Scams Net $400mil

Illawarra Mercury

Thursday June 20, 2002

Australians have been conned out of hundreds of millions of dollars by overseas-based telemarketing scams, the nation's corporate watchdog said yesterday.

The Australian Securities and Investments Commission said it knew of 7300 investors who had been ripped off by at least $400 million by the so-called ``cold calling" scams, but the total was probably much higher.

ASIC chairman David Knott said the scammers had become adept at using the Internet.