23 July 2018

Rockingham and Kwinana residents are being warned to be wary of all scams – particularly investment scams.

“The losses reported to the Australian Consumer and Crime Commission are heartbreaking as people are losing their savings,” local Federal MP and Shadow Minister for Consumer Affairs Madeleine King said today.

In the first six months of this year, more than $26 million was reported lost by Australians to investment scams—already 84 per cent of the total losses recorded in 2017. Last year, they reported lost $64.6 million to investment scams to Scamwatch and the Australian Cybercrime Online Reporting Network (ACORN).  On current trends, combined losses reported to Scamwatch and ACORN this year could exceed $100 million.

Ms King said people aged 45–64 were most at risk and make up more than half the reports sent to Scamwatch.

Investment scammers could often be identified by how they contact you and the promises they make.

Ms King said the ACCC warns:

If someone calls, emails or texts you out of the blue with investment advice, don’t engage with them no matter how legitimate they sound. Hang up the phone, or delete the email or text. If you’re searching for new investment opportunities online, don’t always trust what you read. It’s easy for scammers to create professional looking investment websites.

Any claims like 'risk-free investment', ‘low risk, high return’, 'be a millionaire in three years', or 'get-rich quick' are also easy tells that you’re dealing with a scammer.

And remember, if it sounds too good to be true, it probably is.