Australia makes significant progress in scam prevention

Scam losses across the country were down by 52 per cent in the year to 30 June 2024, according to a report from BDO Australia, commissioned by Westpac.

This progress was largely driven by government initiatives to combat scams, such as the Scam-Safe Accord that was introduced in 2023.

“This indicates that Australia’s approach to scam prevention is gaining traction. While this is a positive sign, it also underscores the need for continued vigilance and adaptation of our anti-scam strategies,” said the report.

In contrast with other nations, Australia is faring well. For instance, the UK ($30.28) reported nearly double the losses per capita from scams than that of Australia ($17.69) in 2023.

Investment scams proved to the biggest risk for monetary loss in Australia. According to Westpac’s customer and corporate services group executive, Carolyn McCann, continued collaborative prevention is what will keep losses down.

“To maintain this momentum and ensure Australians are protected, we need to make our country the hardest place for scammers to operate in. This can only be achieved if all players in the ecosystem step up and do their part,” said McCann.

“More than half of all scams are originating on [digital] platforms and they need to be stopped.”

The fight is ongoing, with the government recently announcing the Fighting Scams Campaign, which includes TV commercials and social media ads running until 22 March.

The key messages of this campaign are:

• STOP: before sharing personal information.
• CHECK: that you know who you’re dealing with.
• PROTECT: against scams by taking actions like reporting them to Scamwatch.gov.au.

Assistant Treasurer and Minister for Financial Services, Stephen Jones, said: “This campaign is critical to arming Australians with tools and tips to keep their money safe from scammers. Anyone can be a target of a scammer, so whether you’re 20 or 65, everyone should stay scam alert.

“The Albanese government has made scams a priority because we get the financial and emotional turmoil victims face and we want to rid Australia of this scourge.”

The Australian Banking Association welcomed this initiative, with CEO Anna Bligh urging Aussies to “remain vigilant”.

“Scams are a blight on our society. Every dollar lost is a dollar too much. While Australia is one of the few countries in the world reporting declining losses, ongoing community education and awareness of the risks that scams pose is absolutely critical,” she said.

“Scammers will continue to evolve their tactics to trick Australians and that’s why we all need to be on high alert. This campaign is an important reminder to all of us, that as we go about our daily lives, it pays to remain vigilant to the risks of scams. Our industry fully backs the clear messaging of this campaign – if something doesn’t feel right, make sure you stop, check and protect yourself from scams.

“While awareness is key, banks are also continuing to take the fight to scammers with world-leading safeguards to keep your money safe. Our industry’s Scam-Safe Accord is seeing banks put in place new scam protections including confirmation of payee technology, more payment warnings and delays, identity checks and enhanced intelligence sharing. Banks will continue to work with the Federal Government and other sectors to fight scammers and reduce losses even further.”

[Related: Stay scam safe: 5 to keep an eye on in 2025]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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