Australians report record $3.1bn losses to scams, with real amount even higher, ACCC says

Nearly one-third of victims don’t report the scams, so the real losses could be much higher than $3.1bn, the ACCC said. Photograph: Dominic Lipinski/PA

Australians lost a record amount of more than $3.1bn to scams in 2022, up from the $2bn lost in 2021, a new report from the Australian Competition and Consumer Commission has revealed.

The Targeting Scams report, which compiles data from Scamwatch, ReportCyber, major banks and money remitters, was based on an analysis of more than 500,000 reports.