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![Image of elderly couple using laptop and phone](/sites/www.scamwatch.gov.au/files/styles/scamwatch_news/public/online-shopping2-800x400.jpg?itok=mH1-nVnI)
Losses to imposter bond investment scams have nearly tripled in the first half of this year with consumers losing over $20 million to these sophisticated scams.
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The financial and emotional devastation caused by scams every year in Australia can be reduced if government, consumer groups and the private sector work together.
![Investment scams thumbnail](/sites/www.scamwatch.gov.au/files/styles/scamwatch_news/public/type-of-scam-images/investment-scams-thumb.jpg?itok=hFNGNdK_)
Australians lost over $205 million to scams between 1 January and 1 May, a 166 per cent increase compared to the same period last year, according to new data from Scamwatch.
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The ACCC is urging consumers to be on the look out for dodgy deals as pre-holiday sales approach.
![Investment scams thumbnail](/sites/www.scamwatch.gov.au/files/styles/scamwatch_news/public/type-of-scam-images/investment-scams-thumb.jpg?itok=hFNGNdK_)
Investment scams reported to Scamwatch have cost Australians over $70 million in the first half of this year, more than the total losses reported to Scamwatch for all of 2020, and projected losses are set to reach $140 million by the end of the year.
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Last year scammers stole close to $34 million collectively from people who identified as culturally and linguistically diverse (CALD), people with disability, and Indigenous Australians.
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Payment redirection scams were the most financially damaging scams for Australian businesses in 2020 according to the ACCC’s latest Targeting Scams report.
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Australians lost over $851 million to scams in 2020, a record amount, as scammers took advantage of the pandemic to con unsuspecting people, according to the ACCC’s latest Targeting Scams report released today.
![](/sites/www.scamwatch.gov.au/files/styles/scamwatch_news/public/related-article/Car%20scam.jpg?itok=L078s4Wq)
Australians have already lost over $288,000 to vehicle scams in the first quarter of this year, more than all losses reported to Scamwatch in 2019, and scammers have now begun impersonating defence personnel to con their victims.
Australian businesses reported over $14 million in losses to Scamwatch due to payment redirection scams last year, and average losses so far in 2021 are more than five times higher compared to average losses in the same period last year.