Save
Investment scam losses reach $4.5m on the west coast
Western Australians lost nearly $11 million to scams in 2018, with investment scams responsible for the majority of losses.
Investment scam losses reach $4.5m on the west coast
Western Australians lost nearly $11 million to scams in 2018, with investment scams responsible for the majority of losses.
According to Western Australia’s ScamNet, $10.7 million was lost in scams by WA residents last year, representing a 32 per cent increase from the previous year.
There was also an increase in the number of scam victims, with 569 individuals reporting losses to ScamNet in 2018, an increase of 42 per cent on 2017.
Notably, over 40 per cent of all losses from WA citizens were due to investment or job scams.
$4.5 million was lost to investment or employment scams in 2018, signalling a 37 per cent increase in these types of scams over the year.
ScamNet also noted that scammers impersonating the ATO was a particular issue in 2018, with losses totalling $111,000 from 29 WA victims.
David Hillyard, acting Commissioner for Consumer Protection, said the spike in losses from a range of scam types signals the crime is becoming a major issue in an increasingly connected society.
“Perpetrating scams is a highly profitable business for organised criminals who are becoming increasingly professional at fleecing money from their innocent victims as they constantly change their names and methods to keep ahead of consumer warnings,” Mr Hillyard said.
“Apart from the financial losses, there is a huge emotional toll for victims, many of whom are traumatised by their experience and suffer from a lack of confidence as a result.
“Scammers masqueraded as the tax office, police, telcos, foreign embassies and banks in order to dupe their targets into paying money, revealing personal information or gaining access to computers and, ultimately, bank accounts.
“These fraudsters may also pretend to be crime prevention agencies and enlist the help of their targets to ‘catch a scammer’ by getting them to send money so that the scammer can be caught when they come to collect it.”
The commissioner warned individuals to particularly watch for payment scams, which were found to increase significantly in 2018.
“Of particular concern is the payment interception or ‘man in the middle’ scams where fake invoices are sent and sometimes paid, and bogus emails requesting a change of bank account result in payments being diverted to scammers. In 2018, 10 victims reported losing $294,000 to these types of scams.”
He urged the public and businesses alike to contact any agency, person or organisation directly before providing payment to ensure the request is legitimate.
“Out of the blue emails and phone calls should be treated with suspicion, especially if they are demanding money, personal information or asking to change bank details,” Mr Hillyard said.
“If you are not 100 per cent sure that the person you are dealing with is the real deal, hang up and call the person or organisation back using previously known contact details or by looking up their official website.
“Don’t use any contact information given by the callers and, although the phone number or email address may appear to be authentic, it will be fake, so exercise caution,” he concluded.
RELATED ARTICLES
Scams
ANZ warns Australians to stay alert for scams during end of financial year
ANZ is warning customers to remain vigilant during the end of financial year period as scammers attempt to target Australians during tax time. Read more
Scams
ANZ warns customers of potential scam surge following RBA rate cut
ANZ has issued a warning to customers about a potential rise in scam activity following the Reserve Bank of Australia's decision to lower the cash rate target by 25 basis points. Read more
Scams
Financial Basics Foundation warns of e-commerce ‘gamification’ targeting Gen Z shoppers
The Financial Basics Foundation has raised concerns over the impact of increasingly sophisticated digital marketing tactics on young consumers during Financial Literacy Month, highlighting the need ...Read more
Scams
ANZ warns Australians of scam risks following Ex-Tropical Cyclone Alfred
ANZ is urging customers and the broader community to remain vigilant against scammers impersonating trusted organisations in the wake of Ex-Tropical Cyclone Alfred. Read more
Scams
Navigating online money-making: Scams to avoid
In an era where the click of a button can lead to monetary gain, the internet has become a bustling marketplace for those looking to supplement their income. However, where there is opportunity, there ...Read more
Scams
Cyber criminals using interest rates as bait to trick customers
If you’ve ever found yourself on the receiving end of a suspicious phone call, e-mail or text message claiming to be from a major bank and demanding your details, you’re not alone – and experts are ...Read more
Scams
ATO cracks down on $850m GST fake business fraud
A nationwide crackdown on incidents of fraud involving the creation of fake businesses to scam GST refunds from the federal government has led to the Australian Taxation Office (ATO) firmly warning ...Read more
Scams
Crackdown sees more than half a billion scam calls blocked
Initiatives by telcos and the ACMA have also led to a 95 per cent reduction in reports of mobile porting fraud. Read more
Scams
ANZ warns Australians to stay alert for scams during end of financial year
ANZ is warning customers to remain vigilant during the end of financial year period as scammers attempt to target Australians during tax time. Read more
Scams
ANZ warns customers of potential scam surge following RBA rate cut
ANZ has issued a warning to customers about a potential rise in scam activity following the Reserve Bank of Australia's decision to lower the cash rate target by 25 basis points. Read more
Scams
Financial Basics Foundation warns of e-commerce ‘gamification’ targeting Gen Z shoppers
The Financial Basics Foundation has raised concerns over the impact of increasingly sophisticated digital marketing tactics on young consumers during Financial Literacy Month, highlighting the need ...Read more
Scams
ANZ warns Australians of scam risks following Ex-Tropical Cyclone Alfred
ANZ is urging customers and the broader community to remain vigilant against scammers impersonating trusted organisations in the wake of Ex-Tropical Cyclone Alfred. Read more
Scams
Navigating online money-making: Scams to avoid
In an era where the click of a button can lead to monetary gain, the internet has become a bustling marketplace for those looking to supplement their income. However, where there is opportunity, there ...Read more
Scams
Cyber criminals using interest rates as bait to trick customers
If you’ve ever found yourself on the receiving end of a suspicious phone call, e-mail or text message claiming to be from a major bank and demanding your details, you’re not alone – and experts are ...Read more
Scams
ATO cracks down on $850m GST fake business fraud
A nationwide crackdown on incidents of fraud involving the creation of fake businesses to scam GST refunds from the federal government has led to the Australian Taxation Office (ATO) firmly warning ...Read more
Scams
Crackdown sees more than half a billion scam calls blocked
Initiatives by telcos and the ACMA have also led to a 95 per cent reduction in reports of mobile porting fraud. Read more
More articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Broker Daily
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Centre
- Investor Daily
- Lawyers Weekly
- Money Management
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- ACE25
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Broker Daily Business Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Relative Return
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Make your nest egg grow. Register now for nestegg updates.