Scams, and the con artists behind them, are forever evolving and becoming more sophisticated and harder to spot.
ACM has compiled a list of current scams identified on sites such as scamwatch.gov.au, cyber.gov.au and the Australian Competition and Consumer Commission’s website dedicated to informing people about fraudulent and dishonest activities.
SHODDY INVESTMENT: Losses suffered by Australian victims of imposter bond scams increased by 265 per cent in the first half of the year, compared to the same period last year.
- Losses to imposter bond investment scams have nearly tripled in the first half of this year with consumers losing over $20 million to these sophisticated scams, according to scamwatch.gov.au.
- Imposter bond scams usually impersonate real financial companies or banks and claim to offer government/Treasury bonds or fixed term deposits.
- People often fall victim to them after searching online for investment opportunities and completing inquiry forms via fake third-party comparison sites.
- The latest Scamwatch data reveals there were 228 reports of imposter bond scams between January and June, compared with 82 reports in the first half of last year.
- Losses suffered by Australian victims of imposter bond scams increased by 265 per cent in the first half of the year, compared to the same period last year. However, the true losses to these scams are likely to be much higher, as research shows that only around 13 per cent of scam victims report their losses to Scamwatch.
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