Fraud costs Australians billions and the ACCC in a new report says that's just the tip of the iceberg.
Scams cost Australians about $2.5 billion in the past decade, with some rackets so slick at exploiting the news that even experts find it difficult to tell what is real.
The 2019 targeting scam report, released on Monday, also reviews the past decade to see what has changed. Business email scams accounted for the most losses in 2019 − about $132 million − followed by investment scams at $126 million and romance scams at $83 million. Ben Young, head of fraud with the Westpac Group, said isolation during the pandemic had "not been good for people's judgment".During the tightest restrictions, though, scams had risen.
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