The ACCC says Australians are losing more money than ever as scammers turn to sophisticated technology to swindle victims out of tens of thousands of dollars.
The latest Targeting Scams report, which compiled data from Scamwatch, ReportCyber, major banks and other government agencies, found the total amount lost to scammers rose by 80 per cent, up from $2 billion in 2021.
The true amount of losses is believed to be even higher as 30 per cent of victims do not report what has happened, the ACCC said. The amount of money victims lost to scammers rose by 50 per cent last year, with Australians handing over an average of $20,000 for every con. “There has been an explosion of reported losses to phishing scams in the past year, such as 'Hi Mum' and Toll/Linkt text scams, which skyrocketed by 469 per cent to $24.6 million in 2022."
The ACCC said a more co-ordinated response across government, law enforcement and the private sector, was needed to tackle scams effectively.
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