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2014 Marks Largest Online Fraud Losses EVER!

Posted: May 19th, 2015 | Author: | Filed under: Indeep Media | Tags: , , , , , , | Comments Off on 2014 Marks Largest Online Fraud Losses EVER!

Romance scams led to biggest financial fraud losses in 2014, ACCC saysAustralians were scammed out of almost $82 million last year, with romance-based schemes accounting for the biggest losses, a report from the Australian Competition and Consumer Commission (ACCC) has found.

The figures showed more than 90,000 scams were reported to the ACCC in 2014, with around one in nine successfully obtaining money.

The biggest losses were experienced by those who had been tricked by romance or dating scams, which accounted for $28 million.

The report found while fewer people were falling into the trap of sending money to a false admirer, the financial losses was far greater, with 3 per cent of contacts accounting for 34 per cent of losses.

In 14 cases, the losses exceeded $500,000. Investment fraud and computer prediction software was the next most popular type of scam.

More than $21 million was lost in scams where people were asked to invest in a scheme or work opportunity, or buy into computer programs that claimed to help the user make money :: Read the full article »»»»