[Jarred Santos]

Scam Watch: Aussies expected to lose billions to scammers before the end of the year​

Scammers are something probably most, if not all of us, wish would disappear completely.

If you feel like not a week passes without there being news of another way criminals trick poor, unsuspecting victims out of their money, we don’t blame you!

For every measure we think of to counter their nasty intentions, they always come back undeterred — and wanting more of your money.

Now, according to recent findings by the Australian Competition and Consumer Commission (ACCC), Australians are expected to lose a whopping $4 billion to scams in 2022.

In addition, around 2 billion dollars were lost to scammers last year, while $851 million was lost in 2020. This is an alarming trend that is rapidly worsening.

In July, it was reported that Aussies had already lost $295 million to scammers in the first half of 2022.

As of writing this article, the ACCC’s Scamwatch has received over 166,047 reports totalling more than $426 million.

Sadly, seniors have been hit the hardest by these criminals, with Aussies aged 55 and over estimated to have lost $162,732,176 to scammers.

Scammers are known to fake government accounts to trick people out of their money. Credit: Australian Taxation Office​

The top three most reported scams were phishing, false billing and online shopping scams – all of which have taken advantage of innocent people who are just trying to go about their daily lives.

In terms of amounts reported stolen, investment scams are public enemy number one for Aussies, with a staggering $292,936,758 lost. At a distant second and third are dating and romance scams ($29 million) and remote access scams ($19 million).

Assistant Treasurer Stephen Jones said online scammers view Aussies as an ‘easy target’ with data available indicating seniors are the top scam victims.

‘Most Australians are connected to the internet and use a mobile phone and they’re relatively wealthy, which creates a honey pot for scammers here and internationally,’ he said.

‘Our systems are relatively weak… We are only seeing the tip of the iceberg, but we know it’s much bigger.’

The government is also ready to work with private sector institutions such as banks and telecommunications companies to quickly identify and stamp out scams as they develop.

‘This means moving quickly when we see something in the system, putting flags in the banking system and takedown notices for social media platforms,’ he said, offering the government’s efforts to invest $10 million to establish a National Anti-Scam Centre as an example.

‘Australians enduring cost-of-living problems can’t afford to be losing $4 billion a year to economic criminals.’

ScamWatch data reveals seniors aged 65 and over have lodged the most scam complaints among all age brackets. Credit: Pexels/SHVETS production​

Unfortunately, scams and other fraudulent activities are unavoidable aspects of the digital age.

So what can you do to avoid them?

Here are some tips you can follow:

• Researching a company or person before doing business with them. This can be done by checking online reviews, contacting authorities, or asking for referrals from friends or family members.
• Being suspicious of unsolicited offers or requests for personal information. If someone contacts you out of the blue and offers a deal that seems too good to be true or asks for personal information like your full name, birthday, or bank account information, be wary!
• Being aware of common scams that target seniors. Some common scams that target seniors include telemarketing scams, sweepstakes and lottery scams, and fake charity scams. Be on the lookout for these and other tricky ways criminals can get a hold of your hard-earned money, and don't let yourself be taken advantage of.

Key Takeaways

• Australians are expected to lose $4 billion to scams in 2022, according to the Australian Competition and Consumer Commission.
• Losses reported to the ACCC’s Scamwatch have doubled since last year.
• The top three most reported scams in Australia are phishing, false billing and online shopping.

Speaking of being on the lookout for scams, check out this ‘brushing’ scam used by some vendors to target unsuspecting Aussies, a new email hoax raised by no less than Sunrise’s David ‘Kochie’ Koch, and this story of seniors being tricked into drug trafficking by online scammers.

You can also visit our Scam Watch forum as well.

What is your reaction to this worrying update from the ACCC’s Scamwatch? Do you have any suggestions on how people can better spot a scam?

Tell us your thoughts and opinions below!

Source: YouTube/Office of the Director of National Intelligence​