Australians report losses of nearly $4.2m due to investment scams in April 2019

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During the initial four weeks of this calendar year, Australians reported 14.3 million in losses because of investment fraud.
The number of reports had been 446 last month. Whereas those from 35 to 44 years old suffered the largest losses, Individuals from 55 to 64 years of age were those active in reporting these scams.

The majority of investment scams are still focused on traditional investment markets such as commodities, property or stocks. For example, scammers cold contact victims claiming to be investment portfolio manager or a stock broker and provide a’hot tip’ or inside advice about a stock or asset that’s supposedly about to move up in value. They’ll claim what they’re offering is low-risk and can provide rapid and high yields.

Picture source: Scamwatch.

In 2018, Australians submitted a total of 3,508 reports about investment scams and reported that reductions accounted for about $38.85 million. This reported missing to investment scams in 2017.
Two types of investments in which scams are widespread are cryptocurrency trading and binary alternatives. Cryptocurrency trading scams have risen significantly in the last 12 months and are currently the 2nd most frequent type of investment scam offer pushed on victims.
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