Australians lose $3.29m to investment scams in April 2018

Maria Nikolova

This takes the amount lost by Australians due to investment scams since the start of this year to approximately $16.04 million.

After the decline in the losses due to investment scams reported by Australians in March 2018, April saw another pick-up in the amount lost as a result of such fraud, according to the latest data provided by Scamwatch, the body operated by the Australian Competition and Consumer Commission (ACCC).

Australians reported losses of $3.29 million due to investment scams for April 2018, with 346 reports about such fraud submitted. This marks a slight increase compared to the $3.11 million lost in March 2018.

The people who suffered the biggest losses were those aged from 45 to 54, whereas those from 35 to 44 years of age were the most active ones to report investment fraud.

Source: Scamwatch.

This takes the amount lost by Australians due to investment scams since the start of this year to approximately $16.04 million. The total number of reports about such fraud reached 1,043 in the first four months of 2018. The losses for the first quarter of 2018 reached $12.75 million, with January and February seeing particularly high levels of fraudulent activities.

A type of investment fraud that is currently gathering pace in Australia involves cryptocurrencies. Earlier this year Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victorian government, voiced its concerns about Bitcoin scams. Victoria’s consumer regulator said it had received reports of people being defrauded through fake Bitcoin websites. The average amount lost is not that large – around $300, but the body sees this type of fraud as worrisome.

In the meantime, the Australian authorities continue to remind cryptocurrency exchange platforms that they are now subject to new regulatory requirements and need to register with AUSTRAC. The registration of such a business with AUSTRAC, however, does not constitute endorsement.

Read this next

Digital Assets

Zumo launches B2B ‘Crypto-as-a-Service’ solution for brokers

The new product, Zumo Enterprise, also features an embedded ESG and net zero strategy.

Technology

Top Tools to Add to Your Trading Platform to Delight and Retain Traders

The online trading boom that started during the pandemic-led lockdowns is abating. This is in part due to sustained market volatility which seems to be discouraging new investors. For example, day trading volumes in the US for retail investors declined in the last 2 quarters of 2021.  

Technology

Embedded finance platform Alviere taps Marqeta for branded card issuance in Europe and UK

Alviere has recently raised $70 million to fuel the ongoing expansion across the European region and the United Kingdom.

Retail FX

Overcharts partners with dxFeed for CME Group Market Depth

“More and more traders are using Market Depth while conducting volume analysis. Its primary function is to help traders identify potential support and resistance levels.”

Digital Assets

CoinGecko expands collaboration with CER.live security rating

CoinGecko, one of the earliest crypto data aggregators, has integrated the security score data from the CER.live rating. The trust assessments given to crypto projects will be integrated into their pages on CoinGecko website to draw users’ attention to the importance of security.

Metaverse Gaming NFT

Klaytn taps Parity Technologies to build infrastructure for Klaytn-Substrate

Klaytn has initiated a collaboration with blockchain infrastructure company Parity Technologies to strengthen its tech stack and meet the demands of enterprises looking to harness the crypto technology.

Retail FX

US Retail FX brokers suffer steep fall in client deposits, Trading.com racked up $46K

Retail FX deposits at US brokerages, which have been struggling to eke out a profit in a strict regulatory environment, dropped in March 2022 by $35 million, CFTC data showed.

Retail FX

eToro supports Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI)

Israeli social trading network eToro has added support for trading three new tokens. Immutable X (IMX), Livepeer (LPT) and Cartesi (CTSI) are the next coins to join eToro’s list of featured digital assets.

Executive Moves

LiquidityBook hires Fintech veteran Jonathan Cross to lead EMEA business

LiquidityBook, a provider of FIX and OMS trading solutions for both the buy and sell-side, has added Jonathan Cross to its business team for the EMEA region.

<