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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.



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Categories: Internet
Countries: Australia
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