Despite increase in scam reports, total reported losses decline: ACCC
Losses due to scams declined to $2.74 billion in 2023, with the Australian government attributing the decrease to the launch of its National Anti‑Scam Centre (NASC) last year.
Data from the 15th annual Targeting Scams report showed that there were over 601,000 scam reports in 2023, an 18.5% increase from the year prior.
However, total reported losses from scams last year were 13% lower than the $3.1 billion reported in 2022.
Catriona Lowe, deputy chair at the Australian Competition and Consumer Commission (ACCC), said it was "encouraging" to see the decrease in financial loss despite higher scam reports.
Source: 15th annual Targeting Scams report
Losses by scam type
By type, investment scams accounted for the highest losses, with $1.3 billion, while phishing scams contributed $137.4 million.
Among them, only remote access scam losses went up (12%). Decreases were recorded in other scam types such as:
- Payment redirection scam losses (-59%)
- Investment scam losses (-13%)
- Phishing scam losses (-13%)
- Romance scam losses (-4%)
- Other scam losses (-4%)
"These results demonstrate that coordinated scams prevention, detection, and response initiatives can stem the flow of funds to criminals and protect Australians," said Lowe in the report's foreword.
NASC's impact
The government also attributed the decrease in losses from scams to the NASC launch in July last year. According to the Treasury, scam losses plunged by 21% in the second half of 2023, compared to the first half of the year after the implementation of the NASC.
"While the report shows positive early signs, scam losses remain far too high and we urge Australians to remain alert to the threat of scammers and report any suspicious activity," said Financial Services Minister Stephen Jones in a statement.
The government also announced that it will implement the second phase of its anti‑scam agenda by introducing new mandatory industry codes that will contain the obligations for banks, telcos, and digital platforms to prevent, detect, disrupt, and respond to scams.
"This report shows that our plan is working, but every dollar lost to a scam is a tragedy and we will continue to roll out our anti‑scam programme," Jones said.
Businesses that will fail to comply with their obligations will likely see "strong penalties," according to the government.
Jones said they are "absolutely determined" to keep Australians' money safe from criminals.
"We want Australia to be a world leader in combatting scammers and our mandatory codes will put us well ahead," the minister added.
