MY MONEY ONLINE CRIME
It is an increasing concern for many to see the continued rise of financial scams. Even with a concerted effort from banks and regulators, the Australian Competition and Consumer Commission released a report saying there's been an 80% increase in scams since 2021 to a record $3 billion, which includes $377 million lost in investment scams alone (see graph, page 46).
A common misconception is to think that you must be uneducated, less intelligent or gullible to be caught up in a scam. But this is simply not the case. Many people who are scammed are successful, intelligent individuals. Intelligence is no protection against financial scams because they speak to our emotional brain, not our rational one. The
