Australians report more than $5m in losses due to investment scams in June 2019

Maria Nikolova

The losses due to investment fraud in Australia surpassed $23 million in the first six months of 2019, according to the latest data from Scamwatch.

Scamwatch, the body operated by the Australian Competition and Consumer Commission (ACCC), has just made public the latest data about investment scams. The information is rather gloomy, as Australians reported having lost $5,119,883 due to investment fraud in June 2019. This takes the losses amount for the first half of 2019 to $23,690,077.

In June, Australians lodged 428 reports about investment scams. Those aged from 35 to 44 years were most active in filing such reports, whereas those from 55 to 64 years of age suffered the biggest losses due to investment fraud.

Source: Scamwatch.

The spike in losses was indicated in June this year, as Scamwatch data have shown that Australians reported having lost over $1.6 million due to investment fraud in the June 17 – June 23, 2019 period. Back then, Scamwatch advised the public to be wary of get-rich-quick schemes.

In 2018, Australians filed a total of 3,508 reports about investment scams and reported losses of $38.85 million. This compares to more than $31 million reported lost to investment scams in 2017. Last year, July was the month with the biggest amount of losses ($6 million).

The large majority of investment scams are still focused on traditional investment markets like stocks, real estate or commodities. For example, scammers cold call victims claiming to be a stock broker or investment portfolio manager and offer a ‘hot tip’ or inside information on a stock or asset that is supposedly about to go up significantly in value. They will claim what they are offering is low-risk and will provide quick and high returns.

Two other types of investments where scams are prevalent are cryptocurrency trading and binary options. Cryptocurrency trading scams have gained pace.

Read this next

Digital Assets

SEC apparently approved Ether ETF as VanEck’s listed by DTCC

Amid increasing speculation about the possible approval of a spot Ether (ETH) exchange-traded fund (ETF) in the United States, global investment manager VanEck’s ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.”

blockdag

Unlocking Investment Potential: Introducing MoonBag Presale, the Cryptocurrency Set to Surpass ApeCoin and Bitbot

Discover MoonBag Presale, the cryptocurrency set to surpass ApeCoin and Bitbot. Unlock your investment potential now!

Fintech

Playtech sees promising growth despite dispute with Caliplay

Gambling technology group Playtech plc (LSE: PTEC) reported solid financial results for the four months to April 30 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue.

Chainwire

Multipool Launches LBP on Fjord Foundry Raising $200k in 24 Hours

Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours.

Chainwire

$BEER, a New Solana-Based Memecoin completes Pre-Sale of 30,000 SOL this week

The Liquid Gold, $BEER, has become the most discussed topic on Solana over the past two weeks. $BEER has skyrocketed into Twitter trends across Europe & Asia, captivating beer lovers worldwide.

Digital Assets

Hong Kong regulator orders Worldcoin to cease operations over privacy concerns

Hong Kong’s privacy regulator has ordered Worldcoin Foundation to cease all operations of its cryptocurrency project in the city, citing risks to privacy and personal data.

Inside View

MT4 vs MT5: Which Should You Choose for Crypto Trading?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two sophisticated trading platforms developed by MetaQuotes Software. Although MT4 is the more widely adopted choice, traders must determine which platform is better suited for them and understand the reasons behind this choice. Here’s everything you need to know.

Digital Assets

Intentable.io Launches Intent-Centric Architecture and Marketplace

Discover how Intentable.io, formerly Kiroboflow, is revolutionizing blockchain interactions with its Intent-Centric Architecture and new marketplace for intent-based strategies.

Digital Assets

Crypto ETFs, retail trading spike as Bitcoin nears record highs

BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, saw a record amount of cash injection after a quiet few weeks of net outflows. The healthy metrics came as bitcoin briefly traded above the $71,000 level for the first time in a month.

<