H1 2021 in Australia: $70 Million Lost to Investment Scams

H1 2021 in Australia: $70 Million Lost to Investment Scams

According to a recent report in Australia, the country has been experiencing a very alarming spike in investment scam financial losses. The report was published by the Australian Competition and Consumer Commission (ACCC). The main point of the report was the overall huge financial loss experienced by Australian investors.

The report revealed the following: During the first half of 2021 Aussie investors lost an estimated $70 million to online investment scams. And this is just doing the first half of the year! Additionally, Scamwatch data reveals a 53.4% increase in investment scam reports, again during H1 of 2021.

The ACCC commented that a majority of the scams involved are based exclusively on crypto derivatives. In fact, 50% of the total losses is money lost due to investing in crypto scams. The Australian commission also revealed some troubling predictions. It claims that by the end of the year $140 million will be the total loss.

The most prevalent crypto derivative is of course Bitcoin, which accounts for more than $26 million of the losses during the first half of the year. Bitcoin losses in 2021 are almost double in number from last year. The ACCC adds that a substantial amount of money was also lost to Ponzi schemes.

ACCC Deputy Chair Delia Rickard warned users to be wary of low-risk and high return opportunities. The Deputy chair claimed that if something sounds too good then it probably is.

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