Australians Lose Over $100 Million to Investment Scams in 2021; Q3 Hits a Record High

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Australians Lose Over $100 Million to Investment Scams in 2021; Q3 Hits a Record High

By Justinas Baltrusaitis

With investment opportunities opening to many people in the past year, the number of malicious players targeting to defraud unsuspecting victims has also risen. In this line, Australians have lost a significant amount of money to investment scams.

According to data acquired by Finbold, in the first three quarters of 2021, Australians cumulatively lost AUD 115.46 million to investment scams. 2021 Q3 recorded the highest losses at AUD 44.52 million, while the second quarter recorded AUD 40.85 million in losses.

Between January 2021 and September 2021, investment scams losses used phones accounted for AUD 43.5 million, with the internet ranking second at AUD 20.16 million. Social networking platforms emerged third at AUD 17.68 million. Mail ranked as the least delivery channel accounting for AUD 0.41 million. The data on Australia’s investment scams are based on the reports submitted to the Australian Competition and Consumer Commission (ACCC).

Scammers take advantage of pandemic

Alarmingly, the investment scams in Australia on a year-to-date basis already surpass the previous Finbold analyst’s projection for the whole of 2021. In 2020, Australians lost AUD 65 million in investment scams, while our previous estimates indicate that the figure should have hit over AUD 100 million by the end of 2021. This highlights that scammers continue to become more sophisticated in their means of defrauding people.

The scams emerged amid the coronavirus pandemic when most people were confined to their homes. Therefore, it can be assumed that the scammers have continued to exploit victims considering that the economy is opening up with increased vaccination.

Amid the pandemic, most people shifted to digital solutions in managing their finances. Notably, this consumer behavior change has spilled over in 2021, highlighting that scammers are increasingly leveraging the shift. During the same period, there has been an influx of digital investment platforms offering scammers an opportunity to defraud victims.

Phone, internet, and social media scams took center stage in this line as the three platforms are most commonly used in day-to-day life. Despite efforts to educate the public on spotting potential investment scams, fraudsters used people’s fears to pitch factors like Covid-19 cures or investments that supposedly would help people cash in on ventures connected to the coronavirus, such as a shortage of masks or hand sanitizer.

Notably, by using the popularity of platforms such as Facebook, scammers attempted to legitimize their schemes in return, establishing trust and credibility.

The pandemic also brought out a sense of loneliness resulting in the scams emanating from romance baiting through dating apps and websites. Scammers established a relationship with the victim and convinced them to invest through them losing money in the process.

Different forms of investment scamming

Furthermore, Australian regulators note that the scams took different shapes, citing cryptocurrencies as the most prevalent option. Most of the scammers pretended to have highly profitable trading systems based on individual expertise and algorithms they developed. Over the same period, cryptocurrencies have surged in value, attracting an influx of retail investors.

The fraudsters managed to fake celebrity endorsements to win the trust of unsuspecting victims. Some of the scams even made returns at initial stages, mainly comprising small profits from other victims’ deposits. Later on, the scammers cited problems with withdrawals and later cutting off communication.

The scammers are also attempting to bypass the laid down guidelines to help people detect possible schemes to lose money. For instance, they deploy companies’ legitimate documentation, link to the actual websites with correct registration details. However, they manage to stay on top by altering information like contact information and bank details.

With the investment scams increasing quarterly, there is a need to educate the public on detecting potential schemes. The focus needs to be on keeping up to date with the cropping up sophistication.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $50 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Related News

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

46 Responses

  1. I don’t even know the way I stopped up right here,
    but I believed this submit was great. I don’t recognise who
    you are but certainly you are going to a well-known blogger in the event you
    aren’t already. Cheers!

  2. Hi there! I just wanted to ask if you ever have any trouble with
    hackers? My last blog (wordpress) was hacked and I ended up
    losing many months of hard work due to no back up. Do you
    have any methods to prevent hackers?

  3. Very nice post. I just stumbled upon your blog and wished to say that I’ve really enjoyed surfing around your blog
    posts. After all I will be subscribing to your rss feed and I hope you write again very
    soon!

  4. I like what you guys tend to be up too. Such clever work and coverage!
    Keep up the very good works guys I’ve incorporated
    you guys to my personal blogroll.

  5. I’m not that much of a internet reader to be honest but your blogs really nice, keep it up!

    I’ll go ahead and bookmark your site to come back down the road.

    Many thanks

  6. Hello, i think that i saw you visited my site so i came to “return the favor”.I’m attempting to find things to improve my site!I suppose its ok
    to use a few of your ideas!!

  7. Wonderful site. A lot of useful information here. I am sending it to
    a few pals ans additionally sharing in delicious. And
    naturally, thank you to your effort!

  8. Hiya! Quick question that’s totally off topic. Do you know how to make your site mobile friendly?
    My site looks weird when browsing from my iphone 4. I’m trying to find a
    template or plugin that might be able to fix this issue.
    If you have any recommendations, please share. Thanks!

  9. Heya great website! Does running a blog like this require a large
    amount of work? I’ve virtually no understanding of programming but I was hoping to start my own blog soon.
    Anyhow, if you have any recommendations or techniques for new blog owners please
    share. I know this is off topic but I simply needed to ask.
    Thank you!

  10. I’ve been exploring for a little bit for any high quality articles or blog posts
    in this sort of area . Exploring in Yahoo I eventually stumbled upon this
    web site. Studying this info So i am satisfied to convey that I’ve
    a very good uncanny feeling I came upon exactly what I needed.
    I so much without a doubt will make certain to do not forget this site and give it a look regularly.

  11. My coder is trying to convince me to move to .net from PHP.
    I have always disliked the idea because of the costs. But he’s tryiong none the less.
    I’ve been using WordPress on numerous websites for about a
    year and am nervous about switching to another platform.
    I have heard fantastic things about blogengine.net. Is there a way I can import all
    my wordpress content into it? Any kind of help would be really appreciated!

  12. You made some really good points there. I looked on the net for
    more info about the issue and found most individuals will go along with your views on this web site.

  13. I’m not sure exactly why but this website is loading incredibly slow for
    me. Is anyone else having this issue or is it a issue
    on my end? I’ll check back later and see if the problem still exists.

  14. hi!,I like your writing so much! percentage we communicate more
    approximately your article on AOL? I need an expert on this space to unravel my problem.
    Maybe that’s you! Taking a look ahead to see you.

  15. Its like you read my mind! You appear to know a lot about this, like you wrote the book in it or something.
    I think that you could do with some pics to drive the message home
    a little bit, but other than that, this is magnificent blog.
    A great read. I will definitely be back.

  16. Thanks for any other fantastic post. The place else may
    anybody get that type of information in such a perfect
    approach of writing? I have a presentation next week, and I’m on the search
    for such info.

  17. you’re in reality a excellent webmaster. The site loading
    velocity is amazing. It sort of feels that you’re doing any distinctive
    trick. In addition, The contents are masterpiece.
    you’ve performed a great activity in this matter!

  18. It’s really a cool and helpful piece of information. I am happy that you just shared this helpful info with us.
    Please stay us informed like this. Thanks for
    sharing.

  19. Hey I know this is off topic but I was wondering if you
    knew of any widgets I could add to my blog that automatically tweet
    my newest twitter updates. I’ve been looking for a
    plug-in like this for quite some time and was hoping maybe you would have some experience with something like this.
    Please let me know if you run into anything. I truly enjoy reading
    your blog and I look forward to your new updates.

  20. It’s a shame you don’t have a donate button! I’d without a doubt donate to this superb blog!
    I suppose for now i’ll settle for bookmarking and adding your RSS feed
    to my Google account. I look forward to brand new updates and will talk about this site with my Facebook group.

    Talk soon!

  21. Hello there! I could have sworn I’ve visited your blog before but after looking at many of
    the posts I realized it’s new to me. Nonetheless, I’m definitely pleased I discovered it and I’ll be bookmarking it
    and checking back often!

  22. Pretty component to content. I just stumbled upon your site and in accession capital to assert
    that I acquire in fact loved account your blog posts.
    Any way I will be subscribing in your feeds or even I success
    you get right of entry to persistently quickly.

  23. Greetings! Very useful advice in this particular article! It
    is the little changes that produce the most important changes.
    Thanks a lot for sharing!

  24. You really make it seem so easy with your presentation but
    I find this matter to be really something which I think I would never understand.

    It seems too complex and very broad for me.

    I am looking forward for your next post, I will try to get the hang of it!

  25. Hello There. I found your blog using msn. This is a very well written article.
    I will make sure to bookmark it and return to read more of your useful information. Thanks
    for the post. I will definitely comeback.

  26. Hey there, I think your site might be having browser compatibility issues.
    When I look at your website in Ie, it looks fine but when opening in Internet Explorer, it
    has some overlapping. I just wanted to give you a quick heads up!
    Other then that, terrific blog!

  27. Hi this is kind of of off topic but I was wanting to
    know if blogs use WYSIWYG editors or if you have to manually code with HTML.
    I’m starting a blog soon but have no coding knowledge so I
    wanted to get advice from someone with experience.
    Any help would be greatly appreciated!

  28. Oh my goodness! Awesome article dude! Thank you so much, However I am having troubles
    with your RSS. I don’t know the reason why I can’t subscribe to it.
    Is there anybody else getting the same RSS issues? Anyone
    who knows the answer can you kindly respond?

    Thanks!!

  29. Pretty nice post. I just stumbled upon your blog and wanted
    to say that I have really enjoyed browsing your blog posts.

    After all I’ll be subscribing to your feed and I hope you write again very soon!

  30. What i don’t realize is if truth be told how you’re not actually a lot more neatly-liked than you may be now.
    You’re very intelligent. You realize thus significantly on the
    subject of this topic, produced me in my opinion imagine it from so many
    numerous angles. Its like men and women aren’t involved unless it is one thing
    to accomplish with Woman gaga! Your personal stuffs outstanding.
    At all times care for it up!

  31. Right here is the right webpage for anyone who hopes to understand this topic.
    You know a whole lot its almost tough to argue with you (not
    that I personally would want to…HaHa). You definitely put a fresh spin on a
    subject which has been written about for a long time. Excellent stuff, just wonderful!

  32. No matter if some one searches for his vital thing, therefore he/she desires
    to be available that in detail, so that thing is maintained over here.

Leave a Reply

Your email address will not be published. Required fields are marked *

Documentary: Died Suddenly (2022)

Play Video

McIntyre Report
Political Talk Show

Episode 155

Episode 154

How you can advertise on Truthbook.social

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 27.11.2022

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

Watch Full Documentary

TruthTalks business partnership

Ideal for freedom movement activists, influencers, digital nomads, content creators and those who refuse to be silenced and want to expose the Globalists Agenda .

Truth Talks Partner Opportunity

Click here to learn more about this opportunity and how 12 online clients per year can earn you $203,000 USD per annum

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY