Need to know
- Investment scams come in many forms, but cryptocurrency scams are the most common
- People aged 65 and older were the group that had lost the most to investment scams as of August this year
- People aged 18 to 24 had reported $1.7 million in losses to the ACCC as of August – a 259% jump on all of 2020
Australians lost more than $851 million to scams in 2020 – the worst year on record – and it looks like 2021 will be another banner year for scammers.
Topping the list both this year and last are investment scams.
In 2020, Australians lost $328 million to investment scams as reported to the ACCC and other government agencies, banks and payment platforms. In the first half of this year there’s been $70 million in losses…