Australian Scam Culture Report: September 2024 quarter
Australian Scam Culture Report: September 2024 quarter
In this edition of our Australian Scam Culture Report, we reveal the latest trends in scam activity for the September 2024 quarter, exploring emerging scam types in cryptocurrency and tax return scams, and provide further insight into the Scams Prevention Framework from the perspective of small to mid-tier financial institutions.
Key findings in scam activity from the quarter
The predominant delivery method for reported scams shifted for the first time since the inception of our Australian Scam Culture Report, with reported scams delivered by email surpassing reported text message scams.
Despite a decrease in reported scams compared to the June 2024 quarter, the total amount lost to scams increased significantly by 38 per cent, signalling that victims may not be reporting all scams they encounter.
The graph below shows the cumulative Australian dollars lost to scams for the June and September 2024 quarters.
Source: 2024, All scam types stats - Scamwatch, Australian Competition and Consumer Commission, ©Commonwealth of Australia
Scam behaviour trends
- Investment scams continue to cause the most financial harm to the population, with a surge of 65 per cent in the total amount lost compared to the previous quarter. This can be attributed to the current prevalence of tax return scams and cryptocurrency scams. In this edition, we delve deeper into these scam types and measures to safeguard against them.
- Detection measures appear to be yielding positive results amongst the 55-64 age group with a decrease in scams reported by this demographic, however it is important to stay vigilant and continue efforts in scam awareness.
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