Scams data analysis - Australia outperforms other countries in its scam control efforts
Scams data analysis - Australia outperforms other countries in its scam control efforts
In a report commissioned by Westpac, BDO’s forensics experts have unveiled significant differences in scam impacts and reporting practices across Australia, UK, USA, and Canada.
While scammer’s tactics for targeting both organisations and individuals are consistently sophisticated across geographies, government policies for scam prevention and detection differ from country to country.
The study found that Australia’s overall scam losses have trended downward, with a 52 per cent decrease in scam losses from 2023 to 2024 for a comparable period. This indicates that Australia's approach to scam prevention is gaining traction. While this is a positive sign, it also underscores the need for continued vigilance and adaptation of our anti-scam strategies.
Australia’s results contrast with the reported scam performance observed in other countries. The UK’s scam losses per capita are almost double those in Australia. The reported data suggests that while the Contingent Reimbursement Model (CRM) in the UK has increased scam reporting, it has not substantially mitigated overall financial losses. Similarly, the USA and Canada have seen rising scam losses, indicating growing challenges in managing and preventing fraud.
The report also revealed notable differences in scammer’s tactics for targeting both organisations and individuals. In Australia, telecommunications remain the primary method, while online scams dominate in the UK. This divergence highlights the need for tailored scam prevention strategies suited to local contexts. Overall, the data reveals a complex landscape of scam impacts and prevention across these jurisdictions, emphasising the importance of continuous evaluation and adaptation of scam intervention policies.
BDO’s quarterly Australian Scam Culture Report, highlights a significant drop in average losses compared to previous quarters, indicating effective intervention strategies and possibly a growing public awareness.
To explore the full report and to gain deeper insight into scam performance across jurisdictions, read the full report here.
The Senate Economics Legislation Committee recently invited BDO to provide a submission to the Australian Parliament’s Inquiry into the Scams Prevention Framework Bill 2024. BDO suggested clearer definitions, data collection protocol and streamlined reporting, ongoing of scam typologies so we remain risk-responsive, especially for higher-risk cohorts.
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