In 2018, people submitted 177,516 reports of scams to the Australian Competition and Consumer Commission.
The losses incurred by these people totalled $107,025,301.
Many people do not report scams as they may feel they are to blame or that the police cannot catch the scammers, so the real level of scamming losses is likely to be much higher than the quoted figure.
The highest number of losses occur through phishing i.e. people conning you into giving them your personal details such as login and password or card payment details, bank account etc.
‘Threats to life, arrest or other’ covers a lot of scams e.g. the scammer phones you pretending to be from a government department and demands an immediate payment.
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Government statistics show that 161,528 reports of scammers were raised with the Australian Authorities in 2017, of which 8.7% involves financial loss.
Total lost estimated to be $90 million.
The biggest chunk of this was to investment scams (approx. $34M), then dating and romance scams (approx. $22M), then business and employment scams (approx.$7M).
Following those were advance fee fraud, buying and selling scams, false billing, inheritance scams, remote access scams, threats to life and finally betting scams.
The age group that lost the most money was the over 65s.
The most common scams reported are:-
- Identity theft
- False billing
- Lottery scams
- Buying and selling scams
- Rebate scams
- Remote access scams
- Advance fee Fraud
- Threats to Life
- Online Shopping Scams
Beware of those scammers.
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