The Australian Competition and Consumer Commission (ACCC) has revealed Australians lost almost half a billion dollars to online scammers in 2018, almost $150 million more than in 2017.
Deputy Chair of the ACCC, Delia Rickard said total combined losses reported to Scamwatch and other Government Agencies exceeded $489 million — $149 million more than 2017.
“These record losses are likely just the tip of the iceberg,” Ms Rickard said.
“We know that not everyone who suffers a loss to a scammer reports it to a Government Agency,” she said.
“Investment scams are the most financially devastating scams at $86 million, an increase of more than 34 per cent compared with 2017.”
She said dating and romance scams also represented significant losses, increasing from $42 million in 2017 to $60.5 million in 2018.
“These extraordinary losses show that scammers are causing significant financial and emotional harm to many Australians,” Ms Rickard said.
“Scammers are adapting old scams to new technology, seeking payment through unusual methods and automating scam calls to increase their reach to potential victims.”
She said that late last year many thousands of households were hit with automated phone calls from scammers impersonating the ATO and threatening arrest for unpaid taxes.
“In November, reports of the ATO scam increased by more than 900 per cent, indicating the scammers were engaged in a concentrated campaign to scam as many Australians as possible.”
Ms Rickard said the scammers were using pressure and fear tactics, combined with technology, to trick people into parting with their money.
The ACCC’s 59-page report Targeting Scams can be accessed at this PS News link.
