Losses due to investment scams top $20m in Australia in first 4 months of 2020

Maria Nikolova

Australians reported $20.65 million lost due to investment fraud in the January – April 2020 period, according to Scamwatch data.

Australians reported $20,650,486 in losses due to investment scams in the first four months of 2020, according to the latest data from Scamwatch, the body operated by the Australian Competition and Consumer Commission (ACCC).

April saw $6.87 million reported lost due to fraudulent investment schemes, adding to the $13.8 million reported lost in the first quarter of 2020. Those above 65 years of age suffered the biggest losses as a result of investment scams, whereas those from 45 to 54 years of age were the most active in submitting reports about such scams. The total number of reports about fraudulent investment schemes reached 2,010 in the January-April 2020 period.

Image credit: Scamwatch.

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.

Let’s recall that 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.

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