Australian Scam Losses Declined to $2.7 Billion in 2023

Australians lost $2.74 billion (US$1.77 billion) in scams in 2023, with people over 65 years of age suffering the largest losses. Although the latest figures represent a 13.1 percent decline in scam losses from the prior year, the Australian Competition and Consumer Commission noted that scam reports rose 18.5 percent to 601,000. Investment scams caused the most financial losses, accounting for $1.3 billion. Remote access scams came second, with losses amounting to $201.1 million. Phishing and payment redirection scam losses totaled $137.4 million and $91.6 million, respectively. ACCC’s Scamwatch data showed that people over 65 lost the most money across age groups, with a reported loss of $121 million. It is the only age group with more losses as compared to the previous year, due to investment scams mostly initiated on social media....