Security News > 2023 > April > Australians lost a record $3.1 billion to scams last year
The Australian Competition & Consumer Commission says Australians lost a record $3.1 billion to scams in 2022, an 80% increase over the total losses recorded in 2021.
Most of the losses concern investment scams, which accounted for $1.5 billion, followed by remote access scams that resulted in losses of $229 million, and payment redirection scams that cost victims another $224 million.
According to ACCC, the number of scam reports submitted to Scamwatch last year was just under 240,000, 16.5% lower than in 2021.
ACCC's Deputy Chair Catriona Lowe commented that this increase in the effectiveness of scams results from a growing sophistication in the themes used by the attackers, making the scams more believable.
"We have seen alarming new tactics emerge which make scams incredibly difficult to detect," commented Lowe.
"Hi Mom" and "Toll/Linkt" text scams had an explosive growth of 469% in 2022, tricking Australians into losing almost $25 million.