Australians lost millions to scams in 2020

A national consumer report shows Australians lost a record amount of money to scammers in 2020. The top issues causing the most financial harm to Australians were investment scams and romance fraud.

Australians lost millions to scams in 2020. Source: iStockphoto

Highlights

• According to a new report, from the Australian Competition and Consumer Commission, a record $851 million was taken from Australians last year.
• The A-Triple-C report used data from Scamwatch, ReportCyber, other government agencies, 10 banks and financial intermediaries.
• Investment scams topped the list, with $328 million lost – more than a third of total losses, romance scams came in next, with lonely hearts losing $131 million.

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