Young Australians are the most likely demographic to lose cash in an investment scam
New statistics from the Australian Federal Police show people aged under 50 are falling for more investment scams than older Australians.
NSW
Don't miss out on the headlines from NSW. Followed categories will be added to My News.
Australians have lost more than $180 million on sophisticated cryptocurrency scams in the last year, prompting the federal police to issue a warning to those looking to get rich quick during the cost of living squeeze.
New statistics from the Australian Federal Police (AFP) show victims aged under 50 have now overtaken older Australians as the most common losers out of investment scams, with the demographic accounting for 60 per cent of those conned.
The data, collected by the Australian Cyber Security Centre (ACSC) through reports made to police shows Australians lost $382 million to investment scams over 2023-2024.
Almost half – 47 per cent – of those scams involved cryptocurrency.
It comes as the AFP has joined forces with state and territory police to encourage all Australians to ‘share a story, stop a scam’, for Scams Awareness Week, which runs from August 26-30.
AFP Assistant Commissioner Richard Chin said the data revealed that it was a misnomer that only older people were victims of scams.
“Scams Awareness Week is a timely reminder for all members of the community to know the signs of an investment scam and how to avoid becoming a victim,” Assistant Commissioner Chin said.
“Investment scams are fraudulent schemes that deceive people into investing money under false pretences. Scammers promise high returns with little risk, using convincing marketing and new technology to make the investment sound too good to miss.
“Scammers often use pressure tactics and different methodologies to lure victims into making poor investment decisions, with two common methods being pig butchering and using deepfake technology.”
The AFP will on Wednesday present what is being done to tackle cyber threats at a trans-Tasman Business Circle Event in Sydney.
Albo’s star candidate to appear before inquiry over $50k grant
A star Labor candidate is being dragged into a Coalition-led grants inquiry after she secured funding for a women’s group that had some of its members volunteer for her during her state election bid.
‘OK, let’s do this’: Brave Kay dies … exactly the way she wanted to
She said she’d depart this earth on her terms. Today, terminally ill Kay Henderson — surrounded by those she loved, tears, laughs, and the sound of Flame Trees — chose death, declaring: “I’m glad I got the choice”.