Beware: Scammers exploit cost-of-living crisis with this latest scam
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In these trying times, when the cost of living seems to be on an inexorable rise, many Australians seek out side hustles to supplement their income.
Given the circumstances, it's a smart move. However, it has also caught the attention of opportunistic scammers, who prey on those looking to make ends meet.
According to a recent report from the National Anti-Scam Centre, there's been an 11 per cent decrease in total scam losses over the March quarter.
Investment scams, in particular, have seen a significant reduction, despite being the most lucrative scam for fraudsters. Yet, the battle is far from over.
With a staggering $73.2 million lost to fraudsters in just three months and an increase in the number of scams reported, Australians are facing a relentless challenge.
The report highlighted a worrying trend: scammers are exploiting the cost-of-living crisis to target individuals seeking additional income through side jobs.
These fraudsters are clever, masquerading as reputable department stores, hotels, or companies, luring in victims with the promise of good pay and flexible working conditions.
The catch? They ask for small upfront payments to complete tasks, assuring that these fees will be reimbursed later—a reimbursement that never comes.
Younger Australians and those from culturally and linguistically diverse backgrounds are the most susceptible to these increasingly popular scams.
Social media is also a hotbed for these scams, with an 11.8 per cent increase in social media scams reported in the March quarter.
In the last three months of 2023, more than $82 million was lost due to social media scams, with those aged over 65 suffering the highest losses of any age group.
The silver lining is that the losses from scams on these platforms have decreased by 10.7 per cent from $15.9 million in the last quarter of the previous year to $14.2 million in the first quarter of this year.
Financial Services Minister Stephen Jones has acknowledged the effectiveness of the measures taken to combat scams, including the establishment of the National Anti-Scam Centre last year.
'Scam losses are down for the first time in almost a decade since we released stage one of our strategy, but we have more to do,' he stated.
The federal government is currently consulting on mandatory industry codes that would compel digital platforms, banks, and telecommunications companies to take more stringent measures to reduce scam risks or face penalties.
These codes aim to set a high standard for these key sectors to follow.
You can stay updated on the latest news on scams through Scamwatch or our very own Scam Watch forum.
Do you have tips or advice on how to avoid scams? Share them in the comments below!
Given the circumstances, it's a smart move. However, it has also caught the attention of opportunistic scammers, who prey on those looking to make ends meet.
According to a recent report from the National Anti-Scam Centre, there's been an 11 per cent decrease in total scam losses over the March quarter.
Investment scams, in particular, have seen a significant reduction, despite being the most lucrative scam for fraudsters. Yet, the battle is far from over.
With a staggering $73.2 million lost to fraudsters in just three months and an increase in the number of scams reported, Australians are facing a relentless challenge.
Scammers are taking advantage of the situation today with this latest scam. Credit: Shutterstock
The report highlighted a worrying trend: scammers are exploiting the cost-of-living crisis to target individuals seeking additional income through side jobs.
These fraudsters are clever, masquerading as reputable department stores, hotels, or companies, luring in victims with the promise of good pay and flexible working conditions.
The catch? They ask for small upfront payments to complete tasks, assuring that these fees will be reimbursed later—a reimbursement that never comes.
Younger Australians and those from culturally and linguistically diverse backgrounds are the most susceptible to these increasingly popular scams.
Social media is also a hotbed for these scams, with an 11.8 per cent increase in social media scams reported in the March quarter.
In the last three months of 2023, more than $82 million was lost due to social media scams, with those aged over 65 suffering the highest losses of any age group.
The silver lining is that the losses from scams on these platforms have decreased by 10.7 per cent from $15.9 million in the last quarter of the previous year to $14.2 million in the first quarter of this year.
Financial Services Minister Stephen Jones has acknowledged the effectiveness of the measures taken to combat scams, including the establishment of the National Anti-Scam Centre last year.
'Scam losses are down for the first time in almost a decade since we released stage one of our strategy, but we have more to do,' he stated.
The federal government is currently consulting on mandatory industry codes that would compel digital platforms, banks, and telecommunications companies to take more stringent measures to reduce scam risks or face penalties.
These codes aim to set a high standard for these key sectors to follow.
You can stay updated on the latest news on scams through Scamwatch or our very own Scam Watch forum.
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