New data has revealed that Australians have handed over more than $205 million to scammers in the past four months.

The losses are set to be higher, as individuals aged between 55 and 64 are being hit the hardest.

The majority of scams took place between January and May and revealed more than double the amount was lost now compare to the same period last year.

Deputy Chair of the ACCC Delia Rickard told Jim Wilson, that people should be taking investment advice from financial advisers.

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