The Australian Competition and Consumer Commission (ACCC) revealed its report for the first half of 2020. According to the report, investment scams in the country have led to the total loss of AUD$30 million, or around USD$21 million.
There have been 3325 complaints about scams made to the ACCC for the past six months. The ratio of loss to the number of total reports is 38.2% and will likely by the end of the year.
The most losses were registered, unsurprisingly, back in April, which was when most lockdowns were conducted globally. Australians lost AUD$7.04 to investment scams and also made the most reports in a single month - 647 in total.
Source (https://theforexreview.com/2020/07/13/australia-first-half-of-2020-sees-aud30-million-investment-scam-losses/)
I feared that the pandemic would lead to even more scams than usual, and sadly those fears were justified.
There have been 3325 complaints about scams made to the ACCC for the past six months. The ratio of loss to the number of total reports is 38.2% and will likely by the end of the year.
The most losses were registered, unsurprisingly, back in April, which was when most lockdowns were conducted globally. Australians lost AUD$7.04 to investment scams and also made the most reports in a single month - 647 in total.
Source (https://theforexreview.com/2020/07/13/australia-first-half-of-2020-sees-aud30-million-investment-scam-losses/)
I feared that the pandemic would lead to even more scams than usual, and sadly those fears were justified.