Need to know
- Investment scams come in many forms, but cryptocurrency scams are the most common
- People aged 65 and older were the group that had lost the most to investment scams as of August this year
- People aged 18 to 24 had reported $1.7 million in losses to the ACCC as of August – a 259% jump on all of 2020
Australians lost more than $851 million to scams in 2020 – the worst year on record – and it looks like 2021 will be another banner year for scammers.
Topping the list both this year and last are investment scams.
In 2020, Australians lost $328 million to investment scams as reported to the ACCC and other government agencies, banks and payment platforms. In the first half of this year there’s been $70 million in losses to investment scams reported to the ACCC’s scamwatch platform alone, and this figure is expected to double.
Once figures are compiled from other government agencies, banks and payment platforms at the end of the year, it’s likely that investment scam losses will set a new record.
The most common mode of contact for investment scammers was the phone, followed by mobile apps and social networking sites
As of August 2021, people aged 65 and older had lost the most money to investment scams ($18.8 million) reported to the ACCC so far this…