More than $200,000 has been lost on sports betting and share trading scams in West Australia. Grant is a business owner in WA and fell victim of the scam last year when his business was not doing well.

He got in after receiving a call from a company that sold a trading program that they claimed would double his money in a year’s time. He spent $37,000 on this software and later realized that this was a scam.

What lured in the customers?

They promised to have the money doubled in the first year and if this was not done, they would have the principal amount refunded. They claimed that the software would advice you on the shares to buy and sell.

They made this business deal look foolproof since they promised their clients that all money would be refunded if no profits were made. This was one of the key features that lured more and more customers to the deal.

Another person that was duped was Cameron but for him it was on sports. His story starts when he filled an online survey which led to being contacted by a sports betting agency. The agency said that they would make him huge sums of money since they had professional punters who would place bets on his behalf.

Cameron part with $7,000 and was convinced that a given amount of his money would be used in paying professional bettors to watch these races and find the right horses to bet on. He was bought the story since he had not done betting before and thought that this would be an incredible way of making him money. Cameron pulled the pin after a couple of months on realizing that no profits were being made. He tried getting his money back without any success.

Customer protection warns of more and more scams

A statement made by the customer protection said that there are more and more scams on the rise. They advised people to be wary of the phone calls they receive and deals presented to them. People should look into independent entities for advice and not the sales people selling information that seem too sweet to be true.

All the guarantees that might be offered are all misrepresentations.