Australia: First Half of 2020 Sees AUD$30 Million Investment Scam Losses

Australia: First Half of 2020 Sees AUD$30 Million Investment Scam Losses

The statistics disclosed by the Australian Competition and Consumer Commission (ACCC) reveal that investment scams during the first six months of 2020 in Australia, equals a total loss estimated at AUD$30 million, which is the equivalent of around USD$21 million.

These reports on money lost due to investment scams is based on the 3325 reports made to the ACCC. The ratio of loss to the number of reports is at the moment 38.2%, and is expected to rise by the end of the year.

As per the ACCC data, the month with the most losses was April, a month defined by the global lock-down caused by the coronavirus. April accounted for AUD$7.04 million in losses. Furthermore, the ACCC saw the most reports during April, 647 in total.

During the first half of 2020, Aussies were mostly scammed via phone, with 951 report and a total loss averaging on AUD$12.7 million.

The statistics released are parallel to ASIC’s recent announcement which claimed that the number of investment scam reports received between March and May this year has increased with 20%, when compared to the last year’s March-May period.

However, the losses this year are not going to reach last year’s AUD$634, both the ACCC and ASIC hope. The amount lost in 2019 was increased by 34% when measured against the AUD$489 million lost to investment scams in 2018.

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