iTWire Monday, 07 June 2021 10:37 Australians lose $851 million to scams as scammers take advantage of pandemic Featured
Australians have lost a record $851 million to scams, with scammers taking advantage of the pandemic to con unsuspecting people, according to a new report which also reveals that investment scams accounted for the biggest losses.
According to the Australian Competition and Consumer Commission (ACCC) investment scams fleeced Australians of $328 million, and made up more than a third of total losses - while romance scams were the next biggest category, costing Australians $131 million, and payment redirection scams resulting in $128 million of losses.
The ACCC’s latest
Source: Australian Competition and Consumer Commission
Mosaic Brands Limited, an ASX listed company, has paid penalties totalling $630,000, and admitted that it breached the Australia Consumer Law in its promotion of pandemic-related âHealth Essential Productsâ.
Mosaic Brands is the largest speciality fashion retail group in Australia. It owns well-known fashion brands Noni B, Autograph, BeMe, Crossroads, Katies, Millers, Rivers, Rockmans and W.Lane and operates about 1210 stores nationally.
The ACCC issued five infringement notices to Mosaic Brands in respect of alleged false or misleading representations relating to hand sanitiser and face masks advertised on Mosaic Brands websites and via direct marketing between March and June 2020.