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ACCC scam report

ACCC scam report

Australians made more than 600,000 reports about scams in 2023 — about 18 per cent more than in 2022.(ABC News: Evan Young/Canva)

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  • In short: Australians made more than 600,000 scam reports last year, losing $2.7 billion overall.
  • Older people suffered the greatest losses and there was a notable increase in scams originating on social media, the ACCC's new report says.
  • What's next? The government wants to introduce mandatory scam codes for banks, telcos and digital platforms.

Australians reported a record number of scams last year, with losses totalling $2.7 billion, a new report from the consumer watchdog has revealed.

More than 601,000 reports about scams were made in 2023, up from the 507,000 reported in 2022, the latest Australian Competition and Consumer Commission's (ACCC) Targeting Scams report found.

Investment scams stole more than any other type of scam, accounting for more than $1.3 billion in losses, the report said.

People over 65 were more likely to lose money than any other age group and were the only age group that lost more money in 2023 than in 2022.

What types of scams stole the most?

  • Investment scams: $1.3b
  • Remote access: $256m
  • Romance: $201.1m 
  • Phishing: $137.4m 
  • Payment redirection: $91.6m  

Source: ACCC Targeting Scams report 

ACCC deputy chair Catriona Lowe said the figures indicated scammers were targeting older Australians with retirement savings who might be looking for investment opportunities.

"We know of a recent case where an elderly woman lost her life savings after seeing a deepfake Elon Musk video on social media, clicking the link and registering her details online," Ms Lowe said.

"She was assigned a 'financial adviser' and could see on an online dashboard. She was apparently making returns but she couldn't withdraw her money."

Victims losing their 'life savings' to scams

Despite the number of reported scams increasing, the amount lost is down compared to 2022, when Australians lost a record $3.1 billion.

The federal government said this was the first time in six years that scam losses decreased year-on-year.

The ACCC said the decline in losses was thanks to an increased effort from banks and government in 2023.

Last July, following pressure from victims and consumer groups, the federal government launched a national anti-scams centre, while the banking sector also promised to invest in increased security.

"While we are cautiously optimistic that our combined efforts will see this downward trend in scam losses continue, we know that behind the losses remain real people who have lost money, often their life savings, to scams," the ACCC report said.

The ACCC's report is based on data from multiple agencies including Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCARE and the Australian Securities and Investments Commission.

Top tips to avoid scams

STOP: Don't rush to act. Scammers will create a sense of urgency.

THINK: Ask yourself if you really know who you are communicating with? Scammers can impersonate others and lie about who they are – especially online.

PROTECT: Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting to Scamwatch.

Source: ACCC 

Scamwatch's data shows that while losses to scams conducted via text message or over the phone decreased, the amount of money lost to scams over email and social media grew.

Losses to job scams rose by 151 per cent to $24.3 million, with people from culturally and linguistically diverse (CALD) communities disproportionately impacted.

The true losses are likely to be higher because an estimated one in three scam victims do not report the crime to authorities.

Research commissioned by Treasury last year indicated those from First Nations and CALD communities might be less likely to report scams.

Government says scam losses still 'far too high'

Ms Lowe said the reduced losses were "encouraging" but there was "much more work to do".

"Over the next two years we will continue to invest in technology-based solutions that will centralise intelligence and distribute information to those who can act on it – such as banks to freeze accounts, telcos to block calls or SMSs and digital platforms to take down websites or accounts," Ms Lowe said.

Financial Services Minister Stephen Jones said the government would soon introduce new mandatory scam codes for banks, telcos and digital platforms, backed up by strong penalties for non-compliance.

"We want Australia to be a world leader in combating scammers and our mandatory codes will put us well ahead," he said.

"While the report shows positive early signs, scam losses remain far too high and we urge Australians to remain alert to the threat of scammers and report any suspicious activity."

 

 

 

By the Specialist Reporting Team's Evan Young and Leonie Thorne

Mario Chiodo

Mario Chiodo (CPA)

Having a wealth of knowledge and experience in public practice, before founding his own firm in 1985, Mario is a seasoned Partner and leader of the CP Partners team. Mario’s role over the years has been pivotal in guiding clients through complex financial landscapes and ensuring their success. He is committed to delivering high-quality service, fostering strong, long-term client relationships, and provides the CP team with strategic guidance and support. Mario is the office coffee machine’s biggest fan (it’s never too late for an espresso)! Outside of work, Mario enjoys gardening, spending quality time with his family and dog Marlie, and when the season is right, you’ll find him mastering homemade wine and smallgoods!

John Capuana

John Capuana (CPA)

John joined CP Partners back in 1997. In his role as Partner, he provides fundamental advice to clients, ensuring effective communication with both clients and the CP team. John values the long-term relationships he’s built with clients and the positive impact made by working together. His extensive experience in public practice has shaped his approach, allowing him to leverage lessons learnt throughout his career. John is a master of the lunchtime AFL quiz, and on weekends, he enjoys spending time with his family and granddaughter, hitting the golf course, and supporting his beloved Cats at AFL games in Geelong.

Alf Magnano

Alf Magnano (CPA)

In his role as Partner, Alf dedicates his efforts to guiding clients to achieve their business and financial goals in a way that is most beneficial for them. He particularly enjoys being available to provide support to clients as and when needed, always going the extra mile to help! Beginning in 2000, his journey with CP Partners has allowed him to refine his skills. He often mentors the CP team is various areas, helping to shape the next generation of accountants. Out of the office, Alf indulges in his passion for trekking through jungles in search of elusive plants, combining adventure with his love for nature. We have Alf to thank for the beautiful greenery spread throughout the CP office!

