An 82-year-old Dundas resident has fallen victim to an online scam, causing him to lose over $700,000.

Alex Sloss told Jim Wilson he lost the money whilst doing research on his term deposits.

“The older generation like us, we’re pretty susceptible to this sort of thing because we’ve always been brought up to trust people,” he said.

Since the incident occurred Alex has yet to receive a cent back.

NSW Fair Trading Minister Eleni Petinos has heard about the incident and is raising awareness for victims so it doesn’t happen again.

Ms Petinos told Jim Wilson, individuals need to be vigilant and cluey about online scammers

“Call your bank back to verify that you’re speaking with the right person.”

Press PLAY below to hear Alex’s story