Advocates call for government action as older Australians lose millions to online scams

Advocates say more needs to be done to stop older Australians falling victim to online scams, as new data reveals they lost nearly $100 million to online fraud in 2024.

Overall, fewer Australians lost money to fraudsters with data from Scamwatch revealing a 33 per cent drop in scam losses, however, older adults were still vulnerable to illegal online operations.

In 2024, Australians aged 65 and over reported 62,147 scams worth $99.6 million, with investment scams accounting for $66.5 million.

Council On The Ageing (COTA) Chief Executive Officer, Patricia Sparrow said while it was positive news that fewer Australians overall were losing money, too many older adults are still falling victim to online fraudsters.

“Investment scams alone cost older Australians $66.5 million in 2024. These sophisticated criminal operations are specifically targeting retirement savings, often through social media platforms that aren’t doing enough to protect users,” Sparrow said.

“It’s clear the actions being taken are working, but it’s also clear that there’s still much work to be done, especially when it comes to protecting older people.”

Sparrow said it is therefore crucial that Parliament pass the Scams Prevention Framework Bill and ensure banks, telecommunications companies and social media platforms are held accountable for preventing scams and properly compensate victims when prevention fails.

In the meantime, COTA is urging the Federal Government to support victims through a trial of peer-led training and support services for those affected by online fraud and scams.

Sparrow said COTA’s work on digital literacy found that older adults are more comfortable sharing their experiences and learning from their peers.

“Trialling peer-led training and support services for victims of online fraud and scams will help reduce the incidents of and number of scams amongst older victims. A peer-support service to support older Australians is one practical way we can help combat this issue,” Sparrow said.

“We can’t ignore the fact that too many Australians, particularly older Australians, are still being scammed out of their savings.

“This is about protecting Australians, including older people, and safeguarding the financial wellbeing and digital confidence of all Australians.”

Meanwhile, there is plenty you can do to protect yourself online and the National Anti-Scam Centre recommends the following precautionary measures for those looking to stay one step ahead of scammers and protect their personal information.

STOP – Don’t give money or personal or financial information like passwords, security codes, PINs or tokens. Don’t click on any links if you’re unsure. Say no, hang up, delete.

CHECK – Verify who you are talking to. Contact your bank using your banking app or a phone number you have sourced from your banking app, bank website, statement, or card.

PROTECT – Act quickly. If you have transferred funds, provided access to your account or information to a scammer, contact your bank immediately and report to Scamwatch. Tell your friends and family; it helps to share your experience so they can give you support and to help them stay safe from scams.