Aussies losing $15m in scams and fraud

Australians have lost nearly $4 million in investment scams this year alone, with the latest case of a Western Australian man duped by overseas fraudsters again raising alarm bells.

Peter Kleinig, 65, has been legally barred by state authorities from raising money from others to invest in a West African gold and silver mining scheme proven to be run by criminals.

Despite losing millions of dollars to the false scheme, and inducing a friend and other people to lose up to $2 million, Mr Kleinig refuses to believe it's a scam despite authorities' repeated warnings.

"It's extremely sad that Peter Kleinig has lost his life savings and refuses to accept that he is at the centre of an investment fraud," Commissioner for Consumer Protection David Hillyard said.

More than $15 million has been lost to scammers and fraudsters in 2016 so far with more than 21,000 cases reported to the Australian Competition and Consumer Commission (ACCC).

The watchdog has received 303 reports of shoddy investment ploys which have taken nearly $4 million from investors.

Statistics on the ACCC site show people aged 45-54 as being most susceptible to investment scams, which include fake stock broker cold calls, share tips and promotions, and investment seminars spruiking risky `get rich quick' strategies and featuring self-made millionaires.

Almost half of all dodgy investment proposals are initiated over the phone.

Superannuation is also commonly targeted by scammers who claim to offer a way to unlock retirement savings early, but upon release take the pay-out themselves.

The ACCC advises people to keep their personal details secret, be wary of unsolicited calls and emails, and to be suspicious of "too good to be true" investment schemes which promise a high return with little risk.

They should also check up on the legitimacy of a financial advisor or company through corporate regulator ASIC, and should always seek independent financial and legal advice before signing up to an investment.

BIGGEST SCAMS

* Investment schemes, pyramid schemes, sports betting, $5.4 million

* Unexpected money and inheritance claims, $4.8 million

* Dating and romance, $3.2 million

* Classifieds, health products, online shopping, $1.4 million

* Personal information $565,045

* Surprise lottery winnings and travel prizes, $260,000

Source: ACCC ScamWatch figures for January and February 2016