Need to know
- Financial losses from scams have reached record highs in Australia
- Some scam victims are using crowdfunding and social media to raise awareness of their plight and recoup lost funds
- Most losses result from scams involving bank transfers – advocates and regulators say banks are ideally placed to reduce Australia’s scam toll
Scam victims are turning to social media and crowdfunding platforms to recoup their losses as consumer advocates call on banks to do more to combat rising fraud.
This trend comes as bank transfers have emerged as the most common way for Australians to lose money to scammers. Advocates say Australia should follow the example of other countries by introducing new measures to crack down on fraud in this area.
Scam victims turning to crowdfunding websites
Sydney student Ellen Dickinson, 18, was looking forward to getting her first car – until she and her family realised they’d lost $5000 after transferring the money to a scammer hosting vehicle ads online.
“It was a lot to deal with,” says Ellen. “It [took] a bit of processing for me to come to terms [with the fact] that this car that I had just romanticised and idealised didn’t actually exist in the first place.”
This car that I had just romanticised and idealised didn’t actually exist…
