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Tuesday, Jan 21, 2025
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Australians Lost $319 Million to Scams in 2024, With Investment Scams Leading
Investment Scams Account for Majority of Financial Losses in Australia's $319 Million Scams Landscape
Australians reported losing nearly $319 million to scams in 2024, with investment scams being the most financially damaging, according to data from the Australian Competition and Consumer Commission's (ACCC) Scamwatch service.
This marks a decrease from 2023, when losses exceeded $476 million from 301,765 scam reports.
In 2024, there were 249,448 scam complaints, with the most prevalent contact method being email (90,819 instances), followed by text messages (77,365) and phone calls (41,742).
Investment scams accounted for over $192.3 million of the losses, with a median loss of $9,500 per case.
Romance and dating scams resulted in over $23.5 million lost, with median losses recorded at $1,609.66 and $2,154.53 respectively.
Phishing scams added another $20.5 million to the total losses.
Additionally, scams related to false billing, threats and extortion, employment, ID theft, IT support, inheritance, and classifieds also made the top ten reported incidents for the year, totaling approximately $69.3 million in losses.
Analysis of the demographic impact revealed men were generally more affected by financial scams than women, with men losing over $117.1 million specifically to investment scams, as compared to the $72.7 million lost by women.
The older population was also significantly impacted, with individuals aged over 65 experiencing a median financial loss of $1,000, followed by those aged 55-64 with a $600 median loss.
The ACCC highlights several warning signs to help individuals identify potential scams, such as unverified claims of lucrative opportunities, urgent requests for help or funds, and communications containing suspicious links or attachments.
A new awareness campaign was launched by the National Anti-Scam Centre earlier this month to educate the public on recognizing and avoiding scams.
Deputy Chair of the ACCC, Catriona Lowe, emphasized the role of public alertness in combatting scams, urging Australians to pause before providing money or personal information, double-check the authenticity of communication, and report any scam encounters to help mitigate financial harms.
This marks a decrease from 2023, when losses exceeded $476 million from 301,765 scam reports.
In 2024, there were 249,448 scam complaints, with the most prevalent contact method being email (90,819 instances), followed by text messages (77,365) and phone calls (41,742).
Investment scams accounted for over $192.3 million of the losses, with a median loss of $9,500 per case.
Romance and dating scams resulted in over $23.5 million lost, with median losses recorded at $1,609.66 and $2,154.53 respectively.
Phishing scams added another $20.5 million to the total losses.
Additionally, scams related to false billing, threats and extortion, employment, ID theft, IT support, inheritance, and classifieds also made the top ten reported incidents for the year, totaling approximately $69.3 million in losses.
Analysis of the demographic impact revealed men were generally more affected by financial scams than women, with men losing over $117.1 million specifically to investment scams, as compared to the $72.7 million lost by women.
The older population was also significantly impacted, with individuals aged over 65 experiencing a median financial loss of $1,000, followed by those aged 55-64 with a $600 median loss.
The ACCC highlights several warning signs to help individuals identify potential scams, such as unverified claims of lucrative opportunities, urgent requests for help or funds, and communications containing suspicious links or attachments.
A new awareness campaign was launched by the National Anti-Scam Centre earlier this month to educate the public on recognizing and avoiding scams.
Deputy Chair of the ACCC, Catriona Lowe, emphasized the role of public alertness in combatting scams, urging Australians to pause before providing money or personal information, double-check the authenticity of communication, and report any scam encounters to help mitigate financial harms.
