Technological advancements over the past decade have led to a rapid escalation of scam activity affecting Australians, with scams evolving to use social media, cryptocurrency and emerging online services.
In 2020, scams accounted for $851 million in combined financial losses attributed to 444,164 scam reports received by Scamwatch, other government agencies and the major banks.
This represents a significant increase compared to 2019, where $634 million in combined financial losses were attributed to 336,000 scam reports from the above agencies.
We look at the key results outlined in the ACCC’s Targeting Scams 2020 report.
Who is Scamwatch?
Scamwatch is run by the Australian Competition and Consumer Commission (ACCC), and focuses on working with government and the private sector to disrupt scams.
While Scamwatch offers the primary government website used by Australians to report scams, a relatively small percentage of victims use this avenue to…