Australians lost more than $480 million in scams in a year where complaints jumped, but their overall financial impact fell.
The Australian Competition and Consumer Commission's (ACCC) Scamwatch service received 301,791 scam reports in 2023 (up 26 per cent on 2022), with financial losses totalling $480.7 million, down from $569 million the year prior.
Here's a look at some of the scams that hit hard.
Job scams were the fastest-growing
Scamwatch received 4,824 reports relating to job scams last year.
Financial losses came in at $24.7 million — an almost 155 per cent increase year-on year that made it the fastest-growing scam type in 2023.
Scamwatch found that younger Australians including students seeking part-time work, and people from culturally and linguistically diverse backgrounds, including non-resident visa holders, were disproportionately affected by these scams.
Victims may respond to fake job ads on social media, leading scammers to contact them through encrypted apps like WhatsApp.
"The scam operates similar to an online game, with victims reporting that they are pressured to make an initial investment of their own money along with ongoing payments in order to 'level up' and receive a higher income which they never receive," ACCC deputy chair Catriona Lowe said in January.
"If you see an ad on social media promising guaranteed income with flexible hours or are contacted out of the blue on WhatsApp about a job opportunity, ask yourself if it could be a scam?"
Investment scams
While receiving comparatively fewer reports (8,161) on investment scams, Scamwatch found that they resulted in the greatest losses at $293.2 million (down 7.4 per cent on the previous year).
Those behind these scams may lure victims with fake ads or news stories claiming a celebrity endorses a particular scheme that could make them big money.
Victims might speak to an adviser who claims they don't need an Australian financial services licence, and who may try to use high-pressure tactics to get them to act, according to Scamwatch.
The federal government's Moneysmart website warns scammers may say they're offering quick and guaranteed investment returns, foreign currency trading, or no risk opportunities, among other things.
Phishing scams
There were nearly 109,000 phishing-related scam reports last year, with losses amounting to $26.1 million (up 6 per cent year-on-year).
These may come in the form of text messages or emails from a scammer that masquerades as a legitimate business in an attempt to extract identity or financial information.
They are designed to steal personal information from the victim so that the bad actor has enough information to be able to access bank accounts and/or superannuation accounts or open accounts in the victim's name.
What about other scams?
Losses connected to dating and romance scams fell 15 per cent to $34.4 million, with Scamwatch receiving more than 3,650 reports.
There were 39,586 reports of false billing scams, which typically see the victim receiving an unexpected invoice for goods or services that they never ordered or experienced. Losses amounted to $28 million — up 12.8 per cent.
And almost 9,000 reports related to remote access scams, with losses for this type totalling $15.6 million (down about 28 per cent year-on-year).
