Australians to lose AUD 532 million to scams in 2019

Wednesday 14 August 2019 | 06:43 CET | News
Australians are expected to lose a record amount to scams in 2019, with projections from losses reported to Scamwatch and other government agencies reaching AUD 532 million by the end of the year, surpassing half a billion dollars for the first time, according to Australia’s Competition and Consumer Commission (ACCC). The Commission has launched this year’s National Scams Awareness Week (12-16 August) with the theme “too smart to be scammed?”. Via this initiative, the ACCC, along with over 100 campaign partners from government and industry, urges customers to test their scams knowledge and refresh their scam protection and detection skills.

According to the ACCC, investment scams continue to generate the highest losses. Nearly half of all investment scams reported this year resulted in a financial loss. Cryptocurrency investment scams have seen record losses, with reports to the ACCC alone of AUD 14.76 million between January and July this year. 

The ACCC has produced a series of videos with tips and tricks on how to spot a scam, and to test people’s awareness of scams. The full series is also available on YouTube.

NBN Co, the company building and operating Australia's broadband access network, also announced it will organize community events to help prevent scams as part of National Scams Awareness Week. NBN Co is launching this awareness initiative across the country as calls to the company’s contact centre about suspected scams grew to 9,500 enquiries for the past quarter, at an average of 100 per day.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Categories: Internet
Countries: Australia
::: add a comment

Add comment

We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.


NBN Co to host community events to prevent scams

Published 12 Aug 2019 09:38 CET | Australia
NBN Co, the company building and operating Australia's broadband access network, has announced it will organize community events ...

Facebook to use Trend Micro Smart Protection Network

Published 26 Apr 2012 14:43 CET | World
Facebook will integrate mobile security provider Trend Micro's Smart Protection Network infrastructure, which uses cloud ...

Lookout signs deal with Telstra

Published 14 Nov 2011 10:32 CET | Australia
Mobile security services provider Lookout Mobile plans to expand internationally in Australia, Canada and the United Kingdom. The ...

Australia launches Cyber Safety Help Button

Published 07 Dec 2010 13:00 CET | Australia
Australia's minister for broadband, communications and the digital economy Senator Stephen Conroy has launched the Cyber Safety ...

Malware threats triples in H1 - SonicWall

Published 09 Aug 2010 13:24 CET | World
Cybercrime threats exploited the increased corporate use of cloud computing, social networking, and use of Macs and smartphones ...

Calendar   /   Industry Events

20 Aug MTS Q2 2019
20 Aug Xiaomi Q2 2019
20 Aug Africa Peering and Interconnection Forum
21 Aug Ice Group Q2 results
21 Aug Spark FY results
21 Aug Analog Devices fiscal Q3
21 Aug Zayo fiscal Q4
21 Aug Vodafone Iceland Q2 2019
21 Aug FTTH India Congress 2019
22 Aug China Telecom H1 2019
22 Aug VMware fiscal Q2
22 Aug Sunrise Q2 2019
22 Aug Vocus FY results
22 Aug Sky NZ FY results
23 Aug Mobilezone H1 2019
25 Aug VMworld 2019 US
26 Aug Amaysim FY results
26 Aug Chrous FY results
26 Aug Bezeq Q2 2019
27 Aug Partner Communications Q2 2019
27 Aug Ooma Q2 2019
27 Aug MNF Group FY results
27 Aug ZTE H1 results
27 Aug Hewlett Packard Enterprise fiscal Q3
27 Aug Aviat Networks fiscal Q4
27 Aug Tamedia H1 2019
27 Aug Connected Health Summit
::: More Calendar Items