ACCC warn consumers to be wary of high risk no reward investment scams

Members of the community are being warned by the Australia Competition and Consumer Commission (ACCC) about risky investment scams that often result in no reward. Customers have been hit hard, with reported losses of over $13 million so far in 2017.

ACCC Deputy Chair Delia Rickard says that online investment scams are “the most profitable of all the current scams.”

Men between the ages of 45 and 64 are the most targeted group according to the ACCC.

The ACCC says there are some simple measures you can take to protect yourself. These include:

  • Hang up on cold calls and don’t respond to unsolicited emails
  • Do your research before making any investments
  • Visit the ASIC MoneySmart website to check on the company that you are dealing with

You can report a suspected scam to ScamWatch.

They seem too good to be true because they are,” says Ms Rickard.

You can read the full media release here.

If you believe you may have been the victim of a financial or investment scam please call out Telephone Advice Line on (08) 9221 7066 for a free, confidential discussion. The advice line is open Monday to Friday 9am to 4pm except public holidays.

CCLSWA Admin