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, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Cyprus FCA, CySEC 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
Seychelles FinaCom MT4 $10 Review Website

More Forex Market News

FinaCom accepts forex broker Carrax as member

Sep 21 2017 09:31:16

 The Financial Commission (FinaCom), the independent external dispute resolution (EDR), whose members include forex, CFD, binary options brokers and cryptocurrency markets, announced it has accepted the offshore forex broker Carrax as its member. Read more

Hong Kong's SFC warns of forex broker Escuela Trades

Sep 14 2017 09:51:58

Hong Kong's financial markets and services providers regulator, the Securities and Futures Commission (SFC) has warned that the forex broker Escuela Trades is not licensed. Read more

Belize's IFCS warns of forex broker RealMarketsLive making false claims

Sep 13 2017 08:30:26

 The International Financial Services Commission of Belize (IFSC) has issued a warning that the company Real Market Ltd. is making false regulatory claims.   The company claims its business address is in Oslo, Norway, and operates the forex brokerage RealMarketsLive (realmarketslive.com). Read more

Forex

CySEC licenses ApmeFX forex broker

Sep 12 2017 07:11:59

 The Cyprus Securities and Exchange Commission (CySEC) announced it has granted a license to yet another would-be forex broker – ApmeFX.   The company Apme FX Trading Europe is based in Limassol and its registered website is apmefx.com. Read more

Spain's CNMV warns of Cursodeforex trading signals provider

Sep 11 2017 09:01:02

 Spain's financial markers and services providers regulator CNMV has issued a warning against the trading signals provider Cursodeforex.es. Read more

CySEC licenses forex broker Wonderinterest Trading

Sep 08 2017 10:05:32

 The Cyprus Securities and Exchange Commission (CySEC) has licensed yet another forex broker – Wonderinterest Trading, shows a publication on the regulator's site. Read more

Canada's BCSC warns of binary options broker 332option

Sep 08 2017 08:54:32

 Canada's provincial regulator, the British Columbia Securities Commission (BCSC) has added the binary options broker 332option to its warning list.   According to the BCSC, the owning company Blueport Investment Services Ltd. Read more

Hong Kong's SFC warns of BNP Forex

Sep 07 2017 10:17:15

 Hong Kong's financial markets and services provider regulator, the Securities and Futures Commission (SFC), has published a warning against the forex broker BNP Forex.   According to the publication, the company is unlicensed and its address belongs to a “business center”. Read more

Italy's CONSOB updates warning list of forex, binary options brokers

Sep 05 2017 09:40:51

 Italy's financial markers and service providers regulator CONSOB has updated its warning list of unauthorized forex and binary options brokers with several new entries. Neither of them are licensed to provide investment services in activities in Italy.   Get Marketing Ltd. Read more

CySEC licenses General Capital Brokers (GCB)

Sep 05 2017 07:20:16

 The Cyprus Securities and Exchange Commission (CySEC) has granted an investment and ancillary services license to the company General Capital Brokers (GCB). Read more

Forex
de | cn | ru