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Scams

Gambling scam warning


Date: 31 October 2016
Location: Australia

Description


A warning has been issued for Australian gamblers targetted by sports investment scams.

Australians lost over $1,000,000 to con artists pushing sports investments scams in 2016.

Betting and sports investment scams convince victims to invest in 'foolproof' systems or software that guarantees a profit.

These scams are often promoted as legitimate investments.

On average, people who invest in these scams will lose $10,000.


How the scam works:



  • Scammers will use high pressure sales tactics, such as claims of limited opportunities.

  • Scammers may also claim their system is safe, and backed by government regulations.

  • Participation will require a large upfront fee. 

  • Participation may also require the use of a sports betting account. Even if the account shows winnings during the 'trial period', the money is not able to be withdrawn, and will soon disappear.


Protect yourself:



  • If you recieve a phone call, email or brochure out of the blue about a sports investment opportunity, hang up, delete it, or throw it away.

  • Always get independent financial or legal advice if an offer involves a significant amount of money or time.

  • If you think you may have provided details to a scammer, contact your financial institution immediately.