Gambling scam warning
Date: 31 October 2016
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 Even if the account shows winnings during the 'trial period', the money is not able to be withdrawn, and will soon disappear.
- 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.