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The most damaging type of scam isn’t related to dating or romance

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Most people would consider themselves too smart to be scammed yet more than 100,000 scams have been reported to Scamwatch so far this year.

By the end of the year, it is estimated that Australians will lose more than $532 million to scammers and these are only the scams that have been reported.


It might come as a surprise, but the most damaging type of scam isn’t related to dating or romance.

Those scams are a very distant second to investment scams in terms of the amount of money that has been lost.

Cryptocurrency investment scams have also gained popularity, with record losses of $14.76 million between January and July 2019.

So how do you spot a scam?

The level of sophistication of scammers is improving and they are making their emails appear legitimate and setting up professional online shops.

You could scammed any time you're on the internet........

© The Sydney Morning Herald