Security News > 2022 > April > Australia warns of money recovery phishing luring past victims
The Australian Competition & Consumer Commission is raising awareness about a spike in money recovery scams.
The agency warns in an alert today that reports of money recovery scams this year have increased in Australia by 725% compared to the same period in 2021.
The losses reported in Q1 2022 are estimated to be $270,000, which add up to losses incurred by victims who previously fell for the same type of scam.
The case appears to be particularly effective because the original scammers maintain a list of people who proved to be gullible, having been scammed in the context of other campaigns.
The scammers approach their victims out of the blue via phone or email, posing as a money recovery firm, law office, or a special government task force that offers help with the recovery of previously stolen funds.
Reporting phishing emails to the agency will help track fraudsters, protect other people from being scammed, and possibly result in compensation for registered and validated victims.