But ANZ has admitted it "could have done more" to support its customer, who was diagnosed with dementia shortly after the money was stolen.
Victor Shaw was at the bank with his father Alex when he first found out about the missing money.
Like many Australians, 78-year-old Alex Shaw had been targeted by scammers before.
Victor Shaw wants to share his father's story in the hope that others will not fall victim to similar scams.
Dementia Australia, which advocates for the 400,000 Australians living with the condition, said people with dementia were particularly vulnerable to deception.
Victor has now set up power of attorney with the bank to ensure Alex's finances are kept in order. »