News

Baby Boomers hit the hardest by increasing number of scams

Jun 20, 2018

Scams targeting older Australians are on the rise. Source: Getty.

With the number of financial scams continuing to rise on what feels like a daily basis, a new report from the ACCC has revealed that Baby Boomers are still the hardest hit.

In its annual report, the Australian Competition and Consumer Commission’s (ACCC) found that those over the age of 55 are the most susceptible when it comes to scams, in particular fake investment opportunities and online dating tricks.

Aussies reported an astonishing $340 million worth of losses to scams in 2017, which is an increase of 13 per cent on the previous year. Around $90 million of those losses were reported to the ACCC’s ScamWatch, which provides information on how to avoid these bogus schemes.

Those aged between 55 and 64-years-old were found to have lost the most money to scams in 2017, being swindled out of a total of $21.6 million over the 12-month period, with the most common methods of contact being phone and emails. Four in 10 scams were carried out by fraudsters who contacted their targets over the phone, while 31 per cent were sent via email.

The ACCC has released its ninth annual 'Targeting scams' report. Scamwatch received over 160,000 reports in 2017 and more than $90 million was reported lost. For more 2017 stats and trends, read our full report https://t.co/bGtIEzDTnt pic.twitter.com/CfkACIDbyX

— National Anti-Scam Centre (@nascgovau) June 19, 2018

Findings also showed that the amount of money being lost has increased significantly in recent years, with the average investment scam now costing older members of the community more than $83,000 a time. While online dating and romance scams can set victims back a whopping $30,000.

The ACCC also discovered that women were more likely to fall for scams than men, with more than 85,000 women reporting scams in the last year compared to 72,282 blokes, with the most common threat being dating and romance scams. However men lost more money overall and were found to be most susceptible to scams based around investment.

And it isn’t just individuals who are suffering as a result of these cruel phishing expeditions as the ACCC’s Scamwatch also received 5432 scam reports submitted by businesses in 2017 , detailing losses of $4.6 million.

While scams may be on the rise, society is also becoming more savvy to them and there are certain things you can do yourself to help ensure you don’t fall victim such as never giving personal details over the phone and using more difficult passwords to secure your online accounts.

Other ways to keep yourself safe online include limiting the amount of information you share on social media, particularly when it comes to divulging personal information, and also refusing to allow companies ‘remote access’ to your PC as this could be a guise to lock you out of your own computer.

Experts also advise caution to be exercised when using public WiFi networks as they are not secure and often allow others on the network to see what you are doing when visiting unencrypted websites. While making use of extra security features, such as memorable information or security codes for online banking, can also add an extra layer of protection.

In addition, it’s always good to update passwords regularly. Avoid using names of well-known sporting teams, brands and musicians as they can be easily hacked and never use the same password across multiple online accounts.