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Payment redirection scams were the most financially damaging scams for Australian businesses in 2020 according to the ACCC’s latest Targeting Scams report.

Australians lost over $851 million to scams in 2020, a record amount, as scammers took advantage of the pandemic to con unsuspecting people, according to the ACCC’s latest Targeting Scams report released today.

Australians have already lost over $288,000 to vehicle scams in the first quarter of this year, more than all losses reported to Scamwatch in 2019, and scammers have now begun impersonating defence personnel to con their victims.

Scamwatch has received over 6415 scam reports mentioning the coronavirus with more than $9 800 000 in reported losses since the outbreak of COVID-19 (coronavirus). 

Australian businesses reported over $14 million in losses to Scamwatch due to payment redirection scams last year, and average losses so far in 2021 are more than five times higher compared to average losses in the same period last year.

Australians reported a record-breaking $37 million lost to Scamwatch last year for dating and romance scams. Total losses are expected to be much higher and scammers are now using dating apps to lure victims into investment scams.

Losses to online shopping scams have increased 42 per cent this year, and Scamwatch is warning Australians to be careful when buying gifts this holiday season.

Australians have lost over $8.8 million to threat based scams so far this year, and young people are reporting the highest losses.

Australians have lost over $300,000 to rental and accommodation scams this year, an increase of 76 per cent compared to the same time last year.

Our new podcast series shows how scammers use new technology to trick you into giving away information they can use to steal your identity for their own gain and ways you can protect yourself.