Men are more likely to fall for investment scams while women are more likely to fall for dating scams.
That’s according to the latest Targeting scams report from the Australian Competition and Consumer Commission (ACCC).
The report found internet and phone scams are making more money than ever.
Reported losses from scams in 2017 amounted to $340 million, an increase of $40 million over 2016 losses.
Collectively, the ACCC, Australian Cybercrime Online Reporting Network (ACORN) and other government organisations received over 200,000 scam reports last year.
Investment scams were a particular growth area, with a 33% increase in losses reported to the ACCC's Scamwatch website.
Between reports to Scamwatch and the Australian Cybercrime Online Reporting Network (ACORN), losses to investment scams totalled $64.6 million.
The ACCC reported that the growth was primarily due to the increase in the amount lost per victim: the average loss reported for an investment scam was $53,827.
In 2017, there were 20 reports of losses exceeding $400,000 – compared to 2016 when just four people reported losses exceeding that amount.
Dating scams were the second largest loss area, with a total of $42 million lost to catfishing and other dating scams.
The ACCC also noted a marked increase in the use of cryptocurrency in scams.
“As the value of actual cryptocurrencies increased, so too did the scam losses in what people thought were real investments,” the report noted.
“By the end of the year, reports of losses related to cryptocurrencies exceeded $2.1 million but as with other scams, this is likely the very tip of the iceberg.”
The report also revealed that online was the most popular method of contact in the last year, with scams initiated via email, social media, mobile apps and web sites coming to 42% of total scams.