But tell me, I'm going to have 53 00:03:03,200 --> 00:03:04,799 Speaker 2: to tell mom and dad to look at you in 54 00:03:04,840 --> 00:03:05,520 Speaker 2: a different way. 55 00:03:05,600 --> 00:03:06,440 Speaker 1: Now, don't do that. 56 00:03:07,040 --> 00:03:11,000 Speaker 3: It's the right thing to do because when you see, well, look, 57 00:03:11,040 --> 00:03:14,440 Speaker 3: the thing is, most of the time, if these criminals 58 00:03:14,440 --> 00:03:17,680 Speaker 3: are going to approach you, it'll probably be on social 59 00:03:17,760 --> 00:03:21,119 Speaker 3: media or some sort of channel along those lines. Three 60 00:03:21,200 --> 00:03:25,359 Speaker 3: quarters of these scams happen on social channels, right. So 61 00:03:25,840 --> 00:03:30,920 Speaker 3: the important thing to understand is that a reputable financial 62 00:03:31,080 --> 00:03:34,960 Speaker 3: professional is never going to approach it on these channels 63 00:03:35,000 --> 00:03:39,000 Speaker 3: and say you know that you're going to make a 64 00:03:39,040 --> 00:03:41,280 Speaker 3: lot of money in a short space of time. It 65 00:03:41,400 --> 00:03:44,640 Speaker 3: just wouldn't ever happen. If, for example, you want to 66 00:03:44,720 --> 00:03:48,840 Speaker 3: run some checks, just ask the individual for their Australian 67 00:03:48,960 --> 00:03:54,040 Speaker 3: Financial Services License right number. You can go to ASSEK 68 00:03:54,240 --> 00:03:57,880 Speaker 3: and they've got a register. You can check the name 69 00:03:58,000 --> 00:04:01,160 Speaker 3: and the number against what's been sad. But you know 70 00:04:01,520 --> 00:04:05,600 Speaker 3: it is very unlikely that a reputable person is going 71 00:04:05,640 --> 00:04:09,240 Speaker 3: to approach you in this way. They'll always create a 72 00:04:09,320 --> 00:04:12,120 Speaker 3: sense of urgency as well that you know you need 73 00:04:12,160 --> 00:04:15,080 Speaker 3: to get onto this quickly. Stock market moves quickly. Got 74 00:04:15,160 --> 00:04:18,640 Speaker 3: to take advantage of it. Pounce while the opportunity. 75 00:04:18,120 --> 00:04:20,440 Speaker 1: To listen, don't listen, Tom, No. 76 00:04:20,600 --> 00:04:24,800 Speaker 3: Well, the best thing to do is actually just it 77 00:04:24,839 --> 00:04:27,880 Speaker 3: will drive the nuts because they'll pester you and then 78 00:04:28,480 --> 00:04:31,960 Speaker 3: immediately reveal themselves as being dodgy. 79 00:04:32,160 --> 00:04:32,360 Speaker 1: Tom. 80 00:04:32,360 --> 00:04:34,359 Speaker 2: Are they still going through your bead on clean Up 81 00:04:34,360 --> 00:04:35,320 Speaker 2: Australia day? Mate? 82 00:04:36,680 --> 00:04:39,480 Speaker 1: How how is that? Lusts? 83 00:04:40,680 --> 00:04:50,720 Speaker 3: There have been lost families that sometimes they were. 84 00:04:49,800 --> 00:04:54,240 Speaker 2: In the balance, But it says he met us sit 85 00:04:54,279 --> 00:04:56,720 Speaker 2: in a statement that has removed the Petrowsky ads from 86 00:04:56,720 --> 00:04:59,280 Speaker 2: the platforms, But victims claim that the scammers are now 87 00:04:59,360 --> 00:05:03,839 Speaker 2: simply using other economists to run the same scheme. I 88 00:05:03,920 --> 00:05:06,839 Speaker 2: tell you right now, there's no other economists that competes 89 00:05:06,880 --> 00:05:09,440 Speaker 2: with Tom patrost Well said, Well said. 90 00:05:10,200 --> 00:05:15,040 Speaker 3: It feels like I'm with family. I feel the Warman brace. 91 00:05:16,920 --> 00:05:19,120 Speaker 1: There was a single mum who lost one hundred and 92 00:05:19,200 --> 00:05:23,279 Speaker 1: fifty grand. Hearing stories like this, it. 93 00:05:23,600 --> 00:05:26,839 Speaker 3: Brings it is just so devastating, And the problem is 94 00:05:26,880 --> 00:05:29,640 Speaker 3: that these criminals are so effective in the way that 95 00:05:29,680 --> 00:05:33,440 Speaker 3: they organize themselves. So something that you may or may 96 00:05:33,480 --> 00:05:35,799 Speaker 3: not have heard of is a practice called muling. 