July 9, 2024 at 02:08AM
The Australian Competition and Consumer Commission (ACCC) has cautioned about scammers targeting previous scam victims by offering fake recovery services. The scammers pose as trusted entities and request personal information and upfront fees. Victims, especially those over 65, have faced losses totaling over AU$2.9 million. The ACCC is urging prompt implementation of a mandatory code to address such scams.
After reviewing the meeting notes, here are the key takeaways:
– The Australia’s Competition and Consumer Commission (ACCC) has warned about scammers targeting victims of previous scams with fake offers to help them recover their losses, often requesting an upfront fee or personal information under false pretenses.
– Scammers portray themselves as trusted entities such as government agencies, fund recovery services, or consumer advocacy groups to deceive victims into believing their credibility.
– Individuals over 65 are the most frequent targets, and the ACCC has recorded 158 reports with total losses exceeding AU$2.9 million. Unreported incidents may further elevate these numbers.
– The tactics used by scammers include falsely claiming to have expertise in recovering lost funds for a fee, creating fake references, placing ads on social media, and establishing fake websites.
– The ACCC flagged two websites promoting recovery scams and managed to have one taken down by Australian authorities. However, recovering funds remains a challenge since most scammers quickly transfer the proceeds offshore.
– Australia is in the process of creating a mandatory code for banks, digital communications platforms, and telecommunications providers to detect, prevent, or compensate victims for scams, and the ACCC stresses the urgency of introducing this code given the prevalence of re-scam scams.
These takeaways summarize the key points from the meeting notes and provide a clear understanding of the ACCC’s warnings and actions regarding recovery scams targeting scam victims.