The Australasian Consumer Fraud Taskforce conducted its annual scams education and awareness campaign from 2 to 8 March. The campaign aims to raise awareness about the increasing dangers of scams and the steps consumers can take to protect themselves.
The 2009 campaign coincided with International Consumer Protection Enforcement Network Global Consumer Fraud Prevention Month. Due to the exponential growth of global scams, over 30 ICPEN consumer regulatory agencies around the world participate in campaigns to warn consumers against global scams and fraud during the February and March period.
A Consumer Fraud Forum on 2 March in Melbourne launched the Taskforce's 2009 campaign, with expert speakers from around the world, including renowned British authority on scams, Professor Michael Levi from the Cardiff University. The forum covered the prevalence and types of scams in a globalised environment, and ways for consumers to protect themselves from scammers. They will join a wide range of community, non-government and private sector organisations to help raise awareness of fraud in the community.
Losing money is a sure bet with sports arbitrage schemes
SCAMwatch warned consumers to stay away from sports arbitrage 'opportunities'.
Sport arbitrage involves placing bets on both outcomes of a sporting event, with the intention of making a profit regardless of the outcome.
Sports arbitrage schemes lure consumers by typically promising a risk-free profit. They promise impressive returns or 'guaranteed returns' for little to no risk. They may claim that the money made on the scheme will 'compound', increasing over time to provide larger returns. In return, consumers are usually required to pay high entry fees and ongoing fees to participate in the scheme.
But it is highly unlikely that promised high returns from these schemes will eventuate.
Some sports arbitrage schemes are entirely fraudulent. The company will simply disappear after collecting consumer's fees. Some schemes do provide a betting system; however, the returns may be far lower than promised. In some instances it can take participants years simply to recoup the cost of their initial joining fee.
Warning signs to assist consumers to identify sports arbitrage schemes and tips to help consumers protect themselves were also provided.
New refunds and warranties guide for consumers and businesses released
In March the ACCC released a new edition of Warranties and refunds: a guide for consumers and business. The booklet addresses warranty and refund issues relevant to consumers and businesses (including manufacturers and importers) and provides information on:
your rights when you buy goods and services
when you are entitled to a remedy, such as a refund, replacement or repair
how to negotiate with a business when something goes wrong
businesses’ obligations to honour statutory warranties and conditions.
A copy of this booklet can be obtained from the publications page of the ACCC website or by calling our Infocentre on 1300 302 502 to request a hard copy.
The ACCC released a new page on its website to provide consumers with guidance when making purchases online. The new internet auctions page provides information on the things you should consider before you make an online purchase, what your rights are and what to do if things go wrong.
