Scammers robbing Australians of record dollars
Scammers robbing Australians of record dollars
Scammers have significantly adapted their tactics, prioritising larger financial gains over the sheer number of scams, according to BDO’s latest Australian Scam Culture Report.
The report for the September 2024 quarter revealed that despite a 27 per cent decrease in the total number of reported scams compared to the previous quarter, the total amount lost to scams surged by 38 per cent.
BDO's forensic services Partner, Stan Gallo, said the alarming increase is clear evidence that scammers are evolving.
“One of the most notable changes observed this quarter is the shift in scam delivery methods,” Stan said.
“For the first time, email has overtaken text messages as the most commonly reported method for delivering scams, with reports of email scams increasing by 12 per cent from the previous quarter. “In contrast, reports of text message scams have decreased by 23 per cent.
However, the average dollar amount lost to text message scams has risen by 36 per cent, indicating that these scams are becoming more financially damaging.”
Investment scams continue to account for the highest dollar amount lost, with a staggering $53.8 million reported in the September quarter alone.
“This marks a 65 per cent increase from the previous quarter, highlighting the growing threat of cryptocurrency-related scams,” Stan said.
“The poorly understood nature of cryptocurrency markets, combined with the recent value gains and difficulty in tracking and identifying participants, makes it an attractive target for investment scammers.”
While individuals over 65 remain the primary targets, there has been a 12 per cent decrease in incidents among the 55-64 age group.
“This suggests that increased awareness and improved detection measures are starting to have a positive impact on this demographic.
“Going forward, the Australian Government’s Scam Protection Framework remains a critical focus, particularly for smaller financial institutions facing challenges in implementing these measures.”
For media enquiries:
Tate Papworth
Manager, Media
E: tate.papworth@bdo.com.au
Ph: 0433 411 189