Australians Lose $21.4m to Investment Fraud in First 9 Months of 2017

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The amount of money lost due to the activities of investment fraudsters in Australia during the January-September 2017 period reached $21.36 million, according to the latest data from Scamwatch, a body operated by the Australian Competition and Consumer Commission (ACCC).

The total amount of money reported lost due to investment scams in Australia was $2.16 million last month, down from the record-high monthly losses of $3.95 million reported in August 2017…[T]he August record surpassed the previous record of $3.94 million in losses set in November 2015.

During the first nine months of 2017, ACCC received 1,374 reports of investment fraud, with people aged 55-64 losing most money due to such schemes. New South Wales residents were the most active in filing reports and were the ones suffering the biggest losses.

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