The Australian Crime Commission (ACC) and the Australian Institute of Criminology (AIC) have co-published a report which provides a national picture and nature and threat of serious and organised investment fraud in Australia.

 

Released by Federal Minister for Home Affairs and Justice Jason Clare, the report is based on the consolidation of open source information obtained under the ongoing Task Force Galilee.

 

“This is the first unclassified report of its kind. It indicates that more than 2600 Australians may have lost more than $113 million to serious and organised investment fraud in the last five years. That number could be even higher because people tend not to report this kind of crime,” Mr Clare said.

 

“The targets of this type of crime are primarily Australian men, aged over fifty. They are usually highly educated – and have high levels of financial literacy. They are likely to manage their own super.”

 

“These criminal syndicates usually operate from outside Australia. They use front companies and false names. Once they’ve stolen the money the website disappears and the trail goes dead.”

 

In the next two months every household in Australia will receive a letter warning them about this criminal activity and providing information on how to avoid becoming a victim.

 

The full report can be found here

http://www.crimecommission.gov.au/publications/other/serious-organised-investment-fraud-australia