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

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<