Australians lost millions to scams in 2020

Scams can be costly for victims. Source: AAP

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.

In 2020, scammers took advantage of the COVID-19 pandemic, to prey on unsuspecting people during the health crisis.

A record $851 million was taken from Australians last year.

That's according to a new report, released on Monday, from the Australian Competition and Consumer Commission.

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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