Australians lost nearly $319 million last year to hundreds of thousands of scams, with investment scams the most financially damaging.
The Australian Competition and Consumer Commission’s (ACCC) Scamwatch has published its December figures, providing a full picture of the impact scams reported to the consumer watchdog’s service had in 2024.
Scamwatch heard of more than $318.7 million in reported losses, with 249,448 scam complaints.
The total amount of money lost was less than in 2023, when Australians lost over $476 million to scams. There were 301,765 scam reports that same year.
So, how were Australians scammed in 2024?
How did scammers make contact?
Email was the most common way scammers contacted people (90,819 scams) followed by text message (77,365) and phone calls (41,742).
What scams resulted in the biggest financial losses?
Investment, romance and phishing scams were responsible for the bulk of the money lost but investment scams were the most damaging and claimed over $192.3 million of the total money lost.
Romance and dating scams were responsible for over $23.5 million lost and phishing claimed over $20.5 million.
The median amount lost to investment scams was $9,500; to romance scams, $1,609.66; and to dating scams, $2,154.53.
Other scams to watch out for
False billing, threats and extortion, employment, ID theft, IT support, inheritance and classifieds scams were in the top ten reported scams of 2024.
They resulted in financial losses totalling $69.3 million.
The victims
Overall, men fell victim to more scams and lost more money than women, according to Scamwatch.
Men lost over $117.1 million to investment scams while women lost more than $72.7 million.
People over the age of 65 were worst affected financially, with a $1,000 median loss recorded for that demographic.
People aged 55 to 64 years old followed, with the recorded median loss $600.
The red flags
Scamwatch says there are common ‘red flags’ that can help people spot scams.
These include claims of “amazing” opportunities to make or save money, someone you haven’t met says they need your help or money, messages contain links or attachments and you feel pressured to act quickly.
Earlier this month, the National Anti-Scam Centre launched a new campaign to raise awareness on how to avoid scams.
The campaign recommends that Australians stop before handing money or personal information over if they feel unsure, ask themselves if the call or message could be fake and act quickly by contacting their bank if they suspect they may have been scammed.
ACCC Deputy Chair Catriona Lowe said at the time of the campaign’s launch that it reminds Australians they are “not powerless to scammers”.
“When we’re alert, we’re in control. And by stopping and checking when we’re unsure, then reporting scams we’ve seen, we can protect ourselves and others against financial harm,” she said.
