Scam using fake ABC News stories about Andrew Forrest sees woman fleeced of $670,000

A West Australian woman has lost more than $600,000 to an online investment scam that used a bogus endorsement by mining billionaire Andrew Forrest and created fake ABC News articles to publicise the scam on Facebook and LinkedIn. Key points: The woman was sucked in by investment ads promoted on social media networks She said law enforcement authorities were not equipped to deal with her problem Mr Forrest said he never disclosed his investment decisions beyond his legal obligations The woman, who has asked not to be identified, saw Over several months she transferred a total of $670,000 to the scammers, believing it was being invested on her behalf. The woman said at first she believed the site was legitimate as the "This scam was so convincing, it's like watching news on the television," she said. Hitting a law enforcement 'brick wall' But when she tried to contact authorities to report her loss, she said she hit a "brick wall" and discovered gaps in Australia's ability to deal with large-scale fraud. "We have also been engaging with the social media entities at an executive level, in an effort to stop the publication of these scam "We have asked the social media platforms to take more proactive steps to eliminate the scam She said Mr Forrest did not publish information about investments he or his family made, except as required by law, and people should not rely on statements about the Forrest family's investments as being recommendations or endorsements to invest.