A recent report from the Australian Anti-Scam Centre revealed disturbing figures about online scams in Australia.
According to the report (via News.com.au), scammers cost Australians a startling $2.3 billion in 2023, with over 601,000 cases recorded to authorities.
While losses declined by 13.1% over the previous year, the number of reported frauds increased by 18.5%, revealing the ongoing threat posed by online fraud.
A recent report reveals online scams cost Australians $2.3 billion in 2023. Investment scams top the list, with social media emerging as a key platform for fraud.
Online Scams Cost Australians Billions Last Year
Investment scams emerged as the most costly, accounting for a staggering $1.3 billion in damages. Remote access scams totaled $256 million, followed by romance scams at $201.1 million.
Particularly troubling is the disproportionate impact on people over the age of 65, who saw a 13.3% increase in reported losses, mostly owing to investment frauds.
These findings show the need to carry out tailored measures to safeguard vulnerable demographics from falling prey to online fraud.
Social Media Opened More Australians to Scams
The report also revealed how scammers lure their victims. Contact initiated through social media platforms has emerged as one of the most used means for fraud, with text messages being the most commonly reported contact method, up 37.3% from the previous year.
Despite this, scam calls caused the most reported losses, totaling $116 million, followed closely by frauds originating from social media contact, which cost $93.5 million.
Furthermore, people from culturally and linguistically diverse areas were shown to be disproportionately affected by job scams. Many people fell victim to scammers offering part-time work or ways to supplement their income, underlining the importance of focused outreach and awareness programs in these regions.
Government Officials Call on Citizens to be More Vigilant
In response to these alarming trends, government officials have reiterated the need to be extra vigilant and report any suspicious activity. Assistant Treasurer Stephen Jones acknowledged the report's positive early findings but emphasized that fraud losses remain unacceptably high.
ACCC deputy chair Catriona Lowe echoed these sentiments, expressing optimism about coordinated efforts to reduce scam losses. She emphasized the need for a comprehensive Scams Code Framework with enforceable obligations on banks, telecommunication companies, and digital platforms to prevent scammers from exploiting weaknesses in the system.
Additionally, she highlighted the importance of data sharing and intelligence gathering in combating online fraud effectively.
Card Fraud Numbers on the Rise
In related news, the Australian Bureau of Statistics (ABS) released figures back in March indicating a concerning rise in card fraud cases. An estimated 1.8 million Australians experienced card fraud in 2022-23, representing an increase from the previous year.
Buying or selling scams, including false billing and online shopping scams, were identified as the most common types of fraud, affecting nearly 200,000 Australians.
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