The latest data by Scamwatch, the body run by the Australian Competition and Consumer Commission (ACCC), is out and it provides little positive news as to the degree investments scams affect Australians. The data shows that Australians reported approximately $41.3 million in losses due to fraudulent investment schemes in the January-September 2020 period.

The number of reports about investment scams submitted in the first nine months of 2020 reached 5,424. People from 25 to 34 years of age were most active in filing such reports, followed by those from 35 to 44 years of age.

The biggest losses were reported by those elderly people (those over 65 years of age).

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

During the first nine months of 2020, April was the month with highest losses ($6.87 million), followed by March ($6.59 million) and June ($5.86 million).

Across all scams, investment scams continue to be dominant, followed by dating & romance fraud, and threats to life, arrest or other.

Since the start of this year, scams have resulted in a total of $116,575,264 in losses to Australians. Let’s recall that, in 2019, Australians lost over AUD 634 million to scams. There were more than 353,000 combined reports to Scamwatch, other government agencies and the big four banks last year.