Losses to imposter bond investment scams have nearly tripled in the first half of this year with consumers losing more than $20 million to these sophisticated scams.
The Australian Competition and Consumer Commission (ACCC) said imposter bond scams usually impersonated real financial companies or banks and claim to offer government/Treasury bonds or fixed-term deposits.
People often fall victim to them after searching online for investment opportunities and completing enquiry forms via fake third-party comparison sites.
The latest Scamwatch data revealed there were 228 reports of imposter bond scams between January and June, compared with 82 reports in the first half of last year.
Losses suffered by Australian victims of imposter bond scams increased by 265% in the first half of the year, compared with the same period last year.
However, the true losses to these scams are likely to be much higher, as research shows that only about 13% of scam victims reported their losses to Scamwatch.
Investors fall victim to scam
“We are seeing an alarming increase in imposter bond scams, so we are urging Australians to be very cautious when presented with investment opportunities,” ACCC Deputy Chair Delia Rickard said in a media release.
“As interest rates rise, people looking to invest in bonds are falling victim to these scams after searching online for investment opportunities. This is often after they complete enquiry forms on fake third-party comparison…
