Scams Archives - Page 4 of 14 - Consumers' Federation of Australia

29 April , 2024

Scam Losses Fall But A Long Road Ahead

The National Anti-Scam Centre’s collaborative efforts across government, law enforcement, consumer organisations and industry have boosted the community’s fight against financial crime, as the latest Targeting Scams report reveals a 13.1 per cent decline in reported losses to $2.74 billion in 2023. The report compiles data reported to Scamwatch, ReportCyber, the Australian Financial Crimes Exchange (AFCX), IDCARE…

15 April , 2024

The 2024 Ruby Hutchison Memorial Lecture – 50 Years of Consumer Advocacy

This year’s Ruby Hutchison Memorial lecture shone a light on just how much the consumer protection movement together with regulators has achieved in the last 50 years, and the complex consumer issues we’re still seeking answers to today. Bringing in a musical theme and recognising the rockstar influence of the speakers, the ACCC Deputy Chair…

4 April , 2024

ACCC Warns Consumers of Fake Business Invoice Scams

Australians are being urged to check payment details directly with a business before paying an emailed invoice, following a rise in losses to payment redirection scams. Last year, Australians reported losing $16.2 million to payment redirection scams. Despite the total number of reports to Scamwatch decreasing by 28 per cent, the total amount lost increased…

13 March , 2024

Digital Platforms Need to Take Responsibility, CHOICE Urges Government Action

Original media release by and from CHOICE (13/03/2024). Big tech responsible for big losses: 249% increase in social media scam losses since 2020 CHOICE calls for strong rules to force digital platforms to rein in scams Consumer group CHOICE is demanding urgent government action to force digital platforms to prevent scam losses, after the National…

12 March , 2024

Regulatory Initiatives Announced for Financial Sector

Original media release from the Hon. Jim Chalmers (MP, Treasurer) and the Hon. Stephen Jones (MP, Assistant Treasurer, Minister for Financial Services). The Albanese Government will introduce a financial sector regulatory initiatives grid to make sure the standard business of regulation is carried out in a more coordinated way. We want to make it simpler…

4 March , 2024

ASIC Steps Up Surveillance and Website Takedowns to Shut Down Scams

New data has revealed nearly 3,500 investment scam websites have been knocked out by ASIC’s scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct.

26 February , 2024

Stopping SMS Scammers Posing as Legitimate Institutions

Funded in the 2023 Budget, the Government’s Registry works by creating a controlled list of numbers of registered brand names, and preventing text messages from being sent using registered brand names unless the originating number matches the approved phone number on the Registry.
Feedback from consumers, industry, charities and government services will inform Government decision-making about next steps, including funding models for the finalised scheme.

13 February , 2024

Advocates Call for New Super Anti-Scam Code

Recent super fund data breaches and increasingly sophisticated super scams demonstrate the urgent need for industry collaboration on a super anti-scam code. Super Consumers Australia today is urging the Federal Government to prioritise the safety of Australians’ 24 million retirement savings accounts by introducing a superannuation industry anti-scam code.

Since 2022, up to 178,000 superannuation members across three super funds have been placed at a heightened risk of phishing scams due to known super fund data breaches.

9 February , 2024

NASC Warns Consumers to Be Aware to Valentine and Romance Baiting Scams

Romance baiting scams cause significant emotional and financial harm to Australians, with Scamwatch receiving 484 reports of this scam in 2023. Despite overall losses nearly halving in the past year, reports to Scamwatch show that more than $40 million was lost to romance baiting scams in 2023.

Romance baiting scams disproportionately impact people from culturally and linguistically diverse backgrounds, with reports to Scamwatch from these communities accounting for more than 30 per cent ($12 million) of total losses last year.

5 February , 2024

Industry Liability the Clear Path to Scam Reform

A coalition of advocacy groups, including Consumer Action Law Centre, CHOICE and the Australian Communications Consumer Action Network, have come out forcefully stating that customer reimbursement, paid for by industry through a customer’s own bank, must be at the centre of the Federal Government’s proposed new scam laws. The advocates say the new laws must be urgently implemented by the end of this year to stop the billions of dollars that are being lost by Australians every year to scammers.

23 January , 2024

Employment and Side Hustle Scams on the Rise

Jobs and employment scams were the fastest growing scam type last year, with Australians reporting over 4,800 job scams to Scamwatch in 2023 leading to losses of $24.7 million, compared to $8.7 million in 2022.

Reports to Scamwatch show that these scams are disproportionally affecting younger Australians aged 18-44 years old, including students looking for part-time work. People from culturally and linguistically diverse backgrounds including non-resident visa holders are also particularly at risk.

9 January , 2024

Ombudsman Warns of “Unsustainable” Increase as AFCA sees a Record 100,000 Complaints

“The volume of complaints escalated to AFCA has been increasing at an unsustainable rate,” David Locke, the Chief Ombudsman and Chief Executive Officer of the Australian Financial Complaints Authority (AFCA), said.

“Scam-related complaints to AFCA have nearly doubled between 2022 and 2023. They continue to be of great concern to us. We are also seeing the impact of increased interest rates and cost of living pressures, with complaints involving financial hardship also significantly higher,” Mr Locke said.