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A raising trend of investment scams in Australia

Jul 03, 2018

Scamwatch, an organization operated by the Australian Competition and Consumer Commission (ACCC), recently released a report stating that investment scams in Australia are becoming ever more frequent.

In the mid of June, from 18/06/2018 to 24/06/2018, the top scams that targeted Australians were Investment schemes. In the course of these fraudulent schemes, Australians reported losses of $1.18 million. Some of the most widespread fraudulent schemes were false billing scams.

In May 2018, 429 reports related to investment scams were submitted. Reported losses, caused by these scams, amounted to approximately $6 million. As of now, these are the highest recorded losses during a month, that were caused by investment frauds. From the start of the year 2018 the overall losses of Australians, that are related to investment scams, added-up to more than $21.8 million. Previously the highest loses were recorded in 2017.

The governmental authorities stated that current level of fraud schemes, associated with cryptocurrencies, is alarming. Early this year, Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victorian government, announced its concerns about Bitcoin scams. The above-mentioned regulator received reports of people being deceived through fake cryptocurrency websites.

Recently in Australia new regulatory requirements entered into force and the Australian authorities proceed to inform cryptocurrency exchange platforms, that they are now subject to this new regulation, with one of the requirements being – registration with AUSTRAC.

As we already stated earlier, investing in cryptocurrency and ICO is a very painstaking and risky step, and it must be approached with extremely caution. Offshorelicense LTD will be reliable contractor in all your business activities.

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