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The ACCC has released the latest edition of "The little black book of scams", a user friendly guide that draws attention to a wide variety of scams regularly targeting Australian consumers and businesses in areas such as online, over the phone and door-to-door. On the eve of the Melbourne Cup, the ACCC’s SCAMwatch service has warned punters to be aware of expensive gambling prediction software or ‘betting scams’ appearing in time for the nation’s biggest racing day. SCAMwatch is warning Australians of a phony email claiming to be from RAC Finance Limited, part of the Western Australian Royal Automobile Club (RAC). Fraudsters are targeting online car buyers with fake car sale advertisements on online classifieds and auction sites warns SCAMwatch the Australian Competition & Consumer Commission (ACCC) scam alert service. Australians have lost nearly $120,000 to the Olympic ticket scammers, according to the NSW Office of Fair Trading's latest update. Another phishing email claiming to be from the Australian Tax Office (ATO) is circulating through inboxes under the guise of offering a tax refund. Hoax email that claims to originate from the ACT Office of Fair Trading targets recipients for identity theft.