Aussies lose $328m to investment scams

Fake investment opportunities fleeced Australians $328 million and accounted for the largest scams in 2020.

This is according to the Australian Competition & Consumer Commission (ACCC)’s latest report Targeting Scams, which unveiled a recording-breaking amount of $851 million stolen, rising 23% compared to the prior year.

More than 1500 incidents relate to superannuation scams resulting in over $6.4 million in losses, mostly prompted by the early release of superannuation scheme.

Worryingly, it appears that people find it increasingly difficult to identify legitimate investment opportunities from scams. Australians aged 65 years and over reported the highest losses than any other age group, scammed out of nearly $38 million.