falling victim to investment scams lost more than $30 million AUD in 2017, according to a report
from the Australian Competition and Consumer Commission (ACCC). Investment scams overtook dating
and romance scams, which are typically the most expensive scam category. According to the ACCC, the surge in investment scam losses is attributable to an increase in higher-value scams. 20 individual cases resulted in losses of $400,000 or more in 2017, compared with seven such cases in 2016. The ACCC also noted a sharp rise in losses from cryptocurrency-related scams in the final quarter of 2017, jumping from an average loss of $1,885 per case in January 2017, to $13,205 per case in December 2017.