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The $2 Billion Problem: Australia's Scam Epidemic is Exploding

Updated: Dec 9, 2025

Scams are a bigger and more sophisticated problem than ever before, costing Australians an estimated $2 billion in 2021 alone. In a recent podcast, ACCC Deputy Chair Delia Rickard revealed the shocking scale of the issue, noting that reported losses surged 163% in early 2022 compared to the previous year.

The numbers reported to the ACCC's ScamWatch site are just the tip of the iceberg, representing only about 12% of the total losses, as a third of victims never report the crime. Scammers, most of whom are part of organised crime groups overseas, are using technology to reach more people than ever, constantly evolving their tactics to bypass security measures.

The Most Common and Damaging Scams Right Now

While some scams are more frequently reported, others cause far greater financial devastation. Here are the key ones to watch out for.

Most Reported Scams

  1. Phishing: The number one reported scam. These are emails, texts, or calls designed to trick you into revealing personal information like your date of birth, address, or passwords.

  2. Online Shopping Scams: Fake websites or social media ads that take your money but never deliver the goods, or send a cheap imitation instead.

  3. False Billing: Scammers impersonate utility companies, the ATO, or other government bodies, demanding immediate payment and threatening you with arrest or other serious consequences.

  4. Remote Access Scams: A scammer calls pretending to be from a telco or tech company like NBN, claiming there's a problem with your computer. They convince you to install software that gives them control, allowing them to access your online banking and drain your accounts. The golden rule: Never give remote access to your computer to someone who contacts you out of the blue.

Most Financially Damaging Scams

  1. Investment Scams: These cause the biggest losses by far, with over $151 million lost in the first four months of the year alone. Scammers use tactics like "imposter bonds", where they create perfect replicas of prospectuses for trusted ASX companies but change the bank details to their own. They also lure victims with fake cryptocurrency opportunities.

  2. Dating & Romance Scams: These are incredibly cruel, with scammers investing months or even years building trust. A new tactic involves the scammer pretending to be a successful investor (often in crypto). After gaining the victim's trust, they guide them to "invest" their own money on a fake platform, eventually stealing it all.

How to Spot a Scam and Protect Yourself

Scammers are professionals. Their emails and websites often look perfect, without the spelling mistakes we once looked for. The most important defence is scepticism.


Key Red Flags 🚩

  • Unexpected Contact: Be immediately suspicious of anyone who contacts you unexpectedly via phone, text, email, or social media and asks for money or personal information.

  • Urgency and Threats: Scammers often try to create a sense of panic or urgency to make you act without thinking.

  • Unusual Payment Methods: If you're asked to pay for something with gift cards or cryptocurrency, it's almost certainly a scam.

  • Suspicious Links: Do not click on links in unexpected texts or emails, especially messages about parcel deliveries or bank security alerts. Banks will never send you a link to log in to your account.

How to Stay Safe 🛡️

  • Verify Independently: If you receive a suspicious message from a company, don't use the contact details they provide. Find the official phone number or website via a separate Google search and contact them directly.

  • Lock Down Your Privacy: Limit the personal information you share online. Check your social media privacy settings and be wary of online quizzes that ask for details often used in security questions (like your first pet's name or mother's maiden name).

  • Use Strong, Unique Passwords: Use a different password for every account and consider a password manager to keep track of them.

What to Do If You've Been Scammed

If you think you've fallen for a scam, it's crucial to act fast.

  1. Stop all contact with the scammer immediately.

  2. Contact your bank or financial institution as soon as possible. They may be able to stop a transaction.

  3. Contact IDCARE (idcare.org), a free government-funded service that helps victims of identity theft.

  4. Report the scam to ScamWatch (scamwatch.gov.au). This helps the ACCC warn others about current scams.

  5. Change your passwords on all your online accounts, especially if you think one may have been compromised.

 
 
 

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