Australians are losing $4.3 million a month to investment scams, according to new statistics revealed by Scamwatch. 

More than $26 million was reported to be lost to investment scams in 2018, already reaching 84 per cent of the total loss in 2017. 

This figure made 2018’s average month on month loss increase by 117 per cent compared to last year. 

“Last year, Australians reported they lost $64.6 million to investment scams to Scamwatch and the Australian Cybercrime Online Reporting Network (ACORN). If the current trend continues, combined losses reported to Scamwatch and ACORN in 2018 could be in excess of $100 million,” Australian Competition and Consumer Commission (ACCC) Deputy Chair Delia Rickard said. 

“These scams are very sophisticated and the scammers are very convincing. People aged 45 to 64 are most at risk and make up more than half the reports sent to Scamwatch,” Ms Rickard said. 

The most common investment scams revolved around tradition investment markets like stocks, real estate and commodities.

Ms Rickard warned that scammers will use technical language with professional looking websites and documents to convince victims. 

The scammers would often describe the investment opportunity as low-risk, with quick and high returns. 

In addition, cryptocurrency trading scams have grown significantly in the last year, and have become the second most common type of investment scams offered to victims. 

“If someone calls, emails or texts you out of the blue with investment advice, don’t engage with them no matter how legitimate they sound,” Ms Rickard said. 

She advised people to hang up the phone, delete the email or text, and avoid claims such as “risk-free investment”, “low risk, high return”, “be a millionaire in three years”, or “get-rich quick”.