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![Scamwatch COVID-19 thumbnail](/sites/www.scamwatch.gov.au/files/styles/scamwatch_news/public/2020-04/SCAMWATCH-COVID-19_360x272.png?itok=hClu9yey)
Australians should be aware scammers are adapting existing technology to play on people’s fears around coronavirus and selling products claiming to prevent or cure the virus.
![Scamwatch COVID-19 thumbnail](/sites/www.scamwatch.gov.au/files/styles/scamwatch_news/public/2020-04/SCAMWATCH-COVID-19_360x272.png?itok=hClu9yey)
Unfortunately, scammers are taking advantage of the spread of coronavirus to exploit and play on the fears of consumers across Australia.
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Australians under 25 lost over $5 million to scams in 2019 and reports made from this age group are increasing faster than older generations.
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Scamwatch is warning people to be cautious of online shopping scams in the lead up to the holiday season.
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Stay Smart Online Week is an annual event focused on empowering people, businesses and the community to protect themselves online.
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Australians are set to lose a record amount to scams in 2019, with projections from losses reported to Scamwatch and other government agencies so far expected to exceed $532 million by the end of the year, surpassing half a billion dollars for the first time.
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Scams reported to the ACCC involving identity theft or the loss of personal/banking information have cost Australians at least $16 million this year, and this figure is likely to be just the tip of the iceberg.
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Australians are losing more money to NBN scams, with reported losses in 2019 already higher than the total of last year’s losses.
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Australians who are older, Indigenous or have disability reported record losses in 2018 according to the ACCC’s annual Targeting Scams report released this week.
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Australian businesses reported more than 5800 scams with losses exceeding $7.2 million in 2018, a 53 per cent increase compared to 2017, according to the ACCC’s Targeting scams report.