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

Australians lost more money to scammers in 2017 than in any other year since the ACCC began reporting on scam activity.

The ACCC is warning people to be on the lookout for scammers who are trying to con their victims into paying for scams with Apple iTunes gift cards.