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Australians have lost over AUD13.3 mln to investment scams since January

Jul 13 2017
By
Jonathan Smith

 Australians have lost a little over AUD 13.3 million to various investment scams in the first half of this year, shows data of Scam Watch – a service maintained by the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission. The investment scams have brought the most losses, the data shows.

 

This data is based on reports provided to the ACCC by web form and over the phone. The investment scams, as per Scam Watch's definitions include investment cold calls - a scammer claiming to be a stock broker or portfolio manager calls and offers financial or investments advice, share promotions and hot tips, investment seminars and superannuation. The forex trading scams usually fall in the first type and are committed by unlicensed companies.

 

The number of scam reports since January was 910, of them 25.7% with financial losses.

 

The most frequently used method of scamming people was by phone. Those are also the scams that incurred the largest financial losses. - A total of 482 of cases and a little over AUD 7 million lost.

 

Next in terms of losses come scams delivered in person, with almost AUD 2.4 million lost. The number of reports, however, was relatively small – just 50. The internet and e-mail scams have garnered a combined number of 273 reports and around AUD 2.9 million in losses.

 

As for age, the most gullible, or probably most frequently targeted, are the people in the 45 to 54 and the 55 to 64 age groups. The two groups filed the most reports and lost the most money. The people over 65 years also lost a significant sum, amounting to AUD 1.8 million.

 

In terms of gender, men are the undisputed leaders both in terms of losses (nearly AUD 8.7 million, or 65.1%) and number of reports filed (64.4%).

 

In comparison, in 2016 Australians lost nearly $300 million to various scams, including investments.

 

TAGS: australia  asic  scam  investment 
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