Haydn Franklin Haydn Franklin, Tuesday 11th February 2020, 11:44 AM CET
Investment Scams

Investment Scams Plague Australia

The Australian Financial Market for Digital Currencies has begun to be plagued with investment scams. This association has entered the 2nd month in 2020; it’s estimated that millions have already been stolen from the Australian investment community. This follows after a prolonged battle against the elements, with traders having more concern for the bushfires than their financial well-being. It’s anticipated that throughout January 2020, more than 396 reports were made to the Australian Competition Consumer Commission. Total funds lost in the 1st month include AUD 2.14 Million. This is double the same amount seen throughout the beginning of the 2019 fiscal year.

It should be noted that a large percentage of stolen funds were returned to traders, with AUD 672,078 being unfound by financial law enforcement. Seventy individuals were arrested globally for their illegal actions. However, this didn’t stop an additional increase of 34.3% in reported scams have followed in the first ten days of February. This could mean the most extensive amount of reported criminal proceedings in Australia’s digital financial history.

The 2019 Fiscal Year

When it applies to the total funds lost throughout the 2019 Fiscal Year, more than $61.51 million was stolen from investors and traders. More than forty percent of those funds couldn’t be recovered, which saw thousands of investors lose millions to fraudulent activity. Australia commercial law enforcement expressed that the majority of these criminal actions are proceeding in China, Russia and the Middle East.

The most extensive amount of reports previously seen with the ACCC was in July 2019, which saw 674 acts of criminal proceedings. The entire year saw nearly five thousand reports, with financial investors and commissions demanding that the Australian government implement stronger enforcement legislation. Unfortunately, their prime minister is similar to Donald Trump and is more concerned with golf than anything else.

Online Scams

How Scams are Accomplished

Most might wonder how these scam artists complete their various illegal activities. It’s accomplished by registering a fake website, which is then copied to resemble an official online trading service. After substantial problems occur throughout their platform and investors are forced to engage in phone conversations, data is stolen over cellular transmissions. These fraudsters collect all information related to personal financial history, often relating to identity theft as well.

Haydn Franklin

Author: Haydn Franklin

Hayden joined whichbroker.com in March 2019. He previously held positions at leading US facing financial news outlets. Hayden's focus is primarily Crypto and Forex news at whichbroker.com, however he is also whicbrokers long form content specialist leading him to write longer posts with an investigative angle. Hayden gradutated from the University of Chicago. Haydn Franklin can be contacted at [email protected], View all posts by Haydn Franklin

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