$55 million lost to scammers this year… and counting

Australians lost over $55 million to scams in the first two months of 2024 alone, according to data from ACCC ScamWatch, with investment scams accounting for the overwhelming majority of the money lost by victims.

Over 45,000 reports of scamming have been filed with the ACCC this year - while that’s down compared to last year, it doesn’t take away the frustration for those 45,000 victims who may have lost money, their personal data or had their reputation damaged by scammers.

While we’d all like to think we’d know better, scams can catch even the most savvy person out. This is largely due to just how sophisticated scammers are getting.

Scams by the numbers

The greatest number of scams reported so far have been phishing - when victims are tricked into giving personal information, such as passwords or credit card details.

The second most reported scam, false billing, occurs when scammers will pretend to be from a business that was used by the victim previously, and send an invoice with new payee information.

2024 scam reports

January - February

Source: ACCC Scamwatch

Which scams could cost you the most?

Investment, job and employment and romantic scams have proven the most costly, according to reports this year.

Investment scams have cost more than $31 million. Job and employment scams are the second most costly, with more than $7 million lost to scammers over January and February 2024.

The ACCC describes a job or employment scam as when a scammer will pretend to be hiring on behalf of online shopping platforms or high-profile companies and online shopping platforms, or impersonate recruitment agencies.

As the ACCC warns, the goal for these scammers is to steal your money and identity details - with the advice:

“They often ask for payment so you can start the role and get the income they’ve promised. Don’t enter any arrangement that asks for up-front payment via bank transfer, PayID or cryptocurrency, like Bitcoin or USDT. It’s rare to get money back that is sent this way.”

Romance scams are also proving valuable for scammers - but not for their victims - with more than $3 million lost so far this year.

Top 10 scams by cost

January - February 2024

Source: ACCC Scamwatch

How are the scammers targeting potential victims?

Unsurprising to many of us with a mobile phone, scam text messages are the most reported scam activity, although emails are a close second.

Significantly, while the number of reports for scams delivered in person is one of the lowest, it works out to be one of the most costly when looking at the total amount lost.

Inversely, while text message scams are high, the total amount lost is a lot smaller, per report.

Delivery method of scams: amount lost & number of reports

January - February 2024

Source: ACCC Scamwatch

How can I prevent myself from being scammed?

These figures demonstrate just how sophisticated scams can be - and how so many of us, despite our best intentions, could be unintentionally offering details or dollars to bad actors online, or in person.

Staying vigilant is vital - and could save you thousands of dollars, hours of time and in some cases, your reputation.

If you’re worried something is a scam, don’t take any chances - stop whatever it is you’re doing or talking to until you can verify their authenticity.

Remember:

• Scammers will ask for your personal information or money - sometimes by calling and pretending to be your bank or a trusted organisation. If in doubt, hang up the phone and call that organisation directly.
• No potential employer will ever ask you to pay for something up front - no matter how small a cost it seems. If they start asking, then stop your work with them immediately.
• Don’t click on any links - no matter how professional an email may seem, don’t click on any links that are sent to you via email - rather go directly to the business or organisation’s site.
• If something goes or feels wrong, contact your lender and the authorities immediately - speak to your bank or provider as soon as you can. You can also reach out to IDCARE if your personal identification information may be compromised, and report the incident to ReportCyber and ScamWatch.
• Review your accounts and credit report regularly - by keeping an eye on your finances and credit information, you’ll be better equipped to see any unusual or incorrect activity.

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