97 00:05:36,279 --> 00:05:36,479 Speaker 1: Right. 98 00:05:37,560 --> 00:05:40,440 Speaker 3: What this involves is that you know, you hear about 99 00:05:40,440 --> 00:05:44,440 Speaker 3: the love scams, the job scams. So what happens is 100 00:05:44,440 --> 00:05:50,040 Speaker 3: that these criminals will actually end up borrowing a legitimate 101 00:05:50,440 --> 00:05:52,960 Speaker 3: bank account. Right. So you've done your checks and then 102 00:05:53,200 --> 00:05:55,080 Speaker 3: you look at the account number and you think, oh, 103 00:05:55,120 --> 00:05:57,440 Speaker 3: that's an Australian bank, so that's going to you know, 104 00:05:57,480 --> 00:06:00,839 Speaker 3: blah blah bank. But the criminals are actual in control 105 00:06:00,920 --> 00:06:04,120 Speaker 3: of that account and using the money to move through 106 00:06:04,120 --> 00:06:07,360 Speaker 3: that legitimate account, and then once it's in there, they 107 00:06:07,400 --> 00:06:10,480 Speaker 3: distribute the funds into a whole range of other accounts 108 00:06:10,520 --> 00:06:13,039 Speaker 3: and you know, the sum has broken up and it's 109 00:06:13,160 --> 00:06:16,760 Speaker 3: very difficult to track. So you hear about the Nigerian 110 00:06:16,839 --> 00:06:18,680 Speaker 3: love scams and you sort of have a little bit 111 00:06:18,720 --> 00:06:21,600 Speaker 3: of a giggle, But they're actually very sinister because part 112 00:06:21,640 --> 00:06:24,119 Speaker 3: of what they're trying to do is get a hold 113 00:06:24,160 --> 00:06:26,200 Speaker 3: of the account to use it for these purposes. And 114 00:06:26,279 --> 00:06:30,239 Speaker 3: that's actually called muling. And even if you're not aware 115 00:06:30,279 --> 00:06:32,360 Speaker 3: of it and that's happening to your account, it is 116 00:06:33,400 --> 00:06:39,360 Speaker 3: a very serious offense. When the legal fraternity catches up here. 117 00:06:39,600 --> 00:06:42,440 Speaker 2: Well, muling is also something you do later after a 118 00:06:42,440 --> 00:06:44,640 Speaker 2: few drinks in the bank, kind of Friday night as well. 119 00:06:46,080 --> 00:06:48,640 Speaker 3: I thought there might be another meaning to it, but 120 00:06:50,360 --> 00:06:57,760 Speaker 3: I'm actually not familiar with. Take that conversation offline, you 121 00:06:57,880 --> 00:06:58,560 Speaker 3: see Tom. 122 00:06:58,560 --> 00:07:02,120 Speaker 2: If you do see Tom on Meta or Facebook, please 123 00:07:02,600 --> 00:07:05,520 Speaker 2: there's a lot of schemes going around. They use Andrew Forrest, 124 00:07:05,720 --> 00:07:07,880 Speaker 2: Eddie McGuire. Koshi's in there as well. 125 00:07:08,200 --> 00:07:10,320 Speaker 1: Tom. We know how busy you are, mate. Thank you 126 00:07:10,400 --> 00:07:11,360 Speaker 1: very much, your schammer. 127 00:07:13,360 --> 00:07:15,600 Speaker 3: Thank you very much for having the chat. It is 128 00:07:15,680 --> 00:07:18,920 Speaker 3: so important, and please you talk to your families, your mates, 129 00:07:19,000 --> 00:07:23,360 Speaker 3: protect each other. It's really important. And if something goes wrong, 130 00:07:23,720 --> 00:07:26,680 Speaker 3: report it to your bank immediately. There are teams of 131 00:07:26,760 --> 00:07:30,000 Speaker 3: people to deal with it. It's really important to get 132 00:07:30,040 --> 00:07:32,560 Speaker 3: on top of as quickly as Thank you for. 133 00:07:32,560 --> 00:07:34,160 Speaker 1: The words, Mate, It's seen Whipper, It's Kate. 134 00:07:34,280 --> 00:07:37,400 Speaker 2: Ritchie is a Nova podcast walk great shows like this. 135 00:07:37,720 --> 00:07:42,680 Speaker 2: Download the Nova player, find the app Store or Google Play.