Fake text messages on the rise, but experts warn Australians most losses are from more sophisticated scams

Experts say Australians are a popular target for overseas scammers because they are more trusting, have larger savings due to superannuation and low cyber fraud literacy. Photograph: Tero Vesalainen/Getty Images/iStockphoto

Financial scams have become more sophisticated and easier to perpetrate, ballooning into a billion-dollar industry in Australia, experts have warned.

Last year more than 239,000 scams worth $570m were reported to Scamwatch, but the organisation says the real number is much higher, as only about 13% of scams are reported.