Save
Scammers targeting ‘confident’ investors in 2019
Australians are set to lose more than half a billion dollars in scams this year, with investment scams one of the costliest offenders, the ACCC has said.
Scammers targeting ‘confident’ investors in 2019
Australians are set to lose more than half a billion dollars in scams this year, with investment scams one of the costliest offenders, the ACCC has said.
With this week dubbed as National Scams Awareness Week, the Australian Competition and Consumer Commission (ACCC) has warned that consumers need to test their scam knowledge and refresh their scam protection and detection skills.
ACCC deputy chair Delia Rickard said, “Many people are confident they would never fall for a scam, but often it’s this sense of confidence that scammers target.”
According to the commission, investment scams “are one of the most sophisticated and convincing scams and continue to have the highest losses”, with nearly half of all investment scams reported this year resulting in a financial loss.
Such scams are prominent on social media, it was reported, with “Facebook lottery” scams, the Loom pyramid scheme, and cryptocurrency scams particularly common.
Cryptocurrency investment scams have seen record losses, the ACCC has reported, with $14.76 million lost by Australians in the first seven months of this year.
Many such scams use social media platforms, fake celebrity endorsements, or fake online trading platforms that look legitimate, the ACCC highlighted.
Ms Rickard urged people to “update their idea of what a scam is so that we are less vulnerable”.
“Scammers are professional businesses dedicated to ripping us off. They have call centres with convincing scripts, staff training programs and corporate performance indicators their ‘employees’ need to meet,” she continued.
How can you protect yourself from scams?
The advice of the ACCC, according to Ms Rickard, is for consumers to be wary of ads on the internet.
She also warned against being persuaded by celebrity endorsements or “not to be missed” opportunities.
“You never know for certain who you’re dealing with or whether they’re credible,” the deputy chair said.
Not unlike the advice given by the organisation earlier this year, she reminded individuals that “if you think you’re speaking to a friend on social media, call them, or find another way to contact them before acting on any advice that might result in you giving away your personal details or money”.
Be vigilant on social media, when shopping online and when answering the phone, and never give anyone who has contacted you out of the blue your personal details, banking details or remote access to your computer, no matter who they say they are, the ACCC has instructed.
“It’s best to assume scammers are everywhere, waiting for you to let your guard down,” it said.
RELATED ARTICLES
About the author
About the author
Scams
Trend Micro forecasts a new era of AI-driven scams by 2026
In a comprehensive report released today, cybersecurity leader Trend Micro Incorporated warns that 2026 will mark a significant turning point in the evolution of scams, driven by artificial ...Read more
Scams
Australians urged to stay vigilant as holiday scammers ramp up activity
As the festive season approaches, Australians are being warned to be on high alert for a surge in scam activities. With the increase in online shopping, travel bookings, and holiday preparations, ...Read more
Scams
Scam alert: Trend Micro warns Aussies to be vigilant as Black Friday approaches
As Australians prepare to dive into Black Friday shopping, cybersecurity firm Trend Micro has issued a stark warning about a surge in scam activities targeting eager consumers. According to a recent ...Read more
Scams
Economic stress leaves Australians vulnerable to job and financial scams
As Australians brace for the holiday season, a significant increase in job and financial scams is raising alarms. New findings from global cybersecurity leader Trend Micro Incorporated reveal that ...Read more
Scams
AI-driven investment scams explode: Millions of fraudulent sites blocked, billions lost
In an alarming trend that has caught the attention of cybersecurity experts worldwide, the use of artificial intelligence (AI) in investment scams has surged dramatically. Between March and October ...Read more
Scams
From awareness to accountability: Banks turn scam prevention into a core P&L discipline
Scam Awareness Week is the headline, but the real story is a structural shift: fraud prevention is moving from compliance footnote to board-level performance driver. ANZ’s 15% reduction in scam losses ...Read more
Scams
Inside ANZ’s $100m scam‑fight playbook: how banks can turn awareness into prevention
Public-service messaging won’t stop modern scammers. Australia’s banks are moving from posters to prevention, blending AI, network controls and customer friction to change outcomes. ANZ’s program ...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
Trend Micro forecasts a new era of AI-driven scams by 2026
In a comprehensive report released today, cybersecurity leader Trend Micro Incorporated warns that 2026 will mark a significant turning point in the evolution of scams, driven by artificial ...Read more
Scams
Australians urged to stay vigilant as holiday scammers ramp up activity
As the festive season approaches, Australians are being warned to be on high alert for a surge in scam activities. With the increase in online shopping, travel bookings, and holiday preparations, ...Read more
Scams
Scam alert: Trend Micro warns Aussies to be vigilant as Black Friday approaches
As Australians prepare to dive into Black Friday shopping, cybersecurity firm Trend Micro has issued a stark warning about a surge in scam activities targeting eager consumers. According to a recent ...Read more
Scams
Economic stress leaves Australians vulnerable to job and financial scams
As Australians brace for the holiday season, a significant increase in job and financial scams is raising alarms. New findings from global cybersecurity leader Trend Micro Incorporated reveal that ...Read more
Scams
AI-driven investment scams explode: Millions of fraudulent sites blocked, billions lost
In an alarming trend that has caught the attention of cybersecurity experts worldwide, the use of artificial intelligence (AI) in investment scams has surged dramatically. Between March and October ...Read more
Scams
From awareness to accountability: Banks turn scam prevention into a core P&L discipline
Scam Awareness Week is the headline, but the real story is a structural shift: fraud prevention is moving from compliance footnote to board-level performance driver. ANZ’s 15% reduction in scam losses ...Read more
Scams
Inside ANZ’s $100m scam‑fight playbook: how banks can turn awareness into prevention
Public-service messaging won’t stop modern scammers. Australia’s banks are moving from posters to prevention, blending AI, network controls and customer friction to change outcomes. ANZ’s program ...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
More articles
OUR PLATFORMS AND BRANDS
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Lawyers Weekly 30 Under 30 Awards
- Commerical Finance Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
PODCASTS
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
STAY CONNECTED
Make your nest egg grow. Register now for nestegg updates.