Investment scams have been the most common category, accounting for nearly $300 million in reported losses
The recent spate of data breaches and cyber attacks has served as a warning for corporate Australia, but it is also throwing a spotlight on the ever-growing problem of scams and fraud being faced by the public.
The latest data indicates a staggering number of Australians are falling victim to phishing attempts or online shopping scams, with most not even reporting their losses to authorities.
“With millions of Australians more vulnerable to scams following the recent spate of large-scale data breaches, there has never been a more important time to know the tell-tale signs of a scammer,” says Australian Competition & Consumer Commission’s Deputy Chair Delia Rickard.
The warning comes in the midst of the Scams Awareness Week – an annual national campaign by the ACCC and the 40-member Scams Awareness Network to highlight policing of scams, cyber safety and fraud and the need for consumer education and protection.
How much money is lost to scams?
The ACCC’s Scamwatch service received more than 166,000 reports between January 1 and September 30, showing a 90 per cent increase in losses to $424.8 million over the same period last year. The consumer watchdog says these numbers vastly understate real losses as only about 13% of victims report to Scamwatch.
Combined losses to Scamwatch, the government and the financial sector are expected to total $4…
