SCAMS CAUSE RECORD FINANCIAL LOSSES FOR AUSTRALIANS

Mon 17 Apr 2023:

Australians were conned out of billions of dollars in 2022, according to a research that was published on Monday,

According to the Australian Competition and Consumer Commission’s (ACCC) Targeting scammers report, more than A$3.1 billion ($2 billion) would be lost to scammers in 2022, a record high and an increase of 80% from 2021.

Fake investment scams were by far the most destructive, accounting for nearly half of all financial loss.

The average loss from victims who self-reported to the ACCC’s Scamwatch was about A$20,000, up more than 50% from 2021.

People aged 65 and up were the most likely to fall victim to a scam and lost the most money.

The report estimated that at least 30 per cent of people scammed out of money did not report the incident, meaning the true loss figure is likely much higher than the A$3.1 billion.

“Australians lost more money to scams than ever before in 2022, but the true cost of scams is much more than a dollar figure as they also cause emotional distress to victims, their families and businesses,” Catriona Lowe, ACCC deputy chair, said in a statement.

“As scammers become increasingly sophisticated in their tactics, it is clear a coordinated response across government, law enforcement, and the private sector is essential to combat scams more effectively.”

The commission urged Australia’s banks to explore options to better protect their customers from scams.

Lowe said that millions of people became more vulnerable to scams in 2022 after high-profile data breaches involving telecommunications and health insurance giants Optus and Medibank.

“Scammers are the most opportunistic of all criminals. Unfortunately, the more information a scammer has about you, the more convincing they can be,” she said.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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