Australians lost $2.03 billion to scams in 2024, according to ScamWatch — down from the $3.1 billion peak in 2022, but still alarmingly high.
The ACCC warns that the real figure is likely even greater, as many victims don’t report scams due to embarrassment or shame. Recent data breaches have also made scams harder to spot, with stolen personal details helping fraudsters convincingly pose as banks or tech companies.
Experts note that scams are no longer the work of individuals. Instead, organised crime groups run them like businesses, using call centres, designers, translators and even AI tools to make scams look and sound legitimate. Voice cloning, deepfakes, and fake investment websites are among the latest tactics.
The ACCC’s 2024 Targeting Scams report found five main categories responsible for most losses:
Investment scams – the most damaging, with losses of $945 million in 2024, often involving fake trading platforms or crypto schemes.
Romance scams
Payment redirection scams
Remote access scams
Phishing scams
Investment scams in particular are frequently advertised online, sometimes misusing celebrities or impersonating real financial institutions to appear legitimate.
Scammers are evolving quickly, and the use of AI is only making them harder to detect. Awareness and vigilance remain the best defence.
Source: CPA Australia
