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Australians have lost more than $35.8 million to investment scams in 2018 so far

Nov 13 2018
By
Jonathan Smith

 

Australians have lost more than $35.8 million in 2018 so far as a result of investment fraud, reveal the latest data provided by Scamwatch, the body operated by the Australian Competition and Consumer Commission (ACCC).

 

 

In the first ten months of 2018, ACCC has received a total of 2,934 reports of investment scams, with the amount lost being the biggest for those aged between 55 and 64. In terms of gender, men are the undisputed leaders both in terms of losses (nearly AUD 27.0 million, or 75.1%) and number of reports filed (63.8%).

 

According to the data, the most frequently used method of scamming people continues to be cold-calling. Fraudsters usually claim to be a representative of a stock, or binary options brokerage, cryptocurrency provider or investment portfolio manager. They often offer some ‘hot tips’ or inside information on a given financial instrument and claim this is a low-risk investment that will provide quick and high returns.

 

Actually, the data published by Scamwatch reveals a downward trend in investment scams since July, when the number of losses recorded was over $6 million.  October was the month with the smallest reported this year ($1,365,444).

 

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 ASIC and ACORN. The Commission regularly issues scam reports and runs a website, in which provides information to consumers and small businesses about how to recognize, avoid and report different types of scams.

TAGS: Australia  investment scam  Scamwatch  ACCC 
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