Investment scams set to double in 2021


Need to know

  • Investment scams come in many forms, but cryptocurrency scams are the most common
  • People aged 65 and older were the group that had lost the most to investment scams as of August this year 
  • People aged 18 to 24 had reported $1.7 million in losses to the ACCC as of August – a 259% jump on all of 2020

Australians lost more than $851 million to scams in 2020 – the worst year on record – and it looks like 2021 will be another banner year for scammers. 

Topping the list both this year and last are investment scams. 

In 2020, Australians lost $328 million to investment scams as reported to the ACCC and other government agencies, banks and payment platforms. In the first half of this year there’s been $70 million in losses…

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