Australians have lost more than $35.8 million to investment scams in 2018 so far

Australians have lost more than $35.8 million in 2018 so far as a result of investment fraud, reveal the latest data provided by Scamwatch, the body operated by the Australian Competition and Consumer Commission (ACCC).

In the first ten months of 2018, ACCC has received a total of 2,934 reports of investment scams, with the amount lost being the biggest for those aged between 55 and 64.

According to the data, the most frequently used method of scamming people continues to be cold-calling.

 

They need call screeners and call blockers.

 

re: 35M lost
small potatoes.

 

Just love this report:

Amount Lost: $35,853,001

Number of Reports: 2,934

Reports with financial losses: 33.7%

So does that mean that 66.3% of reports made money off the scammers?

Sounds like fans of 419Eater !

 

in some courts, winning actions do not offset losses in some courts. you collect based only on losing transactions.

 

Average loss per person: ~$12K. We traders lost, on average, a lot more this year?

 

true for traders in general, but not for traders on ET.

 

For some of you elites, yes.

For some of us retails,

 

A lot of people make foolish mistakes out of greed and are willing to believe even the most blatant scam, that applies universally to all traders, I think.