Image by Gerd Altmann from Pixabay

The ACCC Scamwatch service has issued another warning that record losses can be expected as scammers target Australian citizens. They expect losses to exceed $500million by the end of this year, the first time it has exceeded this amount.

Investment scams are one of the most prevalent, convincing and sophisticated and continue to have the highest losses. These scams are prominent on social media sites.

The ACCC advise to do your due diligence and to consult a licenced, qualified Financial Planner before making any financial investment decisions. You should also check ASIC’s list of companies that you should not deal with.

The ACCC has produced a series of videos with tips and tricks on how to spot a scam, and to test people’s awareness of scams. The full series is also available on YouTube

Read the full article on the ACCC Scamwatch site.