Investment scams are a major source of money for those wanting to fleece the innocent. The Australian Competition and Consumer Commission reports in the first two months of 2018 alone, more than $9.6 million has been lost to investment scams.
Scammers, who make contact mostly via telephone, claim to be a stock broker or portfolio manager offering low-risk financial or investments advice. They may promise you a quick and high return on investments. They encourage you to invest in overseas companies and keep calling you back.
Report a scam to the Australian Competition and Consumer Commission (ACCC) by using its website www.scamwatch.gov.au You may be encouraged to include the details of the scam contact you received, eg, email or phone number. If you have been threatened, assaulted or had your property stolen, contact your local police immediately.