The Australian Competition and Consumer Commission (ACCC) has recently published their annual Targeting Scams report which provides insight into scams that have impacted Australians in 2022 and some of the activities by government, law enforcement, the private sector and community to disrupt and prevent scams.1
Key statistics
- Over 500,000 scam reports with losses of over $3.1 billion, an 80% increase on total losses recorded in 2021
- Highest losses (by value) were to investment scams totalling $1.5 billion
- An additional $500 million lost to remote access and payment redirection scams
- Almost 29,000 victims reported actual financial loss, with approximately 65,000 reporting the loss of personal information
- An estimated 30% of victims do not report losses to anyone
- Top contact methods were text message (33%), phone call (29%) and email (22%)
As the number of scams continues to rise and scam methods become more sophisticated, educating yourself on how to identify the signs of a scam is one of your best defences against them. We’ve included below some tips from the ACCC’s report that you can take to protect yourself today.
- Beware of anyone offering you easy money through investment or a job. Visit moneysmart.gov.au to avoid investment scams.
- Check invoices and bills before paying, by independently calling the business on the publicly listed number.
- Add steps to show who you are when you log into your online services. This could be a code sent to your phone, a token, a secret question or your face or fingerprint.
- Never provide information, passwords, or codes over the phone or via text to anyone. Contact government, businesses, and banks through official channels.
- Immediately report any suspicious activity to your bank.
- If you need crisis services or emotional support, contact Beyondblue on 1300 224 636 or Lifeline on 13 11 14.
You can view the full Targeting Scams 2022 report by visiting accc.gov.au.
Our commitment to protecting our members
At MOVE Bank, we are committed to putting the needs of our members first in everything we do. We take all reasonable steps to ensure that we protect our members from fraud and scams, including:
- Training our staff on how to identify scams and fraudulent activity
- Monitoring accounts for unusual transactions to identify potential fraud
- Working with other banks and government organisations to develop anti-scam intelligence and technology
- Educating our members about scams in a variety of ways, such as in our MOVE Life newsletter
You can find a range of helpful information and resources on identifying and reporting scams on our website by visiting our scam info page.
This blog post is for general information purposes only and is not intended as financial or professional advice. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product or other professional advice. You should seek your own independent financial, legal and taxation advice before making any decision about any action in relation to the material in this article.
1 https://www.accc.gov.au/about-us/publications/serial-publications/targeting-scams-report-on-scams-activity/targeting-scams-report-of-theaccc-on-scams-activity-2022
