Australians lost more than $293 million to investment scams last year

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Andrew* lost $13,000 in a matter of seconds through an investment scheme that cost Australians a total of $293 million last year. South Australia Police shared Andrew’s story for Scams Awareness Week to stop others falling victim. They said he began speaking to someone calling themselves “Zoe” on Tinder who, after weeks of conversations, earned his trust and told him she’d been investing in crypto and was doing well.

The Australian Competition and Consumer Commission said investment scams caused the most harm to Australians of all reported scams. In 2023, $293 million was lost to investment scams nationally, while South Australians lost $10.2 million. South Australia Police said victims lost a median amount of $30,000 per scam. They said people older than 65 were typically targeted.

 

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