Those who have been scammed know all too well how devastating the affect it can have on you and your financial position. In 2017, The Australian Competition and Consumer Commission (ACCC) received complaints about investment scams with reports of more $31.3 million lost; an increase of 33 per cent on 2016. The Australian Cybercrime Online Reporting Network collected reports totalling $33.2 million in losses to investment scammers last year.
In 2017, males were more affected by investment scams, reporting losses of $22.8 million. The average loss of the investment scams reported to ASIC last year was $82,973 with the largest loss around $1.2 million.
So how can this affect you, your family or people you know? The ACCC reports that scammers are targeting Australian’s aged 65+ with the highest amount of financial loss reported, which is not surprising given this group of Australians have the most significant amount of retirement savings.
We want to educate our clients to spot the signs of a possible scam.
- Be cautious – if you receive a message either by email, social media or a text by someone who you have not heard from or seen in a while. If you feel like something seems suspicious trust your instinct.
- Look out for emails with poor presentation, unofficial email addresses, and a call to action to pay a fine or overdue bill.
- Companies who are legitimate will NEVER ask for your password via correspondence or request money via unconventional methods.
- If you’re unsure if something is a scam, don’t open an attachment and avoid clicking on links.
- If you think it is a scam, delete it immediately to avoid any risk and report it immediately.
When working with Nexus Private Wealth Management, we will only ever send you correspondence from a secure email server.
For transaction enquiries, we will always call you first to obtain verbal confirmation.
New clients will be asked to sign a privacy document, which allows us to securely share information amongst our team in order to achieve your customised, financial strategy.
Any request for information, for example to pay a bill will be sent to you on our branded invoice.
If you ever feel unsure, give us a call and ask to speak with your adviser.
To report a scam, go to https://www.scamwatch.gov.au/report-a-scam