de | cn | ru
Forex

Market News

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 

Related forex news

Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Cyprus CySEC in-house mobile
app
$50 Review Website
Seychelles FinaCom MT4, Web $10 Review Website

More Forex Market News

Finnish regulator warns of risks of ICOs, cryptocurrencies

Nov 22 2017 14:22:05

The Finnish financial markets and services regulator, the Financial Supervisory Authority (FSA), has joined the host of national regulators warning of the risks of investing in initial coin offerings (ICOs) and cryptocurrencies. Read more

$31 mln worth of Tether cryptocoins get stolen, developers freeze assets

Nov 21 2017 14:38:28

$31 million worth of Tether coins got stolen this Monday, following a “malicious attack”, the fintech behind the alt-coins said. Read more

Hong Kong’s SFC warns of forex brokers FXBTG, Vortex Assets, LeagueTrade

Nov 21 2017 13:51:45

Hong Kong’s Securities and Futures Commission (SFC) has updated its warning list with unlicensed and dubious forex brokers. The latest additions include FXBTG, Vortex Assets and LeagueTrade. Read more

Forex

Spain’s CNMV warns of IronFX, LiteForex sites with Catalonia extensions

Nov 20 2017 14:10:41

Spain’s financial markets and services regulator CNMV issued a warning against two sites with a .cat (Catalonia) extension: forex.cat and forextrading.cat. Read more

UK’s FCA warns of cryptocurrency CFDs risks

Nov 15 2017 09:20:11

UK’s financial markers and services providers regulator, the Financial Conduct Authority (FCA), has warned consumers of the risks of trading in cryptocurrency CFDs and noted they are “extremely high-risk, speculative products”. Read more

UK’s FCA to regulate binary options brokers from 2018

Nov 15 2017 08:06:00

 UK’s Financial Conduct Authority (FCA), which is in charge of the financial markets and financial services providers in the country, including forex and CFD brokers, announced that from January 3, 2018 it is taking over the regulation of the binary options brokers, as well. Read more

Germany’s BaFin warns of risks of ICOs

Nov 10 2017 14:22:01

Germany’s financial markets and services regulator BaFin became the latest national regulator to warn of the risks of the initial coin offerings (ICOs). Read more

India upholds hostile stance on Bitcoin

Nov 08 2017 15:16:57

S. Ganesh Kumar, a director of the Reserve Bank of India (RBI), the country’s c-bank and main financial regulator, said that the country would not recognize the Bitcoin or any other cryptocurrency as a legal tender. Read more

CONSOB warns of FxIBA, TradersPrime forex brokers, OptionInt binaries broker

Nov 08 2017 13:45:29

Italy’s financial markets and services provider regulator CONSOB has updated its list of forex and binary options brokers who are not licensed to operate in Italy with two new additions. The first one is the forex brokerage FxIBA, owned by IBA Group Ltd. Read more

Forex affiliate portal Investoo buys Bitcoinmag.de crypto site

Nov 07 2017 14:06:52

Investoo Group, a London-based forex affiliate marketing business, has acquired Bitcoinmag.de – leading German cryptocurrency portal, thus expanding its reach into the DACH (Germany, Austria and Swizerland) market, said the company.   The sum of the deal was not disclosed. Read more

Forex
de | cn | ru