Australians have lost over $70 million to bogus investment scams in the first half of this year and a massive increase in losses are predicted by the end of the year, according to the consumer watchdog the ACCC.
New South Wales residents were the most financially impacted by scams in July, accounting for 37% of the total amount lost in the month.
Australians have lost a record $851 million to scams, with scammers taking advantage of the pandemic to con unsuspecting people, according to a new report which also reveals that investment scams accounted for the biggest losses.
Losses by Australians to dating and romance scams are expected to be much higher this year as scammers turn to a new technique - romance baiting - using dating apps to lure victims into investment scams, according to the consumer watchdog, the ACCC.
Australians are expected to suffer record losses to scammers exceeding $532 million by the end of this year, surpassing half a billion dollars for the first time, according to the latest Scamwatch report from the Australian Competition and Consumer Commission (ACCC).
Australians who are older, Indigenous or have disabilities reported record losses to scammers in 2018, according to the latest Scamwatch report from the Australian Competition and Consumer Commission.
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