2019 Australian Investment Scams Losses Reached $61 Million

The Australian Competition and Consumer Commission’s Scamwatch (ACCC) has released figures indicating that Australians Investment Scams have lost caused a loss of AU$61.61 million ($42.56 million) in 2019. In terms cases, Australians submitted 4,986 reports of investment scams to the ACCC during 2019. Is the number investment scams growing every year? 

13 January, 2020 | AtoZ Markets – Investment scams within Australia continued to plague the country’s residents in 2019. The latest data from Scamwatch (ACCC) reveals that Australians reported more than AU$61.6 million in losses due to fraudulent investment schemes in 2019. As of September 2019, Australians had lost around $33 million. Australian residents filed 4,986 reports of investment scams in 2019. Interestingly, 42.3% of financial losses is due to fraudulent activity.

2019 Australian Investment Scams Were More Than in 2018

Australians submitted 3508 reports in total in 2018. All of the complaints were related to investment scams, whilst the reported losses was in total $38.85 million. To compare, more was lost by Aussies in 2019 than in the whole of 2018.

July 2019 marked the most active month of investment scammers in 2019. In particular, 674 reports were made during July 2019, whilst a loss of 12.56 million Australian dollars was recorded. 2019 August and December were also difficult months for Australian residents.

Despite, the internet, social media and email have been some of the most popular contact methods for investment scams. According to the data, Australians have lost most of their money due to scammers which contacted them via phone. The data showed that Australian lost AU$17.99 million through scammers by phone. In terms of number of reports, there were in total 1,688 phone scam reports made.

People between the ages of 35 to 44 lost most of their money (AU$15.35 million) during 2019. However, the age group between 25 to 34 has made the highest number of reports (800) against investment scams for the year.

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Australian Scamwatch Warns the Public of Bushfire Charity Scams

The recent trends about Australian bushfire charity scams, has raised the concerns of the ACCC Scamwatch. The Australian Scamwatch have noticed reports from residents that scammers pretend to be legitimate and well-known charities. These scammers created charitable names and impersonated people, claiming that they are organizations whom are fighting against the bushfires. These scammers use cold-calling, direct messages, create fake websites and use social media pages to raise funds.

The ACCC Scamwatch advises the public not to donate through fundraising pages on platforms that do not verify the legitimacy of the fundraiser. AtoZ Markets team also recommends you to read this guide about “how to avoid a Forex trading scam. The more you know, the more preventions you can take against these investment scammers.   

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