New report discovers significant spike in dollars lost to scams
In its latest edition of the Australian Scam Culture Report, BDO delves into the current scam landscape in Australia and its impact on the community for the December 2024 quarter.
Our forensic services experts review the Australian Government’s newly passed Scams Prevention Framework, which aims to combat the growing threat of scams and their potential impact on individuals and organisations.
Additionally, the team examines superannuation fund scams, providing crucial information for consumers and businesses to stay ahead of these threats.
Key findings in scam activity from the quarter
Total dollars lost to scams in Australia increased significantly in the December 2024 quarter, rising by $7.9 million to $94.4 million.
Interestingly, the number of reported scams decreased to 51,322 this quarter from 55,020 in the September 2024 quarter. This paradox of fewer reports but higher financial losses underscores the increasing sophistication and impact of scams, highlighting the ongoing threat and the need for Australians to remain vigilant.
The graph below shows the cumulative Australian dollars lost to scams for the September and December 2024 quarters.
Source: 2024, All scam types stats - Scamwatch, Australian Competition and Consumer Commission, ©Commonwealth of Australia
Scam behaviour trends
The December 2024 quarter report found the following scam trends:
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- A decrease in the average number of scam reports per month by 7.2 per cent in comparison to the September 2024 quarter
- Investment scams continued to be the leading cause of financial loss, with over $57.6 million lost to this category
- Individuals aged 55-64 reversed a 12 per cent decrease from the previous quarter, accounting for 27 per cent of all reported incidents, while those aged 65+ remained the prime target at 33 per cent of all reported incidents.
BDO’s forensic services professionals can assist you in mitigating and resolving high-risk matters, helping your organisation create and embed governance frameworks to retain value. Contact our forensic services team to discover how we can help you prevent, detect and address the risks your organisation faces.
