Criminals buying legal details for frauds: Australian report
Posted in: Legal, Privacy & Security at 09/07/2012 14:04
Criminal syndicates are buying the personal details of potential victims from legitimate companies to target them for investment fraud, according to a new report.
The report, released today by the Australian Crime Commission and the Australian Institute of Criminology, says details people supply when they fill in competition forms or buy products online are packaged up and sold to fraudsters, who use the data to entice victims into investing in non-existent or worthless share and securities.
Growth of internet like 'steroids for scammers'
The Australian Crime Commission says the internet has been the equivalent of steroids for investment scams.
In a report released today, the ACC estimates more than 2,500 people were ripped off by organised investment scams in the past five years, losing more than $113 million, and the number is climbing.
The report also found scammers are becoming more sophisticated, using glossy brochures and professional websites to ply their trade.