Fraudulent Binary Options Brokers Scam Australians Out of $11.5m

[kreslik.news]

The Australian Competition and Consumer Commission (ACCC) published its latest report detailing scam activity in the Australian financial markets for 2016. Despite concerted efforts to police markets domestically, many scams have continued to do harm to investors, with binary options in particular resulting in investors losing in excess of $11.5 million.

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Overall, in 2016, the ACCC and Australia’s Cybercrime Online Reporting Network (ACORN) received a combined 200,000 reports regarding financial services scams. Binary options represented around one percent of these reports (879), and the results were particularly damaging; Australian investors have lost a ... (read more)