Aussies lose almost $500m to scammers

The consumer watchdog says the $489 million Australians lost to scammers in 2018 is the tip of the iceberg, with many scams going unreported.

The ACCC reported an increase in loss from scams throughout Australia in 2018 Source: Getty

AUSTRALIANS CONTINUE TO FALL VICTIMS TO SCAMS

* Record $489.7 million lost in 2018 (up $149m)

* More than 378,000 scam reports to ACCC and other government agencies

* Top scams by financial loss:

1. Investments scams - $86 million (up 34 per cent)

2. Dating and romance scams - $60.5 million (up 44 per cent)

* Scammers using new technology such as automated calls and social media, to adapt old scams

* Scammers increasingly ask for money via iTunes, Google Play and other gift cards, plus crypto-currencies, to avoid banks' detection systems

* Businesses lost more than $60 million to email compromise scams, which involve hacking business email systems and impersonating key personnel

* People aged 55-64 lost more money than any other age group ($24.8m in losses reported direct to ACCC)

* Women reported more scams but lost less money than men (women reported $48.8m in losses to ACCC, men $56.9m)

* Men were more affected by investment scams; women by dating and romance scams

* Almost half of victims contacted by phone calls, 23 per cent by email.

Source: ACCC Targeting Scams report. (Headline overall figures include reports to ACCC and other government agencies.)