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ACCC: Aussies Scammed Out Of Over $80 Million In 2014

ACCC: Aussies Scammed Out Of Over $80 Million In 2014In total, 91,637 complaints were made to the ACCC last year, with the ACCC urging consumers to “Get smarter with their data” as part of Fraud Week.

ACCC Deputy Chair Delia Rickard noted that stolen personal information “underpins almost every scam reported”.

“Scammers are stealing not only your money but also your data, which they then use to commit identity theft or to sell to other scammers,” Rickard stated.

“Your personal data is a valued commodity – and one that you cannot put too high a price on when it comes to protecting it. Unfortunately, scammers also recognise the value of your personal information and will go to great lengths to steal it.”

Despite making up only three per cent of all scam reports, online dating scams remained the number one scam for financial losses, accounting for 34 per cent of reported losses, with almost $28 million reported lost.

Investment fraud and computer prediction software scams, which the ACCC noted are often dressed up as legitimate investment opportunities, were the next highest for reported losses, with the two scams accounting for 26 per cent of reported losses and over $21 million dollars lost.

“Increasingly, scammers are using personal information gleaned from social media profiles to target victims for a fraudulent relationship or investment,” Rickard stated.

“Scammers are constantly ‘phishing’ for your personal details, such as your name, address and birth date and this will only increase to as your personal data becomes more valuable to them.”

The ACCC offers the following SCAMwatch tips:

1. Keep your personal details secure: Lock your mailbox, and shred your bills and other important documents before throwing out. Be careful sharing information about yourself online, including social media, blogs and other online forums.    

2. Think twice about what you say and do in an online environment: Stop and think before filling in surveys, entering competitions, clicking on links or attachments, or even “befriending”, “liking” or “sharing” something.    

3. Keep your mobile devices and computers secure: Always use password protection, don’t share access with others (including remotely), update security software and back-up content. Protect your Wi-Fi network with a password and avoid using public computers or Wi-Fi hotspots to access online banking or provide personal information.    

4. Choose your passwords carefully: A strong password should include a mix of upper and lower case letters, numbers and symbols. Don’t use the same password for every account/profile, and don’t share your passwords with anyone.    

5. Beware of any request for your details or money:  Use the phone book or an online search to check the organisation’s contact details. NEVER use the contact details provided in the original request.    

6. Get a copy of your credit report: You can get a free copy of your report every year to check that no-one is using your name to borrow money or run up debts. Find out how to get your free credit report on ASIC’s MoneySmart website.