The Australian Competition and Consumer Commission (ACCC) is calling for a united front to combat scammers as the latest data reveals Australians lost a record $3.1 billion to scams in 2022.
Deputy Chair of the ACCC, Catriona Lowe said this was an 80 per cent increase on total losses recorded in 2021.
Ms Lowe said the latest Targeting Scams report compiled data reported to the ACCC’s Scamwatch, ReportCyber, the Australian Financial Crimes Exchange (AFCX), IDCARE and other Government Agencies.
“It shows that investment scams were the highest loss category ($1.5 billion), followed by remote access scams ($229 million) and payment redirection scams ($224 million),” Ms Lowe said.
“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,” she said.
“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.”
Ms Lowe said Scamwatch received 239,237 scam reports last year, a 16.5 per cent drop on the number of reports received in 2021.
However, she said financial losses reported to Scamwatch in 2022 totalled more than $569 million, a 76 per cent increase compared to the previous year.
“Despite fewer reports to Scamwatch, losses experienced by each victim rose by more than 50 per cent last year, to an average of almost $20,000,” the Deputy Chair said.
“This is due, in part, to scammers using new technology to lure and deceive victims,” she said.
“We have seen alarming new tactics emerge which make scams incredibly difficult to detect.”
Ms Lowe said the tactics included everything from impersonating official phone numbers, email addresses and websites of legitimate organisations to scam texts that appeared in the same conversation thread as genuine messages, “this means now more than ever, anyone can fall victim to a scam.”
She said the ACCC continued to advocate for a three-pronged approach to tackling scams.
“First, we need to stop scammers reaching consumers by disrupting phone calls, SMS, email, social media messaging or other ways in which scammers contact would-be victims,” Ms Lowe said.
“Second, we need to make sure consumers are supported with up-to-date information so they have the best chance of spotting a scammer when contacted.
“Finally, we need effective measures in place to prevent funds being transferred to scammers.”
The ACCC’s 33-page report can be accessed at this PS News link.
