Scamwatch is warning Young residents to be wary about investment scams after recent data revealed Australians are collectively losing $4.3 million a month to the scams.
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According to the data more than $26 million has already been reported lost to investment scams in 2018, which is 84 per cent of the total losses recorded in 2017.
“The losses to investment scams are horrific,” ACCC Deputy Chair Delia Rickard said. “Each week the ACCC receives heartbreaking accounts of people losing hundreds of thousands, and in some cases millions, of dollars.”
According to Ms Rickard people aged 45–64 are most at risk and make up more than half the reports sent to Scamwatch.
“If you are keen to invest, start by visiting ASIC’s MoneySmart website,” Ms Rickard said. “This explains the steps you should take before committing to an investment and how to avoid scammers. Always check ASIC’s list of companies you should not deal with before you invest.”
