The latest data by Scamwatch, the body run by the Australian Competition and Consumer Commission (ACCC), show that Australians reported losses of approximately $66.4 million due to investment scams in 2020. This is up from $61.8 million in such losses reported back in 2019.

The month with the biggest losses in 2020 was November ($9.08 million), followed by October ($7.96 million) and March ($7.38 million).

A total of 7,314 reports about fraudulent investment schemes were submitted in 2020, compared with 5,005 such reports filed in 2019.

Last year, people over 65 years of age were those who reported the biggest losses, whereas those from 35 to 44 years of age were the most active in filing reports about investment fraud.

Across states, residents of VIC and NSW reported the biggest losses.

Investment fraud remains at the top of all scam types in Australia in terms of amount lost. It is followed by dating & romance, as well as false billing.

Scams led to a total of $176 million in losses in Australia in 2020, with a total of 216,089 reports submitted, Scamwatch data show.