INVSC019.docx
In 2020 Australians reported over 7,000 investment scams to Scamwatch, well up on the 5,000 reported in 2019. Scamwatch recorded investment scam losses of $65.8 million, but add in notifications made to other government agencies and the major banks and reported losses across 2020 soared to $328 million. Due to embarrassment many losses go unreported so we may never know the full extent of the damage.
With a high likelihood that we will all be targeted by scammers at some stage, perhaps repeatedly, how can we identify scams and protect ourselves from losses?
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