Scam losses drop nationwide, but Aussies still lose a staggering $2 billion

While Aussies are becoming more skilled at spotting online scams, anti-scam and banking groups warn that scammers are rapidly evolving their tactics, with losses still totalling $2 billion.

While the amount lost to scams remains high, it dropped by $700 million in 2024, down 25.9 per cent compared to the previous year, according to the National Anti-Scam Centre’s latest report. The number of scam reports also decreased by 18 per cent, from 601,803 to 494,732 over the same period.

Authorities are cautiously optimistic, with Australian Consumer and Competition Commission (ACCC) deputy chair Catriona Lowe suggesting that combined efforts across industries, governments, and communities are starting to make a difference.

“Scammers are sophisticated and motivated criminals, and we can expect them to innovate even as we succeed in strengthening our defences,” Lowe said.

“The impact on scam victims is all too often life changing, with negative effects on mental health and wellbeing.”

Despite recent progress in reducing scam activity, Lowe noted a worrying rise in scam losses during the final months of 2024.

Shopping scams were the most common, with Australians losing $9.8 million from 10,022 reports in 2024, a 24.2 per cent decrease in reports from 2023.

Investment scams topped the list when it came to total amount lost at $192.3 million, but that has also decreased by 34 per cent from 2023.

Email was the most frequent contact method, with 90,819 reports but only 3459 people reported losing money.

In contrast, social media scams led to more people losing money, with 7724 reports and a loss of $69.4 million in 2024, an increase from 7706 reports in 2023.

Phone scams had the highest overall losses with $107.2 million lost across 2179 reports.

To help combat these ever-evolving scams, the National Anti-Scam Centre recommends the following precautionary measures.

• Stop – don’t give money or personal information to anyone if you’re unsure. Say no, hang up and delete. If a scammer has taken your money or personal details, contact your bank or card provider to immediately report the scam and stop any transactions.
• Check – scammers pretend to be from organisations you know and trust – like myGov, your bank, the police or the government. If you’re unsure, call the official phone number of the organisation to check.
• Report – the more we talk, the less power they have. Report scams to scamwatch.gov.au

-with AAP.