Australians Lose More than $70 Million to Investment Scams in H1 2021 | Finance Magnates

Our observations: 
Unfortunately the figures quoted do not reveal the real extent of the issue. Many victims do not report their losses for various personal reasons. Some do not because they used organizations registered in tax havens to avoid tax on their earnings or simply to hide their source of funds. Some do not because they do not want to be seen to be foolish in the eyes of the friends and family. 

Many of the victims are retired professionals with substantial savings. They  are not used to online scams and are easy prey for well orchestrated fraudulent schemes that promise extraordinary gains. 

The sheer number of scams being perpetrated daily worldwide makes it almost impossible for the authorities to address them for lack of resources. That in itself is emboldening the scammers more. 

Check out the original article here.

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