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Sunday, June 21, 2020

Scams Cost Australians Over $630 million - ACCC SCAMWATCH

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Australian Competition & Consumer Commission Scamwatch






Australians lost over $634 million to scams in

 2019, according to the latest figures in the 

ACCC’s Targeting Scams report released 

today.


There were more than 353,000 combined

 reports to Scamwatch, other government 

agencies and the big four banks last year.


“Unfortunately it is another year with 

devastatingly high losses, and scammers are 

constantly finding new ways to defraud 

Australians,” ACCC Deputy Chair Delia 

Rickard said.


“This year we have included data from the big 

four banks which gives a more complete 

picture of how much people are losing to 

scams.”


Business email compromise scams accounted 

for the highest losses in 2019, with the 

Australian business community, and some 

individuals losing $132 million.


This was followed by investment scams at 

$126 million, and dating and romance scams 

at $83 million.


Over the last 10 years of Targeting Scams 

reports, Scamwatch has received almost one 

million reports of scams.


“When we combine Scamwatch reports with 

partner data, we see that Australians have 

reported losing $2.5 billion over that time, 

which is astonishing,” Ms Rickard said.


“We know these numbers still vastly 

understate losses as around one third of 

people don’t report scam losses to anyone 

and in the past far fewer scam reports to other 

agencies have been captured.”


“Some of these scams can last for months, or 

even years, and can leave victims financially 

and emotionally devastated.”


Based solely on reports provided to the ACCC 

in 2019, scams originating on social media 

increased by 20 per cent and contacts via 

mobile phone apps increased by 29 per cent.


“Over the last decade, scammers have taken 

advantage of new technologies and current 

scams are using social media apps and new 

payment methods that didn’t exist in 2009,” 

Ms Rickard said.


“In particular, a new trend with dating and 

romance scams is scammers contacting the 

victim on social media apps or games which 

are not designed for dating, so it’s important to 

be aware that scammers can target you 

anywhere.”


Common techniques that scammers use to 

manipulate their victims include making 

exclusive offers that you don’t want to miss 

out on, or asking for small commitments, such 

as completing a survey, to make the victim 

more likely to comply with larger schemes.


“You can always say no, hang up the phone or 

delete an email, even if you’ve said yes 

previously. You don’t owe the scammer 

anything,” Ms Rickard said.


If you think have been the victim of a scam, 

contact your bank as soon as possible and 

contact the platform on which you were 

scammed.


The ACCC continues to work with the private 

sector to share intelligence about scam trends 

impacting their services, to assist their own 

disruption efforts.


The ACCC encourages people to 

visit www.scamwatch.gov.au to report scams 

and learn more about what to do if they are 

targeted by scammers.


They can also follow @scamwatch_gov on 

Twitter to keep up to date with advice for 

avoiding the latest scams affecting the 

community.


Background


The 2019 Targeting Scams report includes 

data from Scamwatch, ACORN (ceased 

operating 30 Jun 2019), ReportCyber 

(commenced 1 Jul 2019), ACMA, ATO, 

Services Australia, WA Scamnet, 

Commonwealth Bank, NAB, Westpac and 

ANZ.


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