A recent article on nestegg.com.au has outlined findings from the ACCC which have shown in the eight months leading up to September 2017, Australian investors have lost more than $19 million to online scams. Out of the $19 million lost to online scams, the lion's share comes from phone scams or social networking scams.
The ACCC has found the most vulnerable groups are the 'Baby Boomer' generation (55 years to 64 years) losing $4.9 million and individuals between 45 years and 54 years running a close second losing $3.7 million in total over the eight months leading up to September. Investors between 35 and 44 years reported over 175 scams and lost almost $3 million.
Scamwatch, the Australian government's scam information service is finding an increasing trend for scammers to target older Australians due to their "wealth and limited online experience".
Common scams including romantic advances, unexpected money windfalls, phishing and remote access scams. Some scams have an elaborate professional website, portals, collateral and seemingly glowing testimonials, all of which is an elaborate rouse for scammers to extort funds from unsuspecting victims.
Investment scams to be aware of include:
- Cold calls - relating to share, mortgage or real estate high return schemes or foreign currency trading schemes
- Hot tips for investments - shares that are 'guaranteed' to increase in value
- Investment seminars - scammers make money by charging attendance fees and convincing investors to buy high-risk investments without independent advice
- Superannuation scams - offering early access to superannuation accounts - these often come from an individual posing as a financial adviser
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