Scam Losses in Australia Drop by 25.9% to $2 Billion in 2024

Scam losses in Australia saw a significant decline of 25.9% in 2024, dropping to $2 billion, according to newly released data from the country’s National Anti-Scam Centre.

The latest Targeting Scams Report also revealed a decrease in scam reports, which fell by 17.8% to 494,732 in 2024, compared to 601,803 in the previous year.

The five most prevalent scam types—investment scams, romance scams, payment redirection fraud, remote access scams, and phishing—were responsible for over 70% of total reported losses. Among these, investment scams led to the highest financial damage, with victims losing $945 million in 2024.

Despite this, losses from investment scams declined by 27.3% from $1.3 billion in 2023. According to ScamWatch, an Australian government body, various state-led initiatives, including the Investment Scam Fusion Cell, contributed to the reduction in financial losses.

The report was compiled using data from multiple organizations, including Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCARE, and the Australian Securities and Investments Commission (ASIC).

Catriona Lowe, Deputy Chair of the Australian Competition and Consumer Commission (ACCC), welcomed the downward trend but emphasized that scammers remain highly adaptable. “While we are encouraged by the drop in reported financial losses, we acknowledge scammers are sophisticated and highly motivated criminals. We need to remain vigilant and pivot our defenses to maintain this downward trajectory,” she stated.

Lowe also highlighted the broader consequences of fraud and scams beyond financial loss. “Scams lead to more than just financial loss. We know that the impact on scam victims and families is all too often life-changing. Scams affect relationships, mental health, and well-being.”

Addressing Australians directly, Lowe urged caution when engaging with individuals online. “We continue to be concerned about the high individual losses and emotional impact of scams. Scammers often make contact on social media and groom their victims over long periods. We urge Australians to never take investment advice or give money to people they have only met online.”

In 2024, the National Anti-Scam Centre referred over 8,000 scam-related URLs for takedown. Out of these, the agency’s takedown service received 6,000 requests and successfully removed 92% of them, preventing an estimated $36 million in potential losses. Additionally, the centre referred more than 2,000 investment scam URLs to ASIC and flagged 10,355 suspected Facebook scam links for Meta’s review.

Lowe underscored the importance of continued action by government agencies and law enforcement to further reduce scam activity. “We’re committed to providing ever better protection for Australians against increasingly sophisticated scams. Our coordinated efforts across government, law enforcement, and industry will continue to drive losses down,” she stated.

By fLEXI tEAM