Australians report $3.6m in losses due to investment scams in July 2020

Maria Nikolova

The number of reports about fraudulent investment schemes was 680 last month, with people from 25 to 34 years of age being the most active in submitting complaints about such scams.

Australians reported A$3.6 million in losses due to investment scams in July 2020, according to the latest data provided by Scamwatch, the body operated by the Australian Competition and Consumer Commission (ACCC).

This marks a decline from the losses of $5.85 million in losses reported in June 2020. The number of reports about fraudulent investment schemes, however, rose to 680 last month, up from 582 in June 2020. People from 25 to 34 years of age being the most active in submitting complaints about such scams.

Since the start of the year, the amount of losses due to investment scams have reached A$34,103,547, with the number of reports lodged by Australians at 3,795. The biggest losses were reported by elderly people (those above 65 years of age).

Data source: Scamwatch.

Let’s note that investment scams remain at the top of all fraudulent schemes targeting Australians, according to amount of money lost followed by dating & romance scams, and threats to life & arrest.

Australians reported more than $61.6 million in losses due to fraudulent investment schemes in 2019. This marks a steep rise from a year earlier, when Australians reported $38.8 million in such losses.

The month with the biggest losses in 2019 was July, followed by August and December. The number of reports for the entire 2019 was 4,986, with those from 25 to 34 years of age being most active in complaining about investment fraud.

Read this next

Executive Moves

Avelacom appoints Timothy Wong to run new Hong Kong office toward APAC expansion

Avelacom helps to achieve sub-millisecond speed of market data and order execution across both derivatives exchanges and crypto markets.

Executive Moves

XS.com hires Ahmed Negm, a popular market analyst on CNBC, Sky News, Bloomberg’s Asharq

“Ahmed’s expertise and passion for understanding the intricacies of the financial markets will be invaluable as we continue to grow our client base and expand into new jurisdictions.”

Institutional FX

ATFX uses blockchain to help clients verify IBs and vice versa

ATFX said it has been working on the IB verification project for a few months.

Industry News

Research market in dire straits as SEC’s ‘no-action’ letter on MiFID II lapses in June – survey

“Of all the regulatory news that has hit the research market in the last few months, this is the one change that will fundamentally impact what fund managers can access and pay for in future.”

Executive Moves

Wombat appoints ex-abrdn Richard Charnock as UK platform turns to Europe

Launched in 2019, Wombat provides a dedicated mobile investing platform – available on both iOS and Android – offering users both range and choice.

Institutional FX

Broadridge integrates Point Focal’s pre and post-market reports

“Point Focal provides a unique lens on the market which will help add alpha to the trading process and these new insights will rapidly improve performance while mitigating execution risk and simplify trading.”

Technology

XCritical integrates with Brokeree Solutions, allowing its clients to launch copy trading 

The forex software provider – XCritical, has integrated Social Trading by Brokeree Solutions into their CRM system.

Industry News

HKEX partners with Saudi exchange for cross listings, ESG, Fintech

“The Kingdom of Saudi Arabia, and the broader Middle Eastern region, are one of the world’s most dynamic and exciting economic and innovation hubs and also home to some of the fastest growing investor groups in the world. Hong Kong and HKEX’s markets offer significant opportunities for international investors and corporates, including unrivalled connectivity to the Mainland Chinese markets through our unique Connect programmes. This agreement signals the beginning of even greater collaboration between our companies and our home markets, and we look forward to exploring many future areas of cooperation.”

Executive Moves

CMC Markets Connect relocates APAC team led by Peter Foster to Singapore

“Singapore is a vibrant city and is now undoubtedly seen as Asia’s leading financial hub. The decision to bolster the CMC Markets Connect team here will help us cement the company’s position as a leading provider of multi asset liquidity and comprehensive trading solutions across the region.”

<