Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Victorians falling prey

cent/

26 August 2008
| By George Liondis |

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 3 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 3 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND