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Justine Davies. Picture: Campbell Scott. Source: News Limited

ACCORDING to a Targeting Scams report issued by the Australian Competition and Consumer Commission, the most profitable scams last year included dating and romance scams, fake lottery scams and job and employment scams.

All up, Aussies lost some $90 million in 2013.

By far the biggest net earner for scammers was dating and romance scams, which made up just 3 per cent of reported scams but 28 per cent of financial loss.

For Gen Y though, I think the two sneakiest scams to watch out for are identity theft and online shopping rorts.

New technology means new ways to fleece you and when it comes to the traditional bricks and mortar shopping, near field communication such as payWave and tap-to-pay is a juicy target for petty theft.

While financial institutions will reimburse you if you detect and report the theft, thats a privilege they offer to customers, not a right.

So get in the habit of checking your bank statements regularly.

Online shopping rorts are also popular the ACCC advises there were about 8400 reports of online shopping scams last year, for a total loss of more than $5 million.

Whether its a too-good-to-be-true price for something that never turns up in the mail or an amazing and non-existent accommodation deal, there are plenty of ways to lose your money in a virtual shopping mall.

■ Justine Davies is finance editor and commentator with financial research and ratings firm Canstar.

GEN X Bruce Brammall

Bruce Brammall. Source: News Limited

OH, stupidity and greed! I beseech thee to explain! Why art thy power so strong in so many, particularly when combined in the same recipe?

Like ducks to water are scamsters to money.

They prey on the weak, the dopey, the innocent and the trusting.

We have no more chance of ridding the world of them as porker Snowball had of making life perfect for the barnyards cacophony in George Orwells Animal Farm. Damn that Napoleon.

How do we avoid scammers?

Simple. Understand moneys simple rules. Follow them. Or see a professional, licensed adviser if your time is limited and precious.

Great wealth cannot be made in short periods unless you are the one who has the brilliant, marketable, idea.

Making money takes time.

And it involves taking risk.

The key is the balance between time and risk. Soooo. if someone calls you on the dognbone and offers you a special opportunity to purchase some magical shares that will triple in value.

If they are guaranteed, why tell you about it? If you knew of such a thing, would you tell me about it?

And those emails that promise a large cut of a squillion dollar inheritance for someone youve never heard of. youre being served baloney.

■ Bruce Brammall is the principal adviser with Castellan Financial Consulting and author of Debt Man Walking.

BOOMERS Mark Bouris

Mark Bouris. Source: News Limited

MY generation is being targeted with investment scams by funds and advisers who offer high returns on investments for what they claim is no or low risk.

The lure of these scams is obvious: with Baby Boomers already starting to go into the retirement phase, and many Boomers feeling that they dont have enough retirement savings, there can be a sense of panic about how to convert modest savings into more money.

But crooks are preying on yield-chasing Boomers, especially those with self-managed super funds.

Consider looking twice at these people:

Property loan promoters: they claim to be investment advisers who can arrange finance so your self-managed super fund can buy a property. The property may be overvalued, it may not generate the rental income claimed and the loan may not comply with ATO rules.

Unlisted property trusts: be wary of property trusts promising high yields and low risk. Often they are speculative, mired in debt and have low asset values compared with their promised distributions. They can be expensive to withdraw from.

High yield trading: the brokers and advisers who promise returns above the market average could be offering margin lending; they receive income from commission on your share trades and from selling you the finance. They profit from your activity, not your long-term success.

■ Mark Bouris is the executive chairman of wealth management and advice firm Yellow Brick Road.

RETIREES Kerrin Falconer

Kerrin Falconer. Source: News Limited

IN the good old days, cash was the order of the day. Retirees wrote a cheque for the rest. Bank statements were mailed monthly and the bank contacted you if there were any problems.

How times have changed! For retirees, financial scams can be devastating because younger generations have got time to recoup any losses incurred. Retirees dont.

Scammers are smart, savvy and serious about parting you from your money.

They devote their lives to doing this. Dont be lulled into thinking that you have it all under control. You dont. You need to be forever on your guard because scammers are continually coming up with new ways of emptying your bank and investment accounts.

According to the Australian Competition and Consumer Commission, 52 per cent of scams are done by phone. Being around home more is what retirement is about.

But it also means that phones are answered more regularly by retirees than other generations. Many reputable companies market their products using this method.

But beware of slick salespeople offering anything from gardening to gofers.

As retirees age, they may also need more home maintenance. Always get quotes and be very clear about what work will be done.

Only pay a deposit and pay the rest only after a satisfactory job has been done.

To help you to stay financially safe, check scamwatch.gov.au and smartmoney.gov.au.

■ Kerrin Falconer is a finance writer with 15 years of financial planning experience.