Scamwatch

Scamwatch- Australias toothless tiger.

I just spoke to Scamwatch to report several suspected scams. What I was told shocked me.

They told me that basically they can not, will not, do anything to investigate these companies!

They will not even name suspected companies..just as a precaution. Talk about doing nothing.

So what is the excuse for not doing anything? “Well, there are so many so it would be impossible”. Yes, that is what they said. Well you could always start with one, and move on after that to the next one. At least it is something. Same with naming companies..”there are so many and they change their names so often”. Well it is not going to hurt to have known names as a starter. So this means you can’t even search for a company you want to check up on…just to see if you should be a bit cautious.

You can report a suspected scam, but they wont then list it..so what is the point!

I had to ring a second time before I got a girl who at least was a little more helpful and is trying to escalate it so I can get a call back by a senior agent at the ACCC (Scamwatch is a branch of the ACCC)  25/07/2014 still waiting..

Here is a much more helpful page from the Queensland Police:

http://www.police.qld.gov.au/programs/cscp/eCrime/scams/reporting.htm

But, having said all that, and despite the general skimming nature of the information, it is perhaps worthwhile reading the scamwatch website, particularily in relation to sports investment scams and it is still a necessary step to report whatever scam you have been caught up with to them, so that at least they may start to build some weight of evidence against a particular company…in the hope that one day they may do something.

One thought on “Scamwatch

  1. Douglas Best

    TRUE WEALTH AKA EWEALTH BUILDING PTY LTD, ELECTRONIC TRADING SYSTEMS -BAD I was recently asked by a friend whether an investment product from a company called TrueWealth is a legitimate investment. He got cold-called by a TrueWealth rep, who sent him an 18-page glossy brochure, and then followed up with more calls.

    From $2,000 to $51,343 in 24 Months
    In a nutshell, TrueWealth claim their stock trading program ( TrueWealth program ) turned an initial investment of $2,000 into $51,343 after just 24 months (for a whopping profit of $49,343).

    According to the glossy brochure, “ALL FIGURES ARE GUARANTEED CORRECT AND VERIFIABLE” and it displays a graph showing how $2,000 grew into $51,343 (Jan 2011 – Jan 2013), plus a 3.5 page table supposedly showing the “complete trading figures from the last 12 months” (Feb 2013 – Jan 2014).

    Apparently the TrueWealth program, which is capable of generating a 2,467% return on investment over 2 years, only costs around $18,000 ( and you can “Claim your free laptop : Available to the first 50 callers” ).

    We looked them up and went to there office in Brisbane very impressed wiith the office.NO OFFICE – scam
    We also found out the have the web sire http://www.indexinvest.com.au and have a office in Surfers Paradise. Level 2, 3 Alison Street, Surfers Paradise. Went there and saw the salespeople who work for them. Standing out the front smoking cigarettes chit chatting…followed them up to level 2.
    SCAM – thankgod we investigated before being ripped off by these crooks

    p.s – dont get fingered by the dogs

    Reply

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