Australians lost a record $851 million to scams in 2020, according to a new report from the Australian Competition and Consumer Commission (ACCC).
The report – which compiled data from Scamwatch, ReportCyber, other government agencies, and 10 banks and financial intermediaries – found that scammers took advantage of the financial uncertainty brought about by the COVID-19 pandemic to swindle unsuspecting Australians.
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Investment scams accounted for the biggest losses at $328 million, making up more than a third of total losses. Romance scams were the next biggest category, costing Australians $131 million, while payment redirection scams resulted in $128 million of losses.
Meanwhile, health and medical scams increased more than 20-fold compared to 2019, accounting for over $3.9 million in losses.
Phishing activity also thrived during the pandemic, especially through government impersonation scams. There were over 44,000 reports of phishing scams, representing a 75% increase.
“Last year, scam victims reported the biggest losses we have seen, but worse, we expect the real losses will be even higher, as many people don’t report these scams,” said Delia Rickard, deputy chair of the ACCC. “Unfortunately, scammers continue to become more sophisticated and last year used the COVID-19 pandemic to scam and take advantage of people from all walks of life during this crisis.”
