On 4 July, the Australian Competition and Consumer Commission published a report which explains key trends in scam activity and highlights the impact of scams on the community. It highlights the cooperative work of the ACCC, other government and law enforcement agencies, and private sector to disrupt scams and educate consumers. An infographic highlights some key statistics and trends from the report. Among the highlights are that the largest combined losses in 2021 were $701 million lost to investment scams; $227 million lost to payment redirection scams; $142 million lost to romance scams. The most frequently complained about scams in 2021 were: phishing & identity theft scams with over 93,000 complaints; threats to life, arrest or other with over 32,000 complaints; false billing with over 21,000 complaints; and online shopping scams with over 20,000 complaints. As only about 13% of victims reported to the Scamwatch service, it is clear that these numbers vastly understate the extent of these scams.
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