Be vigilant this Scams Awareness Week

The key message of reporting scams is being driven home across this year’s campaign as Scamwatch claims 30 per cent of people do not report the most serious scams.

Between 1 January and 30 June 2024, Scamwatch received 143,113 scam reports. Of these, 92.4 per cent of reporters suffered no financial loss, yet provided vital information to support scam disruption activities and scam warnings.

The same period saw over $139 million lost. While still a substantial number, this was 50.9 per cent less than the first six months of 2023.

Around 2.5 per cent of Australians have experienced a scam, while 65 per cent have been exposed to a scam.

Older Aussies are more susceptible to scams, with people aged 55 and over accounting for 48.7 per cent of losses and reported 52,798 scams. Meanwhile, those aged 24 and under reported 3,654 scams and accounted for just 2.3 per cent of losses.

Those with English as a second language accounted for 17 per cent of losses. Those with disability accounted for 5.9 per cent, and Indigenous Australians made up 1.7 per cent.

Meanwhile, small businesses with up to 19 employees reported 967 scams, accounting for 2.8 per cent of losses.

Ahead of Scam Awareness Week, banks are urging consumers to remain vigilant for potential scams.

“Social media is a primary origination point of online shopping scams, impersonation scams, investment scams, romance scams, and employment scams, and they are costing Australians dearly,” said Bendigo Bank’s head of customer protection Jason Gordon.

“Australians reported losses of $80.2 million to social media scams last year – up 43 per cent on the year before, according to Scamwatch.”

Gordon provided five tips for spotting a social media scam:

1. Fake accounts: Scammers may pose on social media as your bank, a trusted friend, or even a well-known brand, trying to trick you into buying something, compromising your personal information or providing access to your devices or finances.
2. Investment opportunities and celebrity endorsements: Scammers aim to build trust, so a common tactic is sharing links to fake websites that mimic legitimate entities, with these scams even sometimes appearing to be endorsed by trusted identities or famous people.
3. Requests for too much information: Scammers can learn a lot about you from details you share on your social media accounts. They may also create quizzes, competitions, or posts designed to harvest sensitive or personal information that they can then use to guess your account passwords or target you with other scams.
4. The price is right: Be wary of offers that promise high rewards with minimal effort. Anything on social media that appears too good to be true probably is. If you are buying anything through social media channels, always verify secure shopping facilities before entering your credit card or banking details online, too.
5. Job opportunities promising easy earnings: If you’re approached about a job online that involves receiving and transferring money for a third party, be aware that this could make you a money ‘mule’ and leave you liable to prosecution. The middle person for criminal mules launders or cleans funds obtained from illegal activity.

Bank of Queensland (BOQ) added further insights for remaining safe from potential scams. Benjamin Hargreaves, general manager, financial crime operations at BOQ Group, noted the importance of sharing stories in scam prevention.

“Almost everyone you know has encountered a scam. By talking to each other, we can make sure no one is alone in the fight against scams. If you have identified or encountered a scam, it is important that you share your story with someone – it could be your mates, family, colleagues, social networks, or community,” said Hargreaves.

“When you share your encounter with a scam, you’re not just telling a story, you’re building a shield that can protect someone else from losing their money or personal information to a scammer. Every story we hear strengthens our collective defence. BOQ Group contributes to this defence by sharing scam alerts through our website and social media platforms.”

[Related: ‘Every day an average of 20 investment scam websites are taken down’, says ASIC]

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.

To reach Jack, email him at: This email address is being protected from spambots. You need JavaScript enabled to view it.