As of September, Aussie investors have lost 16.4 percent more than they did in all of 2018.
Australians have lost more to investment scams so far in 2019 than they did in the whole of 2018. That’s according to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch.
In particular, as of September 2019, AU$48.85 million ($33.0 million) has been lost to fraudsters who are operating investment scams. In the same time period, the consumer protection authority has received 4,331 reports, with the number of reports involving financial loss at 41.2 percent.
This is higher than the AU$41.97 million that was lost across the whole of 2018 by 16.4 percent. During last year, the ACCC received 4,864 complaints, with 27.6 percent of them involving financial loss.
According to the British regulator, authorities received 1,834 scam reports last year. That was almost a four-fold increase on the prior twelve-month period.
The chair of the FCA, Charles Randell, has also recently come out and said that financial crime, especially fraud against individuals, has reached epidemic proportions, as Finance Magnates reported.
Breaking down ACCC stats
Breaking down 2019’s figure of AU$48.85 million, so far this year, Aussies lost the most during the month of July, by a significant margin. Specifically, AU$12.78 million was lost in July, and 721 reports were made to the commission.
The next worst month in 2019 was in August. During the month, AU$8.19 million was lost. In the same period, consumers made 504 reports. This is 43.1 percent less than the number of reports made in the previous month.
The most common tactic fraudsters used to contact victims was via phone. This method saw scammers rake in AU$14.50 million, and consumers phoned in 1,344 reports. The next most-used method, based on the ACCC’s data, was the internet, followed by social networking.
The age group to lose the most amount of money was between 35-44 years of age. Until September, this age group has lost AU$11.28 million. However, the group before - 25-34 years of age, lodged the most reports out of all age groups, at 678.
In terms of gender, males lost the most to investment scams, taking up 74 percent. According to the statistics, male consumers lost more than AU$36.16 million, whereas females lost AU$12.18 million.
Australians have lost more to investment scams so far in 2019 than they did in the whole of 2018. That’s according to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch.
In particular, as of September 2019, AU$48.85 million ($33.0 million) has been lost to fraudsters who are operating investment scams. In the same time period, the consumer protection authority has received 4,331 reports, with the number of reports involving financial loss at 41.2 percent.
This is higher than the AU$41.97 million that was lost across the whole of 2018 by 16.4 percent. During last year, the ACCC received 4,864 complaints, with 27.6 percent of them involving financial loss.
According to the British regulator, authorities received 1,834 scam reports last year. That was almost a four-fold increase on the prior twelve-month period.
The chair of the FCA, Charles Randell, has also recently come out and said that financial crime, especially fraud against individuals, has reached epidemic proportions, as Finance Magnates reported.
Breaking down ACCC stats
Breaking down 2019’s figure of AU$48.85 million, so far this year, Aussies lost the most during the month of July, by a significant margin. Specifically, AU$12.78 million was lost in July, and 721 reports were made to the commission.
The next worst month in 2019 was in August. During the month, AU$8.19 million was lost. In the same period, consumers made 504 reports. This is 43.1 percent less than the number of reports made in the previous month.
The most common tactic fraudsters used to contact victims was via phone. This method saw scammers rake in AU$14.50 million, and consumers phoned in 1,344 reports. The next most-used method, based on the ACCC’s data, was the internet, followed by social networking.
The age group to lose the most amount of money was between 35-44 years of age. Until September, this age group has lost AU$11.28 million. However, the group before - 25-34 years of age, lodged the most reports out of all age groups, at 678.
In terms of gender, males lost the most to investment scams, taking up 74 percent. According to the statistics, male consumers lost more than AU$36.16 million, whereas females lost AU$12.18 million.
BGC Group's Q1 Net Income Surges 92% Driven by Geographical Expansion
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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