SCAMBULLETIN April.pdf - Crandon for Coomera

- IN CONFIDENCE -
• Sports betting packages that claim to predict the outcome of horse races or how to
always make money on bets
• Investment software that claims to predict stock market movements and promises big
returns
• Lottery prediction software which guarantees winning lotto numbers
In this scam, high returns are promised over a specific timeframe which can sometimes be up to
10 years. Victims may therefore continue to make payments for years before realising that they
are involved in a scam and that the returns promised have not eventuated. As this is a gambling
scam, victims may not initially be concerned by losses as it is the nature of betting, however
continued losses may alert them to the scam.
For Example:
A victim was cold-called and offered a horse racing investment system with promised returns.
The sales pitch included a claim that the program was tried and tested and that it used a very
complicated system of 33 criteria for picking winning horses. The company sent out a very
glossy, professional looking brochure.
The scammer convinced the victim to buy the system for $8 000 and to make an additional $10
000 investment.
The victim did not receive the promised returns on his $10 000 investment and tried to contact the
company for a refund. The telephone number he was provided with was disconnected and the
webpage no longer existed.
The consumer lost $18 000 to the scam.
It should be noted, that a large percentage of these companies/fraudsters have a virtual office to
assist with creating a genuine, professional and successful image of their fraudulent company.
They also have an impressive webpage to create the illusion of offering a legitimate investment
opportunity.
Common stories include money disappearing from betting accounts but no bets being laid, tips
taken from public sources like newspapers, the software does not work as promised, low or no
returns are received and consumers not being able to contact the firm once they have parted with
their cash.
SUGGESTED RESPONSE TO INQUIRIES
• Exercise caution – be aware that scammers will play on the victims emotions to get what
they want
• Say NO! don’t respond to emails, ignore the advertisement.
• If you are really interested in the offer you should make sure you get independent advice
from a financial planner or solicitor before deciding to agree to the terms and conditions
of any contract.
• Never give out your banking or credit card details to anybody that you don’t know or trust.
• Remember, if it looks too good to be true, than it probably is. After all, if the scammers
know how to accurately predict the winners at the racetrack why would they share it with
you?
• Don’t be enticed by reports of past performances or graphs showing high returns.
Scammers lie!