Become scam savvy | Summary and Q&A

TL;DR

The Triple C's report exposes the extent and depth of financial scams, with a combined loss of $340 million in 2017 and a 9% increase from the previous year.

Key Insights

• 💼 The financial scam industry is booming, with a significant increase of 9% in reported cases from the previous year.
• ❓ Investments scams, particularly those involving overseas brokers, make up a substantial portion of financial scams.
• 😮 Online platforms have provided scammers with increased access to potential victims, leading to a rise in dating and romance scams.
• 🤕 Individuals aged 45 and above are the main targets, likely due to accumulated wealth and potentially being less tech-savvy.
• 🖤 Awareness and education are crucial in protecting oneself from scams, emphasizing the importance of resources like the "little black book" provided in the video.
• 🤝 If dealing with someone overseas, particularly in investment-related matters, there is little to no protection, making it crucial to only deal with regulated entities.
• 🤘 Warning signs and protective measures should be heeded to prevent falling victim to scams.

Transcript

g'day and welcome to this week's video this week we're gonna have a quick look at the a triple C's report on financial scams now we've reported on financial scams a lot in the past but it's a this report really gave us an insight to the depth and the amount of money that's been lost over you know one calendar year so it's looking at 2017 and it's g... Read More

Questions & Answers

Q: What does the Triple C's report reveal about financial scams?

The report highlights a combined loss of $340 million from over 160,000 reported cases in 2017, with an average loss of $6,500 per scam.

Q: Which types of scams are most common?

The dominant scams revolve around investing, particularly sending money overseas for trading programs or investments recommended by overseas brokers.

Q: Who are the primary targets of financial scams?

Individuals aged 45 and above make up 75% of scam victims, with the age group of 55 to 64 being the most targeted. However, they may underreport due to embarrassment.

Q: What are the main contact methods used by scammers?

Phone calls account for 40% of contact methods, followed by email. Scammers often use a combination of both, relying on professional-looking graphics and website designs to deceive victims.

Summary & Key Takeaways

• In 2017, financial scams resulted in a combined loss of $340 million across government agencies, with over 160,000 reported cases and an average loss of $6,500 per scam.

• The dominant scams are centered around investing, such as sending money overseas for trading programs or investments recommended by overseas brokers.

• Dating and romance scams are also prevalent, taking advantage of increased access to people through online platforms.