Australians reported losing A$2.03 billion to scams in 2024, according to ScamWatch. While this is lower than the 2022 peak of A$3.1 billion, experts warn the true figure is likely far higher due to underreporting.
Deputy chair of the Australian Competition and Consumer Commission (ACCC), Catriona Lowe, says many victims never come forward.
“Feelings of embarrassment or shame often stop people reporting scams, even when significant money has been lost,” Lowe says.
Data breaches across major Australian organisations have also made scams more convincing. With access to leaked personal details, criminals can easily pose as banks, tech support providers or government agencies.
How technology is changing scams
Dan Halpin, CEO of Cybertrace, says artificial intelligence is quickly reshaping the way scams operate.
“AI can draft professional-looking emails, mimic someone’s voice in a phone call, and even generate deepfake videos. These tactics make scams harder to spot and much more believable.”
Far from lone operators, today’s scams are run by organised crime groups.
“These groups run call centres, employ web designers, use translators and rely heavily on AI to boost credibility,” Halpin explains.
Types of scams hitting Australians hardest
The ACCC’s Targeting Scams Report 2024 highlights the scams responsible for most losses. While romance, phishing and remote access scams remain common, investment scams and payment redirection scams top the list.
a. Fraudulent investment offers
- Losses in 2024: A$945 million.
- Often involve fake trading platforms, cryptocurrency schemes or term deposit offers that appear genuine.
- Victims are lured through ads, professional-looking websites, or even fake endorsements by well-known Australians.
- Experts recommend verifying any investment directly with a trusted source and avoiding contact details listed in online ads.
b. Tech support or remote access scams
- Losses in 2024: A$106 million.
- Begin with a phone call pretending to be from a telco, bank or the ATO.
- Victims are persuaded to download remote access software, giving criminals direct control of their device and bank accounts.
c. Fake ticket sales and streaming offers
- Surge during major events like Taylor Swift’s tour and the FIFA Women’s World Cup.
- Fraudsters sell fake concert tickets or charge for non-existent live-streaming services.
d. Business email compromise (BEC)
- Also known as payment redirection scams.
- Losses rose 66% in 2024, totalling A$152.6 million.
- Scammers intercept invoices, change bank account details, and rely on payments being made before discrepancies are detected.
- Conveyancers, real estate agencies and professional services are frequent targets.
Can scams be stopped?
In early 2025, the Scams Prevention Framework Bill became law, giving the ACCC stronger enforcement powers. Lowe says the law obliges banks, telcos and other sectors to take proactive steps to block scams.
Halpin believes more work is needed:
“The legislation is a good start, but scams haven’t slowed down. We need tighter enforcement, closer cooperation between government and industry, and accountability for platforms where scams flourish, like social media and encrypted apps.”
Staying one step ahead
Businesses and individuals alike need to practise good cyber habits:
- Train staff to recognise scam techniques.
- Use multi-factor authentication on accounts.
- Always verify payment details by phone or in person.
- Establish clear reporting processes if something looks suspicious.
Halpin says the biggest danger is misplaced trust.
“Scams don’t just exploit weaknesses in systems — they exploit people. A culture of caution is the best defence we’ve got.”