In 2020, Scams Awareness Week was held in August (17-21 August 2020). At the time, the ACCC’s Scamwatch had reported that over $104 million had been lost in 2020 (including August) to people falling victim to scams.

At the conclusion of 2020, this figure had risen to over $175 million in total reported losses from scams.

Below is a further breakdown of these figures, including the different types of scams that contributed to them.

*Australian Competition and Consumer Commission, Scamwatch. (2021). Scam statistics.

Additional insights into four key scam types

Attempts to gain personal information
In 2020, 82,182 reports were submitted regarding this scam type, and of these, 3.0% were reported with financial loss. The three main delivery methods (based on the amount lost) were phone, internet, and email. And, the three main age groups (based on the amount lost) were over 65 years, 35-44 years, and 25-34 years.

Within this scam type, there are several scam sub-types, including hacking, identity theft, phishing, and remote access scams.

Buying or selling
In 2020, 41,223 reports were submitted regarding this scam type, and of these, 33.0% were reported with financial loss. The three main delivery methods (based on the amount lost) were email, internet, and mobile applications. And, the three main age groups (based on the amount lost) were 45-54 years, 35-44 years, and 25-34 years.

Within this scam type, there are several scam sub-types, including classified scams, false billing, health and medical products, mobile premium services, psychic and clairvoyant, online shopping scams, overpayment scams, and other buying and selling scams.

Dating & romance
In 2020, 3,708 reports were submitted regarding this scam type, and of these, 34.8% were reported with financial loss. The three main delivery methods (based on amount lost) were social networking, mobile applications, and internet. And, the three main age groups (based on the amount lost) were 45 to 54, over 65, and 25 to 34.

Investments
In 2020, 7,744 reports were submitted regarding this scam type, and of these, 33.7% were reported with financial loss. The three main delivery methods (based on the amount lost) were phone, internet, and social networking. And, the three main age groups (based on the amount lost) were over 65, 55 to 64, and 35 to 44.

Within this scam type, there are several scam sub-types, including betting and sports investment scams, investment scams, other business, employment and investment scams.

Moving forward

When it comes to scams, if it seems too good to be true, it probably is. With the sheer number of scam types around, it’s important to be alert, aware, and protect yourself from them. Among other things, the potential financial loss from a scam can be devastating to both you and your loved ones.

Also of note, specific scams can temporarily arise during natural disasters (eg the bushfires), and more recently, the COVID-19 pandemic. These can be donation-specific or attempts to steal personal information for financial gain.

Lastly, if you believe that you’ve been the subject of a scam, consider making contact with Scamwatch (ACCC) and other relevant parties (eg your financial institution and government agencies).

If you have any questions regarding this article, please contact us.