The Australian Competition and Consumer Commission is warning people to be aware of scams that are becoming more elaborate when it comes to manipulating potential victims. Looking at the data - people aged 65 and older are still most often targeted group and those from culturally and linguistically diverse backgrounds.
Investor Matt Cole recalls the moment he realised he'd been a scammed out of one hundred thousand dollars.After finding a link to a London based stock trading firm on his social account Matt did some research, but didn't realise it was a fake.
He says a professional website had been created and along with a large number of positive reviews online. Everything seemed completely legitimate, and shortly after signing up the scammers contacted him.
- Australian Competitions Consumer Commission scammers are getting far more adept at manipulating potential victims.
- An increase in online activity during the pandemic has also left more businesses vulnerable.
- Matt Cole was able to salvage some of his stolen money, but his message to others never open links from unfamiliar sources
"To be honest I was physically ill. The amount of self doubt the amount of just feeling how stupid I was.That I could actually fall victim to something like this. A highly sophisticated very professional forex trading platform, it even had education videos, documentation to explain forex trading how it works."