Australians lose more money to investment scams than any other type of scam. In 2022, investment scam losses totalled $1.5 billion – 66% of total losses reported to ScamWatch.
Learn how to protect your life savings, recognise an investment scam and stop get-rich-quick schemes in their tracks with our top tips.
Investment or financial scams are when someone promises you a quick and easy money-making opportunity. These scams can be related to business ventures, superannuation schemes, managed funds, cryptocurrency, shares or property.
Investment scammers convince you the investment is real, that you’ll get high returns with little or no risk and without putting in much skill, time or effort.
It sounds like a dream! And it’s because it is. It’s all a ruse designed to steal your money from you.
Always be suspicious of anyone promising you a quick and easy money-making opportunity. Investment scammers will offer:
These scammers will:
Don’t let anyone pressure you into making decisions about your money. Protect yourself by taking the time to do some research to see if the investment opportunity is real or fake.
Sometimes these scammers will use threats to try and frighten you into handing over your money. After all, they’re desperate to scam you. They may:
Receiving threats or pressure over an investment opportunity is an immediate red flag that it’s a scam. Don’t be rushed or pressured into a making a bad financial decision.
Hang up or close the email and stop all communication immediately. Block their number and/or email and report them to ScamWatch.
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