New data shows the fight against scammers is 'beginning to turn'

After the record heights of Australians losing a record $3.1 billion to scams in 2022, Assistant Treasurer Stephen Jones is launching the centre's second quarterly report at a Global Fraud Summit in London which shows scam losses in the October to December 2023 quarter have almost halved compared to the same period in 2022. The centre said this is largely due to a sharp decline in investment scams.

While it is widely acknowledged that many victims don't report scams or seek help, the data finds that Australians reported $82.1 million in losses in the October to December 2023 quarter, a 43 per cent reduction from the same quarter in 2022, and 26 per cent drop from the July to September 2023 quarter.

"Based on Scamwatch data, we are cautiously optimistic that the trend of accelerating increases in losses to scams is beginning to turn," the centre's latest report states.

The November year-to-year comparison is starkest. In November 2023, reported Australian scam losses were $25.7 million, a decrease of more than 50 per cent compared with $51.74 million in November 2022.

"Within six months the trend that saw scam losses double year-on-year has completely flipped. People's money is safer because the government is fighting back," Mr Jones said in a statement.

"Behind every dollar lost to scams is a heartbreaking story. We are working hard to intercept these malicious criminals before they can inflict pain on innocent Australians."

Scamwatch has been collecting the figures under the auspices of the Australian Competition and Consumer Commission (ACCC), but in June 2023 they were produced by the same method under the newly established national centre.

Australians reported 67,116 scam reports to Scamwatch in the October to December 2023 quarter, a decrease of 8 per cent compared to the previous year. The average reported scam loss was $1,224.

The Centre said, in its report, that it was "cautiously optimistic" that the trend of accelerating increases in losses to scams is beginning to turn.

It said that it had a heavy focus on investment scams in its first six months of operation as losses to this type of scam are high.

The centre said there had been a 38 per cent decrease in reported investment scam losses to $52.4 million when comparing the last quarters of 2023 and 2022.

There was a 74 per cent decrease in losses by cryptocurrency to $12.4 million, a 31 per cent decrease in losses by bank transfer to $40.2 million, and a 22 per cent decrease in losses where social networking is the contact method to $15.9 million.

Mr Jones says the report shows a "complete reversal" of recent scam loss trends.

"While this report is a promising sign that our plan is working, we urge people to remain vigilant to scammers and keep up to date with advice from the ACCC to protect themselves," the Assistant Treasurer said.

The government is working on creating a new SMS Sender ID Registry to stop impersonation scams and it is developing mandatory industry codes to oblige banks, telecommunication companies, and social media platforms to better protect customers.