Australian Scam Culture Report: June 2024 quarter
Australian Scam Culture Report: June 2024 quarter
In this edition of the Australian Scam Culture Report, we delve into the current scam landscape in Australia and its impact on the community for the June 2024 quarter. Our forensic services team provides an update on the evolving dark web, presenting new challenges and threats in cybercrime.
Our forensic services experts also review the Australian Government’s newly proposed Scams Prevention Framework, aimed at combating the growing threat of scams and its potential impact on individuals and organisations.
Key findings in scam activity from the quarter
The June 2024 quarter saw a decline in total dollars lost to scams from $71.89 million in the March quarter to $62.57 million. This continuing downward trend in financial losses from scams suggests Australians are becoming more effective at mitigating losses from scams. However, there was an increase in the number of scams reported this quarter, indicating the ongoing threat and the need for Australians to remain vigilant.
The graph below shows the cumulative Australian dollars lost to scams for the first two-quarters of 2024.
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Source: 2024, All scam types stats – Scamwatch, Australian Competition and Consumer Commission, ©Commonwealth of Australia
Scam behaviour trends
Our latest report provides insights into the scam trends over the June 2024 quarter, including:
- A rise in the average number of scam reports per month by 11.4% in comparison to the March 2024 quarter
- Individuals over the age of 65 remaining the prime target for scammers, accounting for 37% of all reported incidents this quarter
- Investment scams emerging as the leading cause of financial loss, with over $32.6 million lost to this category.
BDO's forensic services professionals can assist you in mitigating and resolving high-risk matters, helping your organisation create and embed governance frameworks to retain value. Contact our forensic services team to discover how we can help you prevent, detect, and address the risks your organisation faces.