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The new Targeting Scams Report shows a light at the end of the tunnel, but the statistics may not show the full picture.
Reported scam losses in Australia fell by 25.9 per cent in 2024, dropping to a still alarming $2 billion.
According to the National Anti-Scam Centre, the drop in losses is due to a combination of work by Australian governments, law enforcement agencies, and the wider industry.
Scam reports also dropped by 17.8 per cent. In 2023, a total of 601,803 scam incidents were reported, while in 2024, the figure dropped to 494,732.
Most losses were due to investment scams, which cost Australians $945 million in 2024. The next most reported scam types were romance, payment redirection, remote access, and phishing scams. Altogether, these five forms of scams accounted for 70 per cent of total losses.
“While we are encouraged by the drop in reported financial losses, we acknowledge scammers are sophisticated and highly motivated criminals. We need to remain vigilant and pivot our defences to maintain this downward trajectory,” Australian Competition and Consumer Commission (ACCC) deputy chair Catriona Lowe said in an 11 March statement.
“Combining and actioning the intelligence we and partners receive through reports is a key element of this effort.
“Scams lead to more than just financial loss. We know that the impact on scam victims and families is all too often life-changing, and scams have negative effects on relationships, mental health and wellbeing.”
However, the drop in scam figures and losses cannot be taken at face value. Many victims of scams do not come forward due to shame and embarrassment at falling victim to a scammer and subsequently losing a significant sum of money.
“While it’s important to applaud the work of the investment scam fusion cell in thwarting investment scams, one of the biggest challenges we face around the world is the sheer lack of reporting,” Satnam Narang, senior staff research engineer at cyber security firm Tenable, said in response to the latest scam figures.
“These losses are significant on their own merits, but without question, the true volume of losses is likely significantly higher because victims are often afraid to report them due to embarrassment and shame. As a result, we don’t have full visibility into the true cost associated with scams like romance baiting, and our estimates are marred by underreporting.
“Romance bating (formerly known as pig butchering) is the biggest reason we see investment scam losses in the millions. This is because romance baiting pairs the desire for connection with fake cryptocurrency platforms and the promise of significant gains to extract as much value as possible out of victims.”
The Targeting Scams Report was compiled from data supplied by Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCARE, and the Australian Securities and Investments Commission (ASIC).
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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