Aussie loses $120,000 in 24 hours after scammers use worryingly simple tactics – and you won't believe how the bank responded

An Australian charity worker has revealed how scammers withdrew $120,000 from his bank account while he was camping with no phone reception.

Armen Arakelian, a volunteer firefighter who works with conservation charity Back to the Bush, was on a Christmas trip near the Snowy Mountains in NSW when the fraudsters struck.

They 'ported' his phone number to one of their own devices – a process where scammers pose as a phone owner and transfer the number to a new telecom provider.

This allowed them to get two-factor authentication codes into his account and the entire $120,000 was transferred in 50 transactions in a few days, all while Mr. Arakelian was unaware.

When he got back on the phone and discovered the theft, he immediately alerted his bank HSBC, but he claims they asked him to sign a form stating he had approved the transactions and absolving them of any liability.

Mr Arakelian told 2GB's Ben Fordham on Thursday that the scammers had taken the money from a mortgage account.

“The $120,000 isn't even in my own savings. Try to find someone with that much money, it's all beyond my credit limit,” he said.

“It's actually a debt I owe to the bank with interest and the bank already sent me something yesterday saying I'm late on the interest payments.”

Mr Arakelian said he explained what had happened, but the bank insisted he was 'overdue' and owed the money immediately.

'There are two ways these thefts happen. Either people are scammed by voluntarily or unintentionally disclosing account information because they are being misled.

'Or vice versa, there is real fraud, involving unauthorized transactions.

“There is an e-payment code that determines who is liable in these situations and I am a victim of true fraud because these transactions occurred without my involvement or knowledge and I had no part in them.”

Mr Arkelian claimed HSBC 'unethically' tried to get him to sign a document saying he had carried out the transactions.

“So it's easier for them to say later that you made the transactions so we don't refund you,” he said.

Mr Arakelian claimed HSBC tried to get him to sign a form saying he had approved the transactions

When asked what his telecoms company Optus said on the number porting issue, Mr Arakelian said he was “picking his battles” and currently had his hands full with HSBC.

“At this point, HSBC is liable because these were unauthorized transactions,” he said.

'I have never clicked on suspicious links or given out my password.

'I am the last person who would fall victim to such a fraud, but it shows that everyone is at risk and you never know when they will strike.

“They hit me at noon on Boxing Day, so even if I wasn't camping, I would have gotten up the next day and tens of thousands of dollars would already be gone.”

A spokesperson for HSBC said the bank does not discuss individual cases for privacy reasons.

“HSBC takes customer safety seriously and we investigate all reported customer issues, with the outcome depending on each set of circumstances,” he said.

'The bank is investing heavily to protect our customers and is playing our part in supporting the wider financial services sector in this area.'

The bank said it has advice available online and in its branches to educate customers on how to reduce their chances of falling victim to scams.

It is also working with the Australian Banking Association on industry-wide methods to combat scammers.

According to the ACCC, this particular scam is becoming increasingly common.

A worrying 'porting' scam where hackers transfer your number to their device is becoming increasingly common, the ACCC says (stock image)

'Scammers transfer mobile services from one provider to another to steal your identity and your money. This is called mobile porting fraud,” the ACCC said.

'Scammers can also contact your existing provider and ask to swap the SIM card so they can take over your service and steal your money. This is called SIM swap fraud.

'Your service provider must follow rules to protect you from scammers. They must verify your identity before transferring your telephone, mobile or internet subscription.'

Daily Mail Australia has contacted HSBC, Optus and Mr Arakelian for comment.