The Most Popular Types Of Financial Scams In Australia

Every country has its fair share of financial scams. People tend to lose a substantial amount of money every year due to these scams.  This is an unfortunate reality that everyone should wake up from and learn from the mistakes of the victims.

A lot of people living in Australia have also been unfortunate victims of different types of financial scams. In 2015, Australia’s scamwatch website reported that at least AUD 45, 902, 666 was lost due to scams and 45, 743 individuals stated that they were victims of various financial cons.

Below are the top 3 scams reported in Australia last 2015:

1. Dating and romance. A lot of scammers take advantage of people looking for romantic partners. These scams usually start and happen via dating websites, apps, and on various social media sites. Scammers pretend to be prospective companions and play on emotional triggers to get victims to provide money, gifts, or other personal details. A total of AUD 10, 099, 323 was lost last year due to this scam.

2. Investment schemes. There is no way to make easy and fast money. Unfortunately, a lot of people still fall for these “too good to be true” investment scams.  Scammers are ingenious when inventing different types of fake money-making opportunities to prey on your eagerness and get hold of your hard-earned cash. Last year, AUD 9, 185, 984 was lost to various investment schemes.

3. Inheritance scams. It’s always nice to get news about some unexpected money that you stand to gain. Regrettably, this news is only just giving you false hope about offers of money. And even if you do stand to inherit something, you won’t be asked by a good-natured relative for something in return. A total of AUD 3, 599, 558 was lost to this type of scheme in 2015.

Info source: catchtherisingtide.com.au