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West Aussies scammed out of $12 million in 2020, with one victim revealing ‘scary’ way he lost $50k

Brianna DuganThe West Australian
Commissioner for Consumer Protection Lanie Chopping.
Camera IconCommissioner for Consumer Protection Lanie Chopping. Credit: Ian Munro/The West Australian

West Australians were swindled out of $12 million last year with investment scams the leading cause.

Almost 1000 West Aussies reported they were scammed last year averaging a total of about $1 million a month.

It was the highest ever number of people scammed — with most falling victim to online shopping scams, investment scams and classifieds scams.

Terry — a 66-year-old Perth man looking to retire — lost $50,000 to an investment scam last year, money he is unlikely to see again.

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The mining consultant, who has been out of work due to COVID-19, said he just wanted to make some extra money to keep him and his family financially stable.

“I don’t class myself as a fool but they say a fool is easily parted from his money, and that’s what happened to me... I’m a victim,” Terry said.

“It only took a press of the button and once you get to talk to someone that is a scammer they just take it over, they are that good... it’s scary.”

Terry — a 66-year-old Perth man looking to retire — lost $50,000 to an investment scam last year.
Camera IconTerry — a 66-year-old Perth man looking to retire — lost $50,000 to an investment scam last year. Credit: The West Australian/Ian Munro

Terry was scammed after joining an online investment ad he saw on a YouTube video — something he never expected to turn his life upside down.

“I thought this [investment] would be a quick way to make some money, and it would make big changes in my life as I go into retirement.” he said.

“It started from a smaller $300 investment to a $2500 one... and away we went.

“It was just a press of a button... and the mistake was made right there,” he said.

Terry has only received $5000 back from his $50,000 loss.

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