Australians have already lost over $13 million in the first half of 2017 as a consequence to investment scams, according to the Australian Competition and Consumer Commission (ACCC). 

According to their findings, men were almost twice as likely to be targeted by investment scams and lost money in more significant figures than women. Australian age group of 45 to 64 fell under the most common victims. 

“These scams typically start with a phone call out of the blue. The scammers are sophisticated, convincing and persistent, which is why we sadly see people lose large amounts of money to them,” ACCC Deputy Chair Delia Rickard said. “They are also delivered through unsolicited emails, online forums and social media.” 

Common investment scams include forms of unsolicited phone calls and emails offering investment opportunities with high returns. This includes multiple calls with scammers embracing their professionalism using investment jargons, professional websites and documents. 

Another common scam incudes scammers offering to use people’s superannuation funds into a self-managed fund. This may be enticing as it will reduce tax and provide investment opportunities. However, this allows the scammers to steal victim’s superannuation funds. 

“Whatever your motives is for the investments you make, do your research and never invest money with someone who has contacted you out of the blue, no matter who they say they are, how much money they promise you or the urgency with which they’re trying to make you act,” Ms Rickard said.