Save
Warnings issued as scams rise by 89%
Australians have lost more to scams in the past nine months than they did during 2020.
Warnings issued as scams rise by 89%
Australians have lost more to scams in the past nine months than they did during 2020.
The cost of scams in 2021 continues to rise, with the Australian Competition and Consumer Commission (ACCC) suggesting that the last nine months have seen over $211 million lost to scammers.
Citing recent figures released by Scamwatch, the ACCC said that the last nine months of scammer activity had already eclipsed the losses seen across the entirety of 2020.
“It’s very concerning to see these scams evolving and becoming more sophisticated to steal even more money from unsuspecting people,” said ACCC deputy chair Delia Rickard.
Although the proportion of reports involving a financial loss has fallen in 2021, Ms Rickard noted that those who do lose money are losing it in larger amounts.
She said that the average loss this year is around $11,000, which put it ahead of the $7,000 seen over the same period of time in 2020.
“Scammers are conning people out of more and more money, so it’s really important that everyone knows what to look out for and how to protect themselves,” Ms Rickard said.
Phone-based scams are of particular concern, accounting for approximately 31 per cent of losses and almost half of the 213,000 reports received by Scamwatch over the past nine months.
In August, the new Flubot malware scam saw Scamwatch receive more than 13,000 reports in just eight weeks.
“These scams are particularly concerning in our current climate, as many people are turning to online shopping because of the COVID-19 lockdowns,” Ms Rickard said.
She noted that many modern scammers are opting to disguise themselves as major e-commerce operators like Amazon and eBay, tricking the unwary into giving them remote access to their computer, personal and bank details.
“Do not click on any links in messages that come to you out of the blue, and never provide any of your personal or banking details to someone you don’t personally know and trust,” Ms Rickard said.
Ms Rickard’s warnings come off the back of similar cautions issued by the Australian Banking Association earlier this month.
“Scams succeed because they look like the real thing and catch you off guard when you are not expecting it,” ABA CEO Anna Bligh explained.
According to data released by the ABA, 66 per cent of Australians are targeted by a scam each week. Twenty-nine per cent were said to have fended off a scam attempt each day.
“Scammers don’t target one group over another, they target all people of all backgrounds, ages and income levels across Australia,” Ms Bligh noted.
RELATED ARTICLES
About the author
About the author
Scams
Trend Micro forecasts a new era of AI-driven scams by 2026
In a comprehensive report released today, cybersecurity leader Trend Micro Incorporated warns that 2026 will mark a significant turning point in the evolution of scams, driven by artificial ...Read more
Scams
Australians urged to stay vigilant as holiday scammers ramp up activity
As the festive season approaches, Australians are being warned to be on high alert for a surge in scam activities. With the increase in online shopping, travel bookings, and holiday preparations, ...Read more
Scams
Scam alert: Trend Micro warns Aussies to be vigilant as Black Friday approaches
As Australians prepare to dive into Black Friday shopping, cybersecurity firm Trend Micro has issued a stark warning about a surge in scam activities targeting eager consumers. According to a recent ...Read more
Scams
Economic stress leaves Australians vulnerable to job and financial scams
As Australians brace for the holiday season, a significant increase in job and financial scams is raising alarms. New findings from global cybersecurity leader Trend Micro Incorporated reveal that ...Read more
Scams
AI-driven investment scams explode: Millions of fraudulent sites blocked, billions lost
In an alarming trend that has caught the attention of cybersecurity experts worldwide, the use of artificial intelligence (AI) in investment scams has surged dramatically. Between March and October ...Read more
Scams
From awareness to accountability: Banks turn scam prevention into a core P&L discipline
Scam Awareness Week is the headline, but the real story is a structural shift: fraud prevention is moving from compliance footnote to board-level performance driver. ANZ’s 15% reduction in scam losses ...Read more
Scams
Inside ANZ’s $100m scam‑fight playbook: how banks can turn awareness into prevention
Public-service messaging won’t stop modern scammers. Australia’s banks are moving from posters to prevention, blending AI, network controls and customer friction to change outcomes. ANZ’s program ...Read more
Scams
ANZ warns Australians to stay alert for scams during end of financial year
ANZ is warning customers to remain vigilant during the end of financial year period as scammers attempt to target Australians during tax time. Read more
Scams
Trend Micro forecasts a new era of AI-driven scams by 2026
In a comprehensive report released today, cybersecurity leader Trend Micro Incorporated warns that 2026 will mark a significant turning point in the evolution of scams, driven by artificial ...Read more
Scams
Australians urged to stay vigilant as holiday scammers ramp up activity
As the festive season approaches, Australians are being warned to be on high alert for a surge in scam activities. With the increase in online shopping, travel bookings, and holiday preparations, ...Read more
Scams
Scam alert: Trend Micro warns Aussies to be vigilant as Black Friday approaches
As Australians prepare to dive into Black Friday shopping, cybersecurity firm Trend Micro has issued a stark warning about a surge in scam activities targeting eager consumers. According to a recent ...Read more
Scams
Economic stress leaves Australians vulnerable to job and financial scams
As Australians brace for the holiday season, a significant increase in job and financial scams is raising alarms. New findings from global cybersecurity leader Trend Micro Incorporated reveal that ...Read more
Scams
AI-driven investment scams explode: Millions of fraudulent sites blocked, billions lost
In an alarming trend that has caught the attention of cybersecurity experts worldwide, the use of artificial intelligence (AI) in investment scams has surged dramatically. Between March and October ...Read more
Scams
From awareness to accountability: Banks turn scam prevention into a core P&L discipline
Scam Awareness Week is the headline, but the real story is a structural shift: fraud prevention is moving from compliance footnote to board-level performance driver. ANZ’s 15% reduction in scam losses ...Read more
Scams
Inside ANZ’s $100m scam‑fight playbook: how banks can turn awareness into prevention
Public-service messaging won’t stop modern scammers. Australia’s banks are moving from posters to prevention, blending AI, network controls and customer friction to change outcomes. ANZ’s program ...Read more
Scams
ANZ warns Australians to stay alert for scams during end of financial year
ANZ is warning customers to remain vigilant during the end of financial year period as scammers attempt to target Australians during tax time. Read more
More articles
OUR PLATFORMS AND BRANDS
EVENTS AND SUMMITS
- ACE25 The Accounting Conference and Exhibition
- Australian Accounting Awards
- Australian AI Awards
- Australian Aviation Awards
- Australian Aviation Summit
- Australian Broking Awards
- Australian Cyber Awards
- Australian Cyber Summit
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Law Forum
- Australian Space Awards
- Australian Space Summit
- Better Business Awards
- Better Business Summit
- Broker Innovation Awards
- Broker Innovation Summit
- Budget Summit
- Corporate Counsel Summit
- Defence & National Security Workforce Awards
- Lawyers Weekly 30 Under 30 Awards
- Commerical Finance Awards
- New Broker Academy
- Partner of the Year Awards
- Partner Summit
- REB Awards
- Rising Star Awards
- SME Bootcamp
- Women in Finance Awards
- Women in Finance Summit
- Women in Law Awards
- Women in Law Forum
PODCASTS
- Accountants Daily Podcast Network
- Australian Aviation Podcast Network
- Broker Daily Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- REB Podcast Network
- Space Connect Podcast
- The Adviser Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- The Smart Property Investment Show
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
STAY CONNECTED
Make your nest egg grow. Register now for nestegg updates.