Australians Report Record Number of Scams in 2023
Australians reported a staggering number of scams in 2023, with losses totaling a record-breaking $2.7 billion, according to a new report by the Australian Competition and Consumer Commission (ACCC). Over 601,000 scam reports were made, a significant increase from the 507,000 reported in 2022.
Investment scams emerged as the most prevalent and costly, accounting for over $1.3 billion in losses. Individuals over 65 were disproportionately targeted, losing more money than any other age group. The ACCC attributed this trend to scammers exploiting older Australians with retirement savings seeking investment opportunities.
Despite the alarming rise in reported scams, the total amount lost decreased compared to 2022, when Australians lost a record $3.1 billion. The ACCC attributed this decline to increased efforts from banks and the government, including the launch of a national anti-scams center and increased security measures by the banking sector.
However, the ACCC cautioned that the true losses are likely higher, as an estimated one in three scam victims do not report the crime. Research suggests that individuals from First Nations and culturally and linguistically diverse (CALD) communities may be less likely to report scams.
The ACCC and the government remain committed to combating scams. The ACCC plans to invest in technology-based solutions to centralize intelligence and distribute information to relevant parties, while the government intends to introduce mandatory scam codes for banks, telcos, and digital platforms.
While the report indicates progress in reducing scam losses, authorities urge Australians to remain vigilant and report any suspicious activity.