Australians Complain About Record Losses To Investment Fraud

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A significant number of Australians have lately been complaining about the record losses they have incurred as a result of the investments fraud that occurred in May 2018. Reporst indicate that losses of up to $5.8 million were incurred, a matter that has worried quote a significant number of investors who have become cynical because of the investment scams that were reported.

The turn of events

It was the Australian Competition and Consumer Commission (ACCC) that has provided the figures and one thing that is coming out clearly is the fact that May 2018 stuck out as one of the most active months ever for investment fraudsters. The amounts lost is said to have hit record levels.

A person well conversant with the matter has said that the amount lost by the citizens following the activities of the investment scams from the opening of this year have risen to about $21.8 million. According to him, the previous records were set way back in November 2017.

Levels of fraud escalate

The ones that are said to have suffered the most were the elderly persons and in that case those were those that were more than 65 years of age. Reports show that in the previous month Australians from 35 to 44 years of age were the ones who came out as the most active when it got to reporting investment fraud.

The sort of investment fraud currently being witnessed in Australia and which is believed to be gaining momentum is the one involving cryptocurrencies. It was at the start of this year that the Consumer Affairs Victoria forwarded its concerns regarding Bitcoin scams.

It is a unit in the Department of Justice & Regulation and it reported that it had been getting information that people were being defrauded through fake Bitcoin websites. A figure of about $300 to many might not occur to be an alarming matter, but the body sees this kind of fraud as rather worrisome.

Australian authorities are on high alert and in a number of instances they have called upon the cryptocurrency exchange platforms to be more cautious. They are being reminded that they are now subject to new regulatory requirements and will be required to register afresh with AUSTRAC.