Australian authorities have issued renewed warnings about scams proliferating on social media, as the National Anti-Scam Centre continues efforts to combat fraudulent job postings.
Scamwatch data indicated that social media has become the most significant source of financial losses related to scams in 2024.
In the year’s first 10 months, more than 6,000 reports to Scamwatch identified $58.3 million in losses through scams conducted via social platforms. The primary categories were investment scams, accounting for $39.2 million, followed by romance scams at $9 million and employment scams at $4.5 million.
The Australian Competition and Consumer Commission (ACCC) reported that scams initiated on social media made up just 7% of the over 216,000 reports submitted to Scamwatch in 2024. However, these scams were responsible for 22% of the $262 million total lost to scammers.
Catriona Lowe, ACCC deputy chair, highlighted the profitability of social media as a tool for scammers, noting a 146% spike in financial losses linked to social platforms during the September quarter alone.
“It shows just how lucrative these scams are for the criminal groups behind them – and serves as a reminder to us all of the need to be suspicious of anyone who unexpectedly contacts us on social media,” she said.
Fraudsters often manipulate personal information shared online, Lowe explained, using it to craft convincing scams and trick victims into sharing sensitive details or transferring funds.
The National Anti-Scam Centre’s Job Scam Fusion Cell has been working to disrupt employment scams targeting Australian jobseekers.
The initiative, launched in September 2024, involves collaboration between government agencies, social media platforms, job sites, banks, and cryptocurrency providers.
In 2024, Scamwatch has already received 2,260 reports of job scams, amounting to nearly $9.7 million in reported losses. This follows a 2023 total of 4,831 job scams, which cost Australians $24.4 million.
As part of its disruption activities, the taskforce has removed over 200 fake job websites and referred more than 200 phone numbers for intervention. It has also worked with cryptocurrency platforms and law enforcement to freeze digital wallets used in fraudulent schemes.
The Australian government is pursuing stronger measures to address scams. Legislation introduced in September proposes a Scams Prevention Framework that would enforce industry-specific obligations across sectors like banking, telecommunications, and social media.
The framework includes mandatory requirements to prevent, detect, and disrupt scam operations while ensuring effective governance and reporting. The ACCC supports these measures, emphasising the importance of enforceable codes to protect consumers.
