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Aussies Scammed $340M Last Year, Up $40M

The ACCC’s ‘Targeting Scams Report’ reveals Aussies lost $340 million in 2017 – an increase of $40 million versus the year before.

The staggering figure consists of over 200,000 scams reported to the ACCC and other Federal agencies.

‘Investment scams’ topped the list – jumping 8% to $64 million – whilst ‘dating and romance scams’ came in second, posting $42 million.

On average, Aussie scam victims lost around $6,500. In some cases, individuals lost over $1 million.

It’s the first time Australia’s scam losses have tipped over $300 million.

ACCC Deputy Chairman, Delia Rickhard, affirms it’s “worrying” Australians are losing “extraordinary amounts” to scammers.

“Some scams are becoming very sophisticated and hard to spot. Scammers use modern technology like social media to contact and deceive their victims. In the past few years, reports indicate scammers are using aggressive techniques both over the phone and online,” Rickhard adds.

The ACCC encourages individuals to report scams at scamwatch.gov.au.

Today also marks the beginning of Australia’s ‘Scams Awareness Week 2018’, with the consumer watchdog encouraging residents to “Stop and check: is this for real?”.

Further information is available on the ACCC’s website here.


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