Access member only content, take part in discussions with comments on blogs, news and reviews and receive all the latest security industry news directly to your inbox. Join now for free.
Processing registration... Please wait.
This process can take up to a minute to complete.
A confirmation email has been sent to your email address - SUPPLIED EMAIL HERE. Please click on the link in the email to verify your email address. You need to verify your email before you can start posting.
If you do not receive your confirmation email within the next few minutes, it may be because the email has been captured by a junk mail filter. Please ensure you add the domain @scmagazine.com.au to your white-listed senders.
More than 2600 Australians have lost some $113 million to investment fraud since 2007, according to the Australian Crime Commission.
The numbers could be even higher, according to the ACC report, because such crime is rarely flagged to police.
Victims are typically middle-aged, educated men with self-managed superannuation, who are led to fake investment websites and sent brochures touting profitable investment schemes.
Home Affairs Minister Jason Clare said Australians were a target because of their wealthy superannuation accounts.
“The criminal syndicate cold calls the investor, refers them to a flash website and sends them a brochure promising strong investment returns," Clare said.
"After taking their money they string them along for months or even years and then the money disappears.
“People’s entire life savings are stolen by criminals with the click of a mouse. This type of crime destroys wealth and destroys lives. It’s also very difficult to stop.”
Fraudulent websites were taken down and social engineering phone calls ceased once victims were defrauded.
The ACC combatted the fraud under the multi-agency Task Force Galilee, established last year
The Federal Government will issue letters to every home by October warning of the scams and how to avoid becoming a victim.
Copyright © SC Magazine, Australia
To begin commenting right away, you can log in below or register an account if you don't yet have one. Please read our guidelines on commenting. Offending posts will be removed and your access may be suspended. Abusive or obscene language will not be tolerated. The comments below do not necessarily reflect the views or opinions of SC Magazine, Haymarket Media or its employees.