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According to information released by the Australian Competition & Consumer Commission (ACCC), reports that involve a money recovery element are on the rise.
Between December 2023 and May 2024, Scamwatch received 158 reports with total losses of over $2.9 million, including losses from the original scam. The number of reports increased by 129% when compared to the six months prior, however financial losses decreased by 29% from $4.1 million.
NSA Chief Executive Officer Mr Chris Grice said it is concerning to see Australians aged 65 and older were the largest reporting group and suffered the highest average losses.
“These are not just numbers – these are real and often vulnerable people with retirement funds, life savings and legacies intended for family and charities. To scam someone once is bad enough, to scam that same person again as they attempt to recover their financial loss is simply deplorable – it’s the lowest of the low,” Mr Grice said.
“Most services, communications and transactions are now online. For many older people, being online and navigating the internet is still new and fraught with fear, and rightly so.”