By Mark Brook For Daily Mail Australia
Published: 01:01 BST, 1 May 2019 | Updated: 01:02 BST, 1 May 2019
View
comments
Australians are increasingly becoming more vulnerable to fraud scams, which is costing the nation almost half a billion dollars annually, a new report finds.
The ACCC's Targeting Scams report has revealed scam activity in Australia has risen by 94 per cent over just five years - and there's one in particular people keep falling for.
According to the report, Aussies are frequently tricked into investment scams, costing them $86 million annually - an increase of more than 34 per cent from 2017.
Australians are increasingly becoming more vulnerable to fraud scams, which is costing the nation almost half a billion dollars annually
The total combined losses reported to Scamwatch and other government agencies exceeded $489 million - $149 million more than 2017
But as ACCC deputy chair Delia Rickard explained, investment scams are just one problem area that's significantly impacting on the community.
'Total combined losses reported to Scamwatch and other government agencies exceeded $489 million - $149 million more than 2017,' Ms Rickard said.
'And these record losses are likely just the tip of the iceberg. We know that
