Scams are stealing billions from Australians every year – and the emotional toll is even greater than the financial one. In 2024, Australians lost $2 billion to scammers, down from $2.74 billion in 2023. While awareness is improving, the numbers are still staggering.
Here’s the part most people don’t realise: 79% of scam victims suffer emotionally, while only 24% report a financial hit. Shame keeps many silent, which means the real impact is often hidden.
In this episode of Talking Trading, cyber and financial investigations expert Jacob Griffiths shares how scammers operate today and why traders are especially vulnerable.
You’ll Learn:
- Why traders and investors are prime targets for modern scams
- How social engineering and emotional pressure override logic
- The role technology now plays in scam sophistication
- Practical steps to protect your trading capital and personal information
- How to support family members without overwhelming them
- What to do immediately if a scam is suspected
The Australian Securities and Investments Commission (ASIC) has made headway in its efforts to stem the seemingly never-ending tide of scammers, taking down more than 7300 phishing and investment scam websites in the past year. More than 5500 of the website take-downs were investment scams and more than 1000 were “phishing” scams. Cryptocurrency investment scams accounted for more than 600 of the shutdowns.
Wherever there’s money, there are scammers.
If a Nigerian Prince told you via email you’d inherited $3.2 million, you’d probably be suspicious, right? Right now, the scams people are falling for are sophisticated, personalised, and downright scary. Some even use AI to target your weaknesses, and make you more susceptible to falling for them.
What can you do to safeguard yourself and your family and protect your hard-earned trading money?
Resources:
- Report an investment scam: MoneySmart
- Learn more about spotting scams: Hidden Brain Podcast
- Scammers targeting super: ABC News
Questions we discuss:
- Jake, what types of scams are most prevalent today, particularly for traders and their families?
- How can traders and their families prepare to minimise the risk of being scammed? (Consider AI-driven identity theft and social engineering.)
- People are most vulnerable when HALT – Hungry, Angry, Lonely, or Tired. How can traders safeguard themselves and their loved ones from falling victim?
- What are some of the more sophisticated scams currently being used
- What warning signs indicate someone might be targeted or about to be scammed?
- Can you share real-life examples of phishing or investment scams you’ve encountered and how they were handled?
- What practical steps can traders take to enhance online and financial security?
- How can we educate elderly relatives on cyber safety without overwhelming them?
- What technology, tools, or software do you recommend for scam protection, and how critical is it to keep systems up to date?
- If someone realises they’ve been scammed, what immediate steps should they take?
About Jacob Griffiths:
Jacob Griffiths is a cyber and financial investigations expert at Procare Cyber, a leading global risk consultancy. With 15 years of experience in cybersecurity, fraud investigations, and corporate due diligence, Jacob specialises in helping organisations enhance their cyber maturity while protecting clients and stakeholders.
His expertise spans threat intelligence, social engineering, financial fraud detection, and pre-investment due diligence, making him the ideal guide for traders and families navigating today’s complex scam landscape.
Get in touch with Jacob:
LinkedIn: https://www.linkedin.com/in/
About Louise Bedford
Louise Bedford has traded, taught, and written extensively about the financial markets for over 30 years, building a reputation as a highly accomplished and experienced trader, educator, and author.
She co-founded The Trading Game and has gained recognition for her unique approach to teaching trading psychology and market analysis.
Louise has authored several successful trading books. In particular, her titles include Trading Secrets, Charting Secrets, The Secret of Candlestick Charting, and Investing Psychology Secrets.
Louise runs her hugely popular, repeat-for-free Mentor Program Pro online course. Through this course, she shows you how to automate your trading so you can retire early and get on with your life.
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