New methods scammers are using to steal from Australians and what can be done to stop it

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.

Young man hands holding credit card and using phone Source: Moment RF

Highlights

• 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

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.

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"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."

 

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