By their very nature, investments are meant to generate wealth over time. But a growing number of investment scams are robbing Australians of their life savings, prompting questions about why financial institutions aren’t doing more to prevent them.

It’s only May, but so far this year Australians have lost an astounding $88.7 million to investment scams. ScamWatch reveals there have been 2275 reports to authorities, with reports of financial losses in nearly half (45.8 per cent) of cases.