The Australian Competition and Consumer Commission said while it was the first time a drop in losses had occurred in six years, it was still too much suffering for Australians to bear.
The biggest offender last year was investment fraud, which led to losses of $1.3 billion.
Next was the remote access fraud, worth $256 million.
And then came the romance scam, worth $201 million.
There are two distinct areas experiencing increased losses: email fraud and social media fraud.
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