News 

Australians report more than $6m in losses due to investment scams in July 2018

“According to the most recent data, Australians reported losses of more than $6 million due to investment scams in July 2018” reports financefeeds.com. Let’s note that, in late July, Scamwatch voiced its concerns about the continued expansion of certain investment scams, including binary options and cryptocurrencies.This marks a stark rise from June levels and takes the overall amount lost due to investment fraud since the start of this year to massive $31.8 million.These are similar to any other investment scam: the scammer will claim to have inside knowledge about price movements…

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Travel fraud is on the rise: what to watch for

“Travel scams can include everything from pickpockets on the street to websites posing as travel companies to steal credit card information” writes Kimberly Palmer for marketwatch.com. He also recommends reviewing your credit card statement regularly so you can promptly report any suspicious activity to your card issuer and shut down your credit card if necessary.Using a travel wallet with RFID-blocking technology can help protect your digital credit card information.Bergman recommends keeping a wallet in a zipped jacket pocket or front pocket, but not the back pocket of pants, where someone could grab it. Source: marketwatch.com…

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Looking for an apartment? Beware of the five most common rental-fraud scams.

“In addition, 6.4 percent of renters lost money in a rental scam” reports washingtonpost.com. The survey found that 9.1 percent of renters in that age range had lost money to a rental scam.Younger renters, ages 18 to 29, are more likely to be victimized in a rental scam.Renters typically need to provide sensitive personal information when applying for a rental home and pay a security deposit. [What you don’t know about what’s in that apartment lease can hurt you big time] Among the most common rental-fraud scams, according to Apartment…

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Phishing Scam Masquerades As Square To Target Businesses

“A phishing scam making the rounds and targeting businesses is using the Square name to fool its targets” reports pymnts.com. Last year, small business accounting company MYOB had its name used by phishing scammers who targeted small businesses.Reports in the Victoria Advocate said scammers are sending emails that appear to be from payment service provider Square. Attackers have also“evolved,” the report found, from sending emails from fake addresses in an attempt to appear like a legitimate supplier, to hacking into the suppliers’ actual email accounts to send their scam emails. Source: pymnts.com…

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Business Email Scam Losses Now Top $12 Billion

“According to the FBI, the Internet Crime Complaint Center (IC3) recorded 41,048 U.S. victims of BEC scams between October 2013 and May 2018, totaling more than $2.9 billion in losses” reports pymnts.com. An announcement by the FBI issued in 2016 pinpointed Hong Kong as ground zero for many business email scams identified.The U.S. Federal Bureau of Investigation released a public service announcement this week warning that business email compromise (BEC) scams are on the rise.The total value of funds redirected as a result of a BEC scam has now topped…

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AUD News 

Australia sees losses due to investment scams jump 299% in one week

“A type of investment fraud that has been gaining momentum in Australia involves cryptocurrencies” reports financefeeds.com. The numbers, published earlier today, show that Australians reported massive $954,308 being lost to investment scams in just one week – the one to July 15, 2018.Earlier in 2018, Consumer Affairs Victoria, a business unit of the Department of Justice & Regulation, within the Victorian government, warned about Bitcoin scams.The most recent data adds to gloom from reports about scam activities in the first half of 2018, when Australians lost $26,378,380 due to investment…

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Crypto News 

Cryptocurrency Scams Have Cost Investors $500 Million

“ICO advisory firm Satis Group finds 81% of the coins with 50 million or more in market caps are scams” reports etfdailynews.com. Cryptocurrency, on the other hand, is not able to capitalize on investors short-term blind bliss.One research firm estimates investors may have still lost as much as $500 million   Is Anonymity Really That Cool?. Blockchain is No Magic Pill Either The most promising part of the cryptocurrency technology is blockchain. Source: etfdailynews.com Share This:

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Crypto News 

Get ready for a boom in crypto sports sponsorship: ‘We’re in discussions with over 70% of the Premier League’

“Arsenal struck a similar crypto sponsorship deal in January of this year” writes Oscar Williams-grut for businessinsider.com. LONDON — Cash-rich crypto companies are keen to strike sports sponsorship and endorsement deals as companies such as Google and Facebook crack down on crypto adverts on their platforms.”They’re now looking at sports [as a way] in which they can reach that mass appeal,” Singh said of crypto companies. Source: businessinsider.com Share This:

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AUD News 

Investment scams continue to gather pace in Australia

“A type of investment fraud that is currently gaining momentum in Australia involves cryptocurrencies” reports financefeeds.com. The latest data is in line with the numbers for May 2018, which have also indicated a rising trend of investment scams.Australians reported losses of $5.8 million due to investment scams for May 2018, with 429 reports about such fraud submitted.The latest weekly numbers from Scamwatch, a body operated by the Australian Competition and Consumer Commission (ACCC), have just been released, with investment scams once again gaining pace.These are the highest monthly losses caused…

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