Despite government efforts to fight scams, the figures continue to rise. And older Australians are some of the most targeted victims – in carefully researched areas.
The Vodaphone State of Scams report, released to the Herald Sun, reveals how scammers target various cohorts, and it shows that older Australians are losing the most money.
Scammers are preying on older Australians’ goodwill, with those aged 55 to 64 most likely to lose money to charity scams. It’s satisfying being generous but only if the money lands in the intended bank account.
Those aged over 65 are most likely to be targeted in money scams.
Those in the 45 to 54 age bracket are most likely to be targeted through threats and extortion scams.
In the breakdown of baby boomers who were scammed, 47 per cent lost between $10 and $49 and 6 per cent lost lost between $1000 and $4999.
In comparison, 8 per cent of gen X victims lost between $500 and $999 and 8 per cent of gen Y victims lost $100 to $199.
Millions lost
Overall, the most common financial loss from scammers was between $10 and $49, with nearly half (44 per cent) of Australians affected. The report found that nearly three million Australians acknowledged losses of between $50 and $99 per scam and 4,143,30 Australians handed over $10,000 or more to fraudsters, according to the Herald Sun.
The report was compiled following a national, industry-wide survey between January and June this year.
The Australian Competition and Consumer Commission (ACCC) reported that Australians lost a record $3.1 billion to scams in 2022 – an 80 per cent increase on 2021.
Investment scams were the highest loss category ($1.5 billion), followed by remote access scams ($229 million) and payment redirection scams ($224 million).
“The true cost of scams is much more than a dollar figure as they also cause emotional distress to victims, their families and businesses,” says ACCC deputy chair Catriona Lowe.
“Scammers evolve quickly and, unfortunately, many Australians are losing their life savings.
“We have seen alarming new tactics emerge, which make scams incredibly difficult to detect. This includes everything from impersonating official phone numbers, email addresses and websites of legitimate organisations to scam texts that appear in the same conversation thread as genuine messages. This means now more than ever, anyone can fall victim to a scam.”
What to do if you’ve been scammed
Government website Scamwatch has important advice if you believe you have been scammed.
You should act fast to prevent further losses. If the scam has gone through your banking institution, contact them to report it and ask them to stop any further transactions.
If you were sending money, stop immediately.
You should also ask for help to recover. IDCARE is Australia’s identity and cyber support service and can help you make a plan to limit any damage. The service is free.
Reporting the scam is vital, but it seems Australians are reluctant to officially complain.
According to the Vodaphone report, 75 per cent of victims did not report the scams.
Reporting may not get your money back, but it can be useful for enforcement services to keep track of scams and learn about new attacks. Contact Scamwatch here. You can also contact the police.
It’s also important to keep an eye out for follow-up scams. Unfortunately, one in three victims are subject to more attacks so you should be alert to any other suspicious activity.
Do you know anyone who has lost money in a scam? How did it happen? Why not share your experience in the comments section below?
Also read: What is a ‘brushing’ scam?
They can keep on trying with me, but the still won’t get anywhere.
I’ve recently had a ‘scam’ call asking me to choose 1 for Chinese or 2 for English. I just hang up.
I’ve even received a ‘message’ from Centrelink in regards to an $800 or $850 ‘extra payment’ due to me – I just ignore & delete them, as I know that there’s been no government payment due to pensioners recently, as it would have been ‘announced’.
I’ve had a few regarding ‘My cloud’, which I don’t have, telling me I am running out of space or I have run out and need to top up, so they can get my details and bank accoiunt. I also had 6 from “Bunnings” telling me I have won $750 of tools, just answert a quick survey, likewise 9
from “Chemist wearehouse” The URL on each of them was different, so there is obviously a group of these morons doing the rounds
And beware of any advertisements that pop up on your Facebook feed as IMO they are nearly all fraudulent. Some have offers so good that it should be clear they are fake but I guess a few people get fooled and fall victim.
Sue – I totally agree with you about the Chinese scam phone call. Thing is – I don’t answer my phone to any number I cannot recognise – bad luck if I win Lotto tonight! But these scammers always leave the message. No matter how many times I block these pests (I’m also on the do-not-disturb register), I get 3-4 every day. Only this morning, I received an email from my bank, talking about a new way of making secure payments. Said to click on the link to read the terms. I didn’t – went into the bank, and yes, it was genuine. But I still won’t click on any link. My other safeguard is that I have my banking over 3 totally different banks, and watch my accounts rigorously for any problems.
I am also so sick and tired of practically every 2nd company forcing you to use an ap. I recently bought an item, said I could collect from K-Mart. Got there – and no – even though I had confirming email, they refused to hand me the parcel until I signed up to the seller’s ap! I don’t want aps on my phone unless I specifically want them! Not be forced to have them.
We have the answering machine on and don’t answer calls from unknown numbers. They always hang up rather than leave a message. I never click on links either on the phone or email and just hope like hell we don’t get scammed. Being older and not knowing a lot about technology, it is always a worry. Wd also don’t use Facebook or Twitter and the like.