Australia Scam Losses Hit $2B as ACCC Warns Consumers
The ACCC’s latest Targeting Scams report shows that Australians lost $2.18 billion to criminal activity last year, a 7.8% increase in financial harm. Investment scams remain the biggest threat, accounting for $837.7 million in losses, while online and social media scams are on the rise. Despite a 30% drop from the 2022 peak, the National Anti-Scam Centre warns that criminals are becoming more adaptive. The government is now fast-tracking new bank security measures to help protect vulnerable Australians from sophisticated fraud.
