Australians are handing over more than $4 million a month to scammers running dodgy investments.
Despite growing awareness more people appear to be falling victim to scammers, with losses tipped to exceed $100 million this year.
Last year Scamwatch and the Australian Cybercrime Online Reporting Network recorded $64.6 million in losses through investment scams while already this year reports are at $26 million.
"The losses to investment scams are horrific. Each week the ACCC receives heartbreaking accounts of people losing hundreds of thousands, and in some cases millions, of dollars," ACCC deputy chairwoman Delia Rickard said on Monday.
In 2018, more than $26 million has been reported lost to investment scams. Source: ScamWatch
She said the scams were sophisticated and scammers were convincing.
Those aged 45-64 are most at risk and make up half of those who report losses to Scamwatch.
