2015 Targeting Scams Report
This is the report by the Australian Competition and Consumer Commission to
coincide with National Fraud (awareness) Week last
They report that $229 Million was lost, with investment scams leading any
other category with $41 million reported lost.
You can find the 81 page report in pdf form here
Plenty of nice statistics about what’s happened in the last year, but more
What are Scamwatch, ACCC and other Authorities doing about it ?!
Well, in 2015 the ACCC’s Disruption project seems to have been solely aimed
at disrupting Romance fraud. Good on them for doing something, but what about
Investment fraud which has now surpassed Romance fraud ( maybe partly due to
their disruption efforts)?
Nothing as far as we can tell. Most of their time seems to be taken up with
Getting information out of them is like getting blood out of a stone. Our
offers for them to use our resources seem to fall on deaf ears.
ACCC’s bad advice
In their website report here, they end up giving advice on doing due diligence on
your next investment.
“Before parting with your money, do your own research on the investment
company and check they have a Australian Financial Services Licence on ASIC’s
and “Only invest your money with a managed fund or other investment that is
licensed by ASIC and check ASIC’s MoneySmart website.
This advice would seem to imply that it is a sufficient that a business,
company or financial advisor is listed with ASIC with an ABN, ACN or
Well that is just plain WRONG.
It is NOT a sufficient check.
As hundreds of scam victims will tell you, ALL the companies, businesses and
financial advisors they dealt with in Australia were listed with ASIC.
We called the ACCC and voiced our concerns that this advice is very unsound
and makes them negligent in their duties. To date, no response.
What do you think?