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![Scamwatch COVID-19 thumbnail](/sites/www.scamwatch.gov.au/files/styles/scamwatch_news/public/2020-04/SCAMWATCH-COVID-19_360x272.png?itok=hClu9yey)
Australians should be aware scammers are adapting existing technology to play on people’s fears around coronavirus and selling products claiming to prevent or cure the virus.
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Australians are set to lose a record amount to scams in 2019, with projections from losses reported to Scamwatch and other government agencies so far expected to exceed $532 million by the end of the year, surpassing half a billion dollars for the first time.
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Australians who are older, Indigenous or have disability reported record losses in 2018 according to the ACCC’s annual Targeting Scams report released this week.
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People are increasingly being caught out by celebrity endorsement scams, with reports to Scamwatch increasing 400 per cent and losses increasing a staggering 3,800 per cent so far in 2018.
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Scamwatch is warning the Australian community to be wary about investment scams, with statistics revealing Australians are collectively losing $4.3 million a month to these scams.
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The ACCC is warning the community to watch out for investment scammers who promise the world but leave their victims with broken dreams and empty bank accounts.
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Scamwatch is warning investors to beware of binary trading scams that lure you in with the opportunity to make money through asset price movement.
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SCAMwatch is warning people thinking about buying a franchise or small business to beware of exciting new franchise opportunities that may actually be scams.
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SCAMwatch and the Australian Crime Commission Board are urging Australians to protect themselves from the growing threat of investment scams.
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The ACCC has quickly acted to stop the individuals behind TVI Express from enticing consumers to join its so called money-making venture.