New methods scammers are using to steal from Australians and what can be done to stop it

Investor Matt Cole recalls the moment he realised he’d been a scammed out of one hundred thousand dollars.After finding a link to a London based stock trading firm on his social account  Matt did some research, but didn’t realise it was a fake. 

He says a professional website had been created and along with a large number of positive reviews online. Everything seemed completely legitimate, and shortly after signing up the scammers contacted him.

Highlights

• Australian Competitions Consumer Commission  scammers are getting far more adept at manipulating potential victims.
• An increase in online activity during the pandemic has also left more businesses vulnerable.
• Matt Cole was able to salvage some of his stolen money, but his message to others never open links from unfamiliar sources

“To be honest I was physically ill. The amount of self doubt the amount of just feeling how stupid I was.That I could actually fall victim to something like this. A highly sophisticated very professional forex trading platform, it even had education videos, documentation to explain forex trading how it works.”