Scamwatch, the operating arm of the Australian Competition and Consumer Commission (ACCC), has released data on investment scams in Australia for the first four months of 2020. The report shows Australian residents lost $20,650,486 to investment scams during this period.

Australian residents lost $6.87 million to fraudulent investment schemes. April was by far the most costly month, following fraud losses of $6.6 million in March.

During this period, 2,010 investment fraud complaints were filed by Australian residents. Among them, residents aged 45 to 54 filed the highest number of complaints, while the age group with the most losses was 65 and older.

Losses from fraudulent investment schemes continued to top the list of frauds, followed by "romantic scams" and kidnappings.

Related knowledge:

"Romance scam" : feigning romantic intentions with victims, winning their affection, and then using that affection to commit fraud. The fraud may involve accessing the victim's money, bank account, credit card, passport, email account or ID number, or coercing the victim to commit the fraud on their behalf.