Australians lost more than $2 billion scams in 2021 despite initiatives set out by the government and the private sector, according to ACCC’s Targeting Scams report.
The report compiles data from Scamwatch, ReportCyber, major banks and money remitters, and other government agencies.
The study is also an analysis of more than 560,000 reports.
Reported losses to organisations amounted to almost $1.8 billion, but the organisations noted that one-third of victims do not report scams to the ACCC.
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Investment scams were the highest loss category ($701 million) in 2021, followed by payment redirection scams ($227 million), and romance scams ($142 million).
“Scam activity continues to increase, and last year a record number of Australians lost a record amount of money,” ACCC deputy chair Delia Rickard says.
“The true cost of scams is more than a dollar figure as they also cause serious emotional harm to individuals, families, and businesses,” Rickard adds
Based on the Scamwatch report in 2021, women reported the most scams but men lost more money than women.
Men’s losses to investment scams were double than women’s losses.
In culturally and linguistically diverse communities, women had slightly higher losses than men, the report adds.
People aged 65 and over reported the highest losses.
Losses steadily increased among people who are older.
In 2021, Scamwatch received record levels of reports and losses from who are experiencing financial…
