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Online investment scams in Australia mark a 130% increase YoY

The report of the Australian Competition and Consumer Commission (ACCC) for 2016 revealed that Investment scheme scams caused the greatest losses to Australians, after romance and dating frauds. According to the report, online Investment scams in Australia increased by 130% YoY, and the highest reported losses for phone based scams amounted to AUD $11.5 million, most of which involved binary options.

 

Online scams (delivered via the internet, email, social networks and mobile apps) collectively outnumbered phone based scams. “According to the most recent Targeting Scams report, online scams have increased by 130% over the previous year, and this reflects an increase in both email and social media-based scams,” commented ASIC Deputy Chairman Peter Kell. - “The data published by the ACCC indicates that Australians continue to be vulnerable to scams, including investment scams. It also shows that scammers are increasingly using online methods to reach and take advantage of Australian investors”, he added.

 

In addition, ACCC stated that 2016 was marked by a sharp 47% increase in scam reporting compared to 2015, and the losses from various investment schemes amounted to AUD 23 631 338.

 

The authority in charge of binary options scams and investment schemes frauds in general, is the Australian Securities and Investments Commission (ASIC). According to ASIC, the offers from such scam companies usually involve promises of attractive returns and often appear professional, coming from sophisticated and genuine looking websites and social media pages. ACCC notes that many of these scammers are professionals at evading the law, most of them operating from overseas or otherwise unidentifiable, which hinders possible enforcement actions.

 

For a list of safe and secure brokers, regulated in Australia, click here.

 

TAGS: Australia  scam  binary options  regulation 

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