Scam Losses Soar: How Queenslanders Can Outsmart Investment & Impersonation Scams

• investment scams
• impersonation scams
• Scams Awareness

With $429 million lost to scams in 2023, learn how to spot investment and impersonation scams in Queensland and protect your money from criminals.

Scams Awareness: Why Queenslanders Must Stay Alert

Australians have already lost more than $429 million to scams in 2023, with Queenslanders alone accounting for over $83 million of that total. As the cost of living rises, so too does the sophistication and persistence of scammers—especially around investment and impersonation scams. During Scams Awareness Week (27 November – 1 December 2023), Queensland’s Office of Fair Trading is urging everyone to slow down, verify contacts, and know how to protect themselves from financial harm.

The Rising Threat: Investment Scams

Across Australia, the biggest losses come from investment scams, totalling over $259 million nationwide this year—$52 million of which came from Queenslanders. These scams often promise quick riches, guaranteed returns, or exclusive opportunities. One Queensland woman lost $110,000 after responding to a social media ad for gold mining shares. She was manipulated into opening a cryptocurrency account, making several transfers, and ultimately found her account ‘frozen’ until she paid a supposed tax via PayID—a classic red flag.

• Warning Signs:
• Promises of high or guaranteed returns
• Requests for urgent action or upfront fees
• Pressure to invest quickly to avoid ‘missing out’
• Unsolicited investment offers, especially via social media or cold calls

Impersonation Scams: The Great Pretenders

Impersonation scams are often intertwined with investment scams. Scammers pose as financial advisors, government officials, law enforcement, or even celebrities to win your trust. Between January and September 2023, Aussies lost over $92 million to these scams, with imposter bond scams, fake business emails, and bank impersonation topping the list.

• Common Red Flags:
• Requests for personal details through links or fake webpages
• Being asked to change bank account details for regular payments
• Urgent threats (e.g., arrest, deportation) to make you act quickly
• Requests to transfer money to ‘keep it safe’
• Too-good-to-be-true job, sale, or investment offers

How to Avoid Investment & Impersonation Scams

• Never trust unsolicited contact—verify who’s really there before acting.
• Don’t click on links or download attachments in emails and texts from unknown senders.
• Don’t share your bank details, passwords, or personal information over the phone or online with unverified contacts.
• Ignore and cut contact with anyone who threatens or intimidates you.
• Be cautious if a business or person asks you to use a new bank account or BSB for payment.
• Research all investment opportunities and check for registration with ASIC or other authorities.
• Report all suspected scams to help disrupt criminal operations and protect others.

Help Is Available: What To Do If You’re Targeted

• Contact your bank immediately if you think your account details have been compromised.
• Report the scam to the National Anti-Scam Centre through the ‘report a scam’ page.
• Visit Scamwatch regularly to keep up with the latest scams and prevention advice.
• Share your story—even if you only suspect a scam. Reporting helps others avoid the same fate.

New Protections On the Way

The Australian Banking Association and Customer Owned Banking Association have launched the Scam-Safe Accord, with new measures—including a ‘confirmation of payee’ system—planned for rollout across banks in 2024–25. This system will provide extra protection when transferring funds by checking that recipient names match bank records. Until then, vigilance is your best defence.

Commissioner’s Message

Fair Trading Commissioner Victoria Thomson reminds all Queenslanders: “As the busy holiday season approaches, be extra vigilant. Slow down and think about who you’re really dealing with. Reporting scams helps protect the whole community.”

The Bottom Line

Scams remain a real and present threat to all Queenslanders. With one third of scams going unreported, staying alert, sharing information, and reporting suspicious activity is more important than ever. Together, we can help stop scammers in their tracks.