Scam Losses Record Sharp Drop in Australia in 2024

Australia had a sharp drop in scams reported and financial losses incurred in 2024. The National Anti-Scam Centre attributed this trend to joint efforts by the government, industry, law enforcement, and community organizations.

The agency’s report combined data from Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCARE, and the Australian Securities and Investments Commission. The combined data showed scam reports in 2024 fell 17.8% to 494,732, while losses reported to key organizations dropped 25.9% to AU$2 billion (US$1.3 billion).

Australian Competition and Consumer Commission (ACCC) deputy chair Catriona Lowe noted that while the decline in reported financial losses is encouraging, organizations must remain vigilant and pivot defenses to maintain this downward trajectory. Lowe added she is confident that coordinated efforts across government, law enforcement, and industry will continue to drive losses down.

The top five scam types, accounting for more than 70% of combined losses, were investment, romance, payment redirection, remote access, and phishing. Financial losses reported for investment scams dropped 27.3% to AU$945 million. Data from the National Anti-Scam Centre’s Scamwatch showed social media was the most reported contact method leading to financial losses, as phone scams racked up the highest losses by category.