Queensland and New South Wales have the highest average losses when it comes to investment fraud according to research from BrokerChooser.
The online trading platform analysed data covering 2021 from Scam Watch to analyse the rates of investment fraud and the losses per person.
Victims of investment fraud in Queensland have the highest average losses compared to any other part of Australia where the averages losses are $24,932, followed by NSW with $21,315.
The Australian Capital Territory had the highest increase in average losses seen by victims of investment fraud. In 2019, the average loss in the area stood at $3,137 and rose to $10,442 by 2021, an increase of 233 per cent.
This increase far surpasses any other state or territory, with second place Victoria recording a percentage increase of less than half of that at 108 per cent.
ACT also had the highest rate of investment fraud in the country as well as the biggest increase; since 2019, the number of reported investment fraud victims in the area stood at 118 cases increasing by 153 per cent to 299 per year.
The second-highest rate of increase was seen in New South Wales, where the total number of investment fraud victims increased by 144 per cent from 1,177 to 2,870, followed by with a 135 per cent increase.
In raw numbers, the top three states by population have the most investment fraud victims with NSW recording 2,870, Victoria with 2,056 and Queensland with 1,532.
Scam Watch highlighted the need to speak to a financial or legal adviser before investing any money.
“Prior to investing always seek independent legal advice or financial advice from a financial advisor who is registered with ASIC. If it’s a cryptocurrency investment always speak with a qualified legal adviser first.”
Around the same time period, AFCA commended the financial advice industry for a lack of complaints.