consumer advocates

Australians have continued getting duped by investment and crypto-related scams, losing 242.5 million Australian dollars to scammers so far in 2022, according to Scamwatch’s latest data.  From January to July of this year, the majority of all funds lost to scams of all types were investment scams, which range from romance baiting scams to classic Ponzi schemes and cryptocurrency scams. The figure is already 36% higher than the figures across all of 2021, which revealed that Australians lost 178.2 million AUD to investment scams in the year. Source: Scamwatch It’s a threat that has prompted consumer advocates to push for banks to shoulder more responsibility for reimbursing scams to “drive greater investment in stopping fraud.” According to a Sept. 8 report from the Austral...