Australians have lost half a billion dollars to scammers this year, and that’s likely the tip of the iceberg as the scams are becoming more and more sophisticated. Now, you only have to click on a text message to fall victim.
Australians have lost half a billion dollars to scammers this year, and that’s likely the tip of the iceberg as the scams are becoming more and more sophisticated. Now, you only have to click on a text message to fall victim.
In the last 10 months, Australians lost about half a billion dollars to scammers, which is already a considerable increase over the same period last year. Investment fraud has risen over the last two years, and it accounts for nearly all losses.
It’s not a particularly shocking development given that Paul Haskell-Dowland, professor of cyber security practise at Edith Cowan University, predicts a significant increase in investment frauds over the next few years.
According to the Australian Competition and Consumer Commission’s (ACCC) Scamwatch, Australians have lost more than $474 million to scams since January.
Investment scams have so far cost victims $320 million in 2022, while love and romance have cost victims roughly $32 million.
