Thanks again for taking the time to report to us your investment scam experience. Here is some additional information that may be useful to you.
About investment scams
Financial losses
Did you know that Australians suffer significant financial losses to investment scams every year? In 2020, Scamwatch received 7763 investment scam reports, with more than $67 million in losses. In 2019, this loss figure more than doubled when combined with scam reports from the big four banks and we expect a similar result when this analysis is performed on the 2020 data.
Non-financial harm
Investment scams can also create significant non-financial harm. Investment scam survivors often feel betrayed and angry at the loss of their hard won funds. Survivors may also feel embarrassed and suffer a loss of self-confidence which can take time to rebuild.
Who they target
Scammers often target people who are already looking for good investment opportunities and have done their research. The most common group of victims to investment scams are men between the ages of 35 to 44. They may use scripts that use investment language and fake websites showing fictitious profits to convince you that they are legitimate.
How they make contact
Scammers make contact by phone, with internet, email and social networking being other popular contact methods. If they contact you via phone, they may try to forge a connection and create a sense of urgency to invest in the false opportunity before it expires.
Protect yourself – now and in the future
You may have already read our checklist of steps to protect yourself. Below is some additional information on the key steps to take now.
Contact your bank or financial institution immediately
If you sent money to the scammer, contact your bank or financial institution immediately. Advise them that you have been scammed and ask them to cancel the payment if possible. They may be able to stop a transaction, or close your account if the scammer has your account details.
Your credit card provider may be able to perform a 'charge back' (reverse the transaction) if your credit card was billed fraudulently.
Seek out support services
When you need support in a crisis, contact Lifeline on 13 11 14 (24/7) or visit www.lifeline.org.au.
For information about depression or anxiety, contact Beyond Blue on 1300 22 4636 or visit www.beyondblue.org.au.
IDcare is a free service that will work with you to develop a specific response plan to your situation and support you through the process. Visit the iDcare website or call 1300 IDCARE (432273).
Beware of future scam approaches
Did you know that scam victims can be targeted again because scammers share information and target people that have previously lost money?
If you’ve been scammed, be wary of future unsolicited approaches offering you an investment opportunity or service to recover your funds, especially if they seem too good to be true.
Protect others – take two to tell two
You can play a critical role in helping people like you avoid scams by sharing your experience.
We know from scam reports that one of the primary ways people avoid scams is by talking about them with others. Friends and family can tell us when something seems suspicious, and provide information we may not have ourselves.
You can help others avoid scams by sharing this information – if every person tells two others about how to identify and avoid scams, we can protect many more.
In the next two weeks, tell two friends your scam story – it could make all the difference. You can also forward them the email we sent you in response to your report or encourage them to take a look at the Scamwatch website.
What your scam report does
Your report helps us monitor scam trends and raise public awareness about new and emerging scams. We use the information provided in scam reports to assist government, law enforcement and the private sector to combat and disrupt scams.
The banks use scam intelligence to identify and prevent many scam transactions. Our goal is to make Australia a harder target for scammers, and to protect others from falling victim to scams like yours.
We know that experiencing a scam can be difficult, and that reporting a scam takes effort. We greatly appreciate the intelligence you have provided by submitting your report. Every piece of information is valuable – last year we received over 216,000 scam reports, which all helped us to disrupt scammers.
Where to get help
We are unable to help you recover money lost to a scam or assist in tracking down a scammer. If you need further information on how to deal with a scam, please read our advice on where to get help.