- cybersecurity
- fraud-prevention
- business-protection
Australian scam losses hit $2.03 billion in 2024. Learn about investment scams, remote access fraud, and payment redirection schemes targeting businesses and individuals.
The Current State of Scams in Australia
Australia continues to face a significant challenge with fraudulent activities, as ScamWatch data reveals that Australians lost A$2.03 billion to scams in 2024. While this represents a decline from the peak of A$3.1 billion recorded in 2022, the figures only capture reported losses, with many incidents remaining unreported due to victim embarrassment and shame.
Catriona Lowe, deputy chair of the Australian Competition and Consumer Commission (ACCC), emphasises that determining the true extent of scam activity remains challenging. The underreporting of scam incidents means the actual financial impact on Australian consumers and businesses may be considerably higher than official statistics suggest.
How Data Breaches Enable More Convincing Scams
Recent high-profile data breaches across Australia have provided scammers with valuable information to enhance their deceptive tactics. Criminals now use leaked personal data to "scaffold" their scams, making impersonation attempts more convincing and harder to detect.
When scammers possess detailed personal information about their targets, they can more effectively pose as representatives from banks, technology companies, or government agencies. This insider knowledge allows them to reference specific details that would typically only be known by legitimate organisations, significantly increasing their success rates.
The Evolution of Scam Technology
Dan Halpin, CEO of Cybertrace, highlights how artificial intelligence is revolutionising scam operations. Modern fraudsters now employ AI to craft convincing emails and clone voices for telephone-based scams. The technology has advanced to include deepfake video capabilities, which have already appeared in investment scam promotions.
These technological advances represent a concerning trend where scammers adapt their methods as quickly as the tools designed to prevent them. The sophistication of modern scam operations rivals that of legitimate businesses, with criminal syndicates establishing comprehensive support structures including call centres, web designers, translators, and money laundering networks.
The Five Most Common Scam Categories
The ACCC's 2024 Targeting scams report identifies five primary scam categories that account for more than 70 per cent of total reported losses. Understanding these categories helps individuals and businesses recognise potential threats and implement appropriate protective measures.
Investment scams dominated the landscape in 2024, generating A$945 million in losses. These sophisticated operations often feature fake trading platforms, cryptocurrency schemes, and high-return investment opportunities that appear legitimate through professional websites and falsified regulatory registrations.
Remote access scams contributed A$106 million to the total losses, typically beginning with cold calls from individuals impersonating telecommunications companies, banks, or the Australian Taxation Office. The objective involves convincing victims to install remote access software, enabling scammers to control devices and access banking information.
Emerging Scam Trends to Monitor
Ticketing scams represent a particularly opportunistic category that capitalises on major events and cultural phenomena. The Taylor Swift concert tour in Australia sparked numerous fraudulent ticket offers through social media and chat platforms, targeting fans desperate to secure access to sold-out performances.
Payment redirection scams, also known as Business Email Compromise, experienced a 66 per cent increase from A$91.6 million in 2023 to A$152.6 million in 2024. These schemes involve intercepting legitimate business communications and altering banking details, particularly targeting conveyancers, real estate agents, and professional service providers.
The sophistication of these operations often means that payments are redirected and withdrawn before organisations realise the deception has occurred, making recovery extremely difficult.
Legislative Response and Industry Accountability
The Australian Parliament's passage of the Scams Prevention Framework Bill in February 2024 represents a significant step towards addressing the scam epidemic. This legislation grants the ACCC enhanced powers to investigate breaches and enforce compliance across designated industry sectors.
The framework imposes specific obligations on telecommunications companies, financial institutions, and other sectors to actively prevent and disrupt scam operations. However, industry experts acknowledge that legislative measures alone cannot eliminate the threat, as criminal organisations continue to develop increasingly sophisticated and aggressive tactics.
Building Organisational Resilience Against Scams
Effective scam prevention requires organisations to implement comprehensive cyber hygiene practices that extend beyond technical solutions. Staff training programmes should educate employees about emerging threats and establish clear protocols for verifying suspicious communications.
Multi-factor authentication systems provide an additional security layer that can prevent unauthorised access even when credentials are compromised. Payment verification procedures should include independent confirmation of banking details through established communication channels rather than relying on information provided in potentially compromised emails.
Creating a culture of caution within organisations encourages employees to report suspicious activities without fear of criticism. Many successful scam operations exploit human trust rather than technical vulnerabilities, making awareness and vigilance critical components of any effective defence strategy.