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.

Read the original article here: financefeeds.com


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