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Australians lost over $205 million to scams in the first four months of 2022, prompting a warning about investment opportunities that seem too good to be true.
The total losses to scams between 1 January and 1 May 2022 amount to a 166% increase compared to the same period last year, Australian Competition and Consumer Commission’s (ACCC) Scam watch figures show. Of the total lost to scams, $158 million was lost to investment scams.1
Always be on the lookout for contact from scammers on email, phone, text message or social media. Look out for suspicious or unexpected activity across your online accounts and report anything immediately. If someone contacts you asking for access to your computer, always say no.
The ACCC warns that scammers:
Source: ACCC, Scamwatch, Spot the scam signs
The Australian Securities and Investment Commission’s MoneySmart website says every scam is different and can be very difficult to spot, and anyone can be scammed.
Investment scams can include:
In all cases, the money you “invest” goes straight into the scammer's bank account and not towards any real investment.
There are warning signs you may be being scammed. Look out for whether the person offering you an investment opportunity:
ASIC says if you spot any signs of a scam, hang up the phone or delete the email they have sent you.
If you manage to record any of the scammer's details, report them to ASIC or to Scamwatch
We’re serious about keeping your super safe and have security in place to protect your accounts. Find out more about password security, about how you can stay safe online, and contact us if you have any concerns.
1. Media Release, 6 June 2022, Australians are losing more money to investment scams, at scamwatch.gov.au
2. ASIC, MoneySmart, Investment scams, accessed 13 November 2022, at moneysmart.gov.au
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