Scams costing Aussies $2 billion despite losses falling

Australians are getting better at identifying online con jobs but anti-scam and banking groups warn scammers are evolving, amid losses of $2 billion.

Combined scam losses fell by $700 million to $2.03 billion in 2024, a 25.9 per cent drop on the previous 12 months, according to a report from the National Anti-Scam Centre.

The number of reports also decreased by 18 per cent from 601,803 to 494,732 over the same period.

Authorities are cautiously optimistic their combined efforts across industry, governments and community will continue to reduce scam victims, Australian Consumer and Competition Commission deputy chair Catriona Lowe said.

But she notes an increase in losses in the last few months of 2024.

"Scammers are sophisticated and motivated criminals, and we can expect them to innovate even as we succeed in strengthening our defences," Ms Lowe said.

"The impact on scam victims is all too often life changing, with negative effects on mental health and wellbeing."

Shopping scams were the most frequent scam type, with Australians losing $9.8 million from 10,022 reports in 2024, a 24.2 per cent decrease in reports from 2023.

Investment scams topped the list when it came to total amount lost at $192.3 million, but that has also decreased by 34 per cent from 2023.

Email was the most frequent contact method, with 90,819 reports but only 3459 people reported losing money.

In contrast, social media scams led to more people losing money, with 7724 reports and a loss of $69.4 million in 2024, an increase from 7706 reports in 2023.

Phone scams had the highest overall losses with $107.2 million lost across 2179 reports.

The joint industry, government and community collaboration has led to more than 8000 websites taken down, developed scam-blocking technology and community awareness campaigns.

In 2025, the centre will explore artificial intelligence to proactively scan for, identify and help disrupt scams.

Australian Banking Association chief executive Anna Bligh said while it is a welcome sign that the nation's world-leading scams approach is working, now is not the time to take the foot off the pedal.

"International criminal gangs will continue to evolve their tactics and find new ways to steal money," she said.

"It's therefore crucial government, banks, telcos, digital platforms as well as consumers all play an ongoing role."

The Digital Industry Group managing director Sunita Bose said ongoing collaboration, strong offshore law enforcement efforts and continued public awareness are required to stop scams.

"Scammers are relentless criminals - working to beat them at their game requires continued effort," Ms Bose said.

The federal government has passed laws to strengthen protections, including fines for businesses that do not maintain strong scam defences and new rules for banks, telecommunications companies and social media organisations to protect consumers.