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ACCC: Australians have lost $926 401 to investment scams in January

Feb 08 2019
By
Jonathan Smith

 

Australians have lost $926 401 to investment scams in January 2019, revealed the latest Scamwatch report issued by the Australian Competition & Consumer Commission (ACCC).

 

Although the figure seems solid, it actually marks a decrease of 48% when compared to previous month, and nearly 80% decline from January 2018, when the total loss to investment scams amounted to $4 631 103.

 

If we look more globally, Australians reportedly lost $38 846 635 collectively in 2018 to investment scams. The figure represents a 24% increase when compared to 2017, which is a worrisome trend. The large majority of investment scams are still focused on traditional investment markets like stocks, real estate or commodities, but cryptocurrency trading and binary options are also popular among fraudsters.

 

The Australian Competition and Consumer Commission (ACCC) is an independent statutory authority whose role is to protect consumer rights, business rights and obligations, to perform industry regulation and prevent illegal anti-competitive behavior.

 

In doing so, ACCC works closely with and ACORN and the Australian Securities and Exchange Commission (ASIC). The latter is in charge of licensing and supervision of forex and CFD brokers in Australia, and regularly issues warnings against unregulated CFD providers that could be involved in scam. Most recently, the Australian financial watchdog blacklisted 4XFX. 

 

TAGS: ACCC  Scamwatch  Australia  scam 
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