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Police issue warning about bank scam

Source: ABC News: 20 Nov 2012

Melbourne police are warning people about a scam in which fraudsters pose as bankers and ask for money.

They say they cold call customers and tell them they have been overcharged in fees and will be reimbursed a large amount of money.

The scammers give people a pin number and ask them to send a money order to India to cover GST.

Police say they know the account details, date of birth and address of the people they are targeting.

At least five people have reported the calls, but police do not think any of them paid up.

ABC News


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Mortgage:
A loan in which the borrower (the mortgagor) offers a property and land as security to the lender (the mortgagee) until the loan is repaid. Repayments of the loan are usually made on a monthly basis over a long period of time, typically 25 years.