Melbourne, Australia – [January 30, 2024]

AMT Management PTY Ltd, a renowned Investment management company headquartered in Melbourne, is issuing a critical warning to its valued customers in 2024 as the prevalence of buying and selling scams continues to rise at an alarming rate.

According to the latest findings from AMT Management’s data and research team, buying and selling scams have witnessed a staggering 47% increase compared to the previous year.

These scams operate by enticing customers with seemingly competitive prices through deceptive websites, or counterfeit online marketplaces, as highlighted by Rebecca Jones, Head of Fraud at AMT Management.

It is crucial to note that these scams tend to surge around the holiday season’s, with more than half of all reported buying and selling scams in 2023 occurring during the months of November, December, January and Febuary.

“Scammers often choose this time of the year to target customers, as people tend to be more active in their spending and can sometimes become more vulnerable to deception,” Ms. Jones explained.

“To illustrate the scale of the issue, AMT Management researched over three thousand point-of-sale transactions during the recent Black Friday and Cyber Monday sales, resulting in a 5% increase in calls related to fraud.”

Ms. Jones emphasized that Australians, in their quest for budget-friendly purchases, may inadvertently expose themselves to scams.

‘Parcel Anxiety’

“Scammers also exploit the ‘parcel anxiety’ that many of us experience while awaiting online deliveries, luring us into clicking on links through counterfeit tracking updates,” Ms. Jones warned.

AMT Management’s research further reveals that nearly two in five Australians, equivalent to 38%, have encountered scams via deceptive websites or online retailers.

Among the most challenging scams to combat are investment scams, accounting for over half of all losses. These scams appear enticing as they promise substantial returns, with scammers investing significant effort in grooming victims, rendering them exceptionally challenging to identify,” Ms. Jones highlighted.

She continued, “Other common scam tactics involve sending fraudulent invoices with manipulated payment details and duping individuals into downloading software or installing applications on their devices, granting scammers access to personal information such as emails, passwords, and even banking details.”

To safeguard against these threats, shoppers are strongly advised to personally contact businesses or suppliers to verify the accuracy of payment details before proceeding with transactions. Additionally, it is imperative to exercise caution when receiving links via SMS or email and refrain from clicking on them.

AMT Management PTY Ltd remains committed to protecting its customers from scams and encourages vigilance and due diligence when engaging in online transactions.