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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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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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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.
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Gift cards are increasingly the payment method of choice for scammers. Scamwatch reports show more than $5 million was lost in 2018, a 38 per cent increase compared with 2017.
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Scamwatch is warning people to be careful about being caught out by holiday season scams.
![](/sites/www.scamwatch.gov.au/files/styles/scamwatch_news/public/spot-fake-emails-ico.png?itok=TP-cMvJw)
Scamwatch is calling on businesses to urgently review how they verify and pay accounts and invoices as reports of business email compromise (BEC) scams to Scamwatch have grown by a third this year.
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People are increasingly being caught out by celebrity endorsement scams, with reports to Scamwatch increasing 400 per cent and losses increasing a staggering 3,800 per cent so far in 2018.