30% of Aussies don’t report scams

You’ve heard it time and time again. 

“If it seems too good to be true, it probably is!” 

“Don’t click on links in text messages!”

While the consistent scam messaging might feel a little repetitive, it’s working. The National Anti-Scam Centre’s collaborative efforts with government, law enforcement, and consumer organizations are helping to reduce financial losses from scams. 

In early 2023, the ACCC anticipated that Aussies would lose more than the $3.15 billion they lost in 2022. However, a new report reveals Australians lost $2.74 billion – 13% less than predicted. At the end of the day though, this is still an eye-watering amount of money. 

“While we are optimistic that our combined efforts will continue to reduce scam losses, we know that behind the losses remain real people who have lost money, often their life savings, to scams,” said ACCC Deputy Chair Catriona Lowe. 

“This is why we remain committed to identifying and removing weak links that scammers could otherwise exploit.”

The National Anti-Scam Centre report compiles data from Scamwatch, ASIC, ReportCyber, IDCARE, and the Australian Financial Crimes Exchange (AFCX) to provide insights into the scams plaguing everyday Australians.

Based on the amount of money lost, the top five scams in 2023 were: 

1. Investment scams ($1.3 billion)
2. Remote access scams ($256 million)
3. Romance scams ($201.1 million)
4. Phishing scams ($137.4 million)
5. Payment redirection scams ($91.6 million

One of the leading issues the report illustrates is that not all Aussies are reporting the scams they experience. Data in the report reveals that of the 2.5% of Australians who have responded to a scam or provided personal information to a scammer, 30% left it unreported. While it's likely they didn't incur any financial losses, it’s also possible they didn't know they were being scammed. Investment and romance scams can go on for months, or even years before they're aware they’re engaging in a scam. 

Most age groups stated a decrease in losses, except one. Aussies over 65 experienced almost no change in scam losses between 2023 and 2022. They also lost more money than any other age group, reporting $121 million lost. 

People from CALD, or culturally and linguistically diverse communities, often need help to detect scams. Because of this, they continue to have higher average reported losses. 2023 saw a 151% increase in reports and losses to job scams in CALD communities.

Even though we’ve seen a decrease in scam losses, scam activity is still on the rise globally. The report highlights how important and impactful scam prevention initiatives are. Think efforts like Optus’ Call Stop and Westpac’s AI questionnaire. Banks, telcos, and other organisations detect, divert, and intercept scam transactions, preventing reported losses. 

So, what’s next? Over the next two years, the National Anti-Scam Centre aims to continue working with banks to freeze scammer accounts, telcos to block calls and SMSs, and digital platforms to take down unsafe websites. Raising awareness of scams is also high on the list, as we’ve seen people from vulnerable communities and age groups bear the brunt of scam losses.