Aussies scammed out of over $20 million in fake bond schemes this year

The number of Australians scammed by fake bond investment schemes almost tripled in the first half of this year, with losses topping $20 million.

There were 228 reports of imposter bond scams between January and June, compared with 82 reports in the same period last year, Scamwatch revealed on Wednesday.

The “alarming” spike comes amid rising interest rates, as consumers considering investing in bonds are exposed to the sophisticated frauds.

Imposter bond scams usually impersonate real financial companies or banks and claim to offer government or Treasury bonds, or fixed term deposits.

People often fall victim to them after searching online for investment opportunities and completing inquiry forms via fake third-party comparison sites.

Losses suffered by Australians to imposter bond scams jumped by 265% in the first half of the year, compared to the same period last year.

More than half of those who reported losses to the scams were first contacted by phone, accounting for $11 million in losses.

“We are seeing an alarming increase in imposter bond scams, so we are urging Australians to be very cautious when presented with investment…