Gagan Bijan

Gagan Bijan (CA)

As the Finance Manager at CP Partners, Gagan’s day-to-day responsibilities ensure that internal finances are meticulously managed and under control. He thrives in his role as it allows him to leverage his expertise in financial management whilst continuing to widen his knowledge. Gagan has been instrumental in implementing key initiatives at CP Partners such as budgeting tools, software updates, and policy development. He remains our in-house IT expert! In his free time, Gagan enjoys watching soccer and barracking for India in the cricket.

Ruba Marcus

Ruba Marcus (CA)

Ruba is CP Partners’ inaugural Manager of Client Operations, which sees her managing the team budget and coordinating workflow each day. She is also a Senior Business and Tax Adviser and a member of Chartered Accountants Australia and New Zealand (CAANZ). Ruba is passionate about supporting our clients to achieve their business and financial goals as well as helping all CP team members develop and grow to fulfil their potential. Ruba has a wealth of knowledge, and enjoys taking on new challenges, having worked on businesses of all sizes and SMSFs for over 18 years! Outside of work Ruba loves spending quality time with her family.

Adam Gulliver

Adam Gulliver (CPA)

Adam is a senior accountant at CP Partners, dedicated to achieving the best outcomes for clients by providing valuable advice. He enjoys working with a diverse range of clients - striving to build strong relationships with each of them. He also takes pride in sharing knowledge to help the rest of the CP team learn and grow. Adam’s role has recently developed into the (self-appointed) president of the CP Partners ‘Social Club’, where he helps to organise team lunches and events! On the weekends, you’ll find Adam on the sidelines as an Interchange Official at AFL games. He has been a dedicated North Melbourne member for over 40 years! Adam appreciates a nice glass of wine and enjoys travelling, with plans to explore more of the world soon!

Geena Chiodo

Geena Chiodo (CPA)

Geena joined the CP Partners team in 2019, bringing 4 years of experience from various accounting roles within the construction industry. She is a member of CPA Australia, an Excel whiz, and has evolved into CP Partner’s go-to expert for all things Xero. Geena has a strong attention to detail and a passion for problem solving and teaching new skills to other team members. She finds great satisfaction in building strong client relationships and being their trusted point of contact. Out of the office, Geena enjoys travelling with her partner to sunny destinations, getting lost in a good book, supporting Collingwood at AFL games, and spending time with family, friends and her dog Marlie.

Sudath Dissanayaka

Sudath Dissanayaka (CA Provisional)

As an accountant at CP Partners, Sudath enjoys collaborating with the team and working on a diverse range of clients. He has a passion for continuous learning and relishes the dynamic nature of tax that ensures each day is unique! In the office, you’ll find Sudath mastering new software with ease and always excited to take on a new challenge. Outside of work, Sudath is a keen car and Lego enthusiast. He enjoys spending time with his family, his two Golden Retrivers, and baby daughter.

Navdeep Singh

Navdeep Singh (CA)

With over 17 years of experience in accounting, auditing, and taxation, Navdeep brings a wealth of knowledge to his role as Team Leader of CP Partners’ Indian team. His day-to-day responsibilities include managing workflow for his team and working on accounting and compliance for various sized clients. Navdeep has fantastic analytical skills and is an instrumental part of the CP team. Outside of work, Navdeep enjoys listening to good music, and on the weekends, you’ll find him playing local cricket.

Sahil Arora

Sahil Arora (CA)

Sahil’s journey with CP Partners began in 2022 when he joined as an accountant within the Indian Team. His day-to-day responsibilities involve working on accounting and compliance for individuals and businesses of all sizes. Sahil is a hardworking and reliable team member, who enjoys taking opportunities to deepen his technical knowledge. He has a calm and composed demeanour, which enables him to handle challenges and pressure situations with ease. Outside of work, Sahil enjoys practising yoga, watching cricket, and playing when he can too!

Elizabeth Magnano

Elizabeth Magnano

Liz joined CP Partners in 2016 and brings with her over 25 years of experience in delivering administration services for various accounting and financial planning firms. Liz remains focused on enhancing client services and providing timely advice and support to clients. She finds it most satisfying helping clients to achieve their financial objectives. Liz is an instrumental leader of the client services team, always going the extra mile to provide client support. Outside of work, Liz is a passionate Carlton supporter in the AFL and enjoys following the Australian cricket team.

Anna Atar

Anna Atar

Anna has been a valued member of the CP Partners team since 2001, bringing over 25 years of experience to her role. Throughout her tenure, she has embraced the evolving landscape of the accounting industry, dedicated to helping clients navigate changes. You’ll see Anna at the front reception desk, cheerfully greeting clients as they arrive. She takes great pleasure in interacting with clients and is an integral part of their journey as they achieve their financial and life goals with CP’s guidance. Outside of work, Anna enjoys gardening and cherishes spending time with her family, particularly since the arrival of her grandson.

Suzie Vasileski

Suzie Vasileski

Suzie joined CP Partners in 2022 as administration support, marking her first role at an accounting firm. Since then, she has become an integral part of the client services team, always happy to assist clients with their queries both on the phone and in person. Suzie's involvement in various aspects of accounting work means she discovers something new every day! Her enthusiasm, dedication, and clear communication style makes her a cherished member of the team. On the weekends, Suzie enjoys spending time with family, travelling around Australia and overseas, and eating out at beautiful restaurants!

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