Investment scam losses tipped to hit $100m

The ACCC has warned investment losses to increasingly sophisticated scammers could be costing Australians $100 million this year.

Jan says once victims are caught in a scammer's skilled web, the professional fraudsters groom them by love bombing. Photo: PA Source: Press Association

Australians are handing over more than $4 million a month to scammers running dodgy investments.

Despite growing awareness more people appear to be falling victim to scammers, with losses tipped to exceed $100 million this year.

Last year Scamwatch and the Australian Cybercrime Online Reporting Network recorded $64.6 million in losses through investment scams while already this year reports are at $26 million.

In 2018, more than $26 million has been reported lost to investment scams. Source: ScamWatch

"The losses to investment scams are horrific. Each week the ACCC receives heartbreaking accounts of people losing hundreds of thousands, and in some cases millions, of dollars," ACCC deputy chairwoman Delia Rickard said on Monday.

She said the scams were sophisticated and scammers were convincing.

Those aged 45-64 are most at risk and make up half of those who report losses to Scamwatch.