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Investment scams on the rise

Australians have lost $26 million dollars to investment scams in 2018 so far, according to the ACCC.

They are warning consumers to be wary of ‘get rich quick’ schemes, cryptocurrency trading, and binary options where scams may be prevalent.

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This latest ACCC ScamWatch warning contradicts their own article dated 21.05.2018 titled “Australian lost $340 million to scammers in 2017”.


I thought that the figures quoted seemed strange after “meltham 6554” posted a link in his reply to my topic titled “New Nigerian Scam?”
Ah well. We can all sleep well confidently knowing that, as usual, the ACCC is really on the ball. :grin:

Oops. I re-read the article for 2017.
$340 million was for all scams. Investment scams were only $64 million as reported. :worried:

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I recall reading an article around 20 years ago regarding a Burdekin canefarmer who lost around $1 million to a Nigerian scam.
Seems hard to believe but it obviously happens.
Oh, to have a spare $1 million.

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I recall reading a article about a decade ago from an Australian psychologist about why some individuals are prone to falling for scammers even though they potentially know they are scams. I have tried to find the article to no avail, but there are many more which cover the same topic…

https://scholar.google.com.au/scholar?hl=en&as_sdt=0%2C5&q=why+do+people+respond+scammers&btnG=

Even individuals which are caught up in a scam, then realising it is a scam through loosing money, still persist thinking that maybe the person they are dealing with are the 0.0000000000000000000000000000001% of unsolicited emails about a lotto win, first class investment option or a new foreign lover which may actually not be a scam.

The odds of winning Australia lotto would be far better investment and lower risk than relying on the false belief that maybe their dealing are different and not a scam.

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To quit before you get in too deep requires admitting to yourself and possibly to significant others that you were foolish.

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Vanguard has issued a warning regarding a scam purporting to be from them.

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