Australians lost a record $2 billion to scams in 2021. While vast swathes of people fell victim, more vulnerable members of the community experienced record levels of reported offences and financial losses.
The Australian Competition & Consumer Commission’s (ACCC) latest Targeting Scams report revealed that despite significantly increased disruption of scam activity by government agencies, law enforcement and the private sector, losses to scams more than doubled (135%) year-on-year.
Investment scams accounted for the greatest amount of losses ($701 million) throughout 2021, followed by payment redirection scams ($227 million), and romance scams ($142 million).
Although women reported the most scams, men incurred greater losses. In particular, men ($118.4 million) lost double the amount women ($58.1 million) did to investment scams. In culturally and linguistically diverse communities, women suffered slightly higher losses than men.
Vulnerable sections of society are most at risk
The ACCC’s report, released by Scamwatch, found record levels of reports and losses among Australians that may have been experiencing vulnerability or hardship. These consumers can often be difficult to reach through traditional channels, which makes it tough to provide the necessary assistance, advice and protections.
Retirees and the elderly
Individuals aged 65 and over made the most reports (46,286) to Scamwatch and sustained the highest losses ($82 million) of any age group. Loss amounts steadily…
