Victorians falling prey
Tony Robbinson
Victorians have the highest response rate to scams in Australia, with almost 7 per cent of the state’s population falling victim.
The most popular scams where Victorians lost money were lotteries, chain letters, pyramid selling and phishing.
The Australian Bureau of Statistics (ABS) conducted a survey last year and found more than 200,000 Victorians had responded to scams.
The result was that these people had lost more than a quarter of a billion dollars as a result.
Victorian Consumer Affairs Minister Tony Robinson said it was disturbing so many people had been taken in.
“The reality is frauds and scammers are notoriously hard to track down, operating through a complex global network, masked by advances in technology,” he said.
“I strongly advise consumers who suspect something might be a scam not to respond and not send any money or personal details.”
According to the ABS, the victims of scams were equally male and female, young and old.
They came from both high and low-income backgrounds, with the educated and less educated equally deceived.
Robinson said Victorian Consumer Affairs would use the survey results to better inform people on how to avoid becoming a victim of a scam.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.