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Targeting Scams Report 2023_Infographic

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Losses

Total combined losses reported to Scamwatch, ReportCyber, IDCARE, Australian Financial Crimes Exchange (AFCX) and Australian Securities and Investments Commission (ASIC): $2.74 billion

601,000+ scam reports (an increase of 18.5%)

Combined losses over last 4 years

2020: $851 million

2021: $1.8 billion

2022: $3.1 billion

2023: $2.7 billion

Top 5 scams by loss (combined data)

  • Investment scams: $1.3 billion
  • Remote access: $256 million
  • Romance: $201.1 million
  • Phishing: $137.4 million
  • Payment redirection: $91.6 million

Successful scam disruption pilots

Government, law enforcement, banks, telcos and digital platforms contributed to:

Sharing data and intel

  • Data sharing of scam phone numbers and bank accounts to disrupt scams
  • Banks using data and intel to enhance detection

Scam websites and ads

  • Over 3,500 investment scam websites taken down

Scam diversion and victim support

  • Diverting victims who call scam numbers to warnings and assistance
  • Automatic referral of scam victims to IDCARE

Scam payments

  • Stopping payments to crypto exchanges used by scammers
  • Stopping scam transactions through added frictions
  • First bank payee verification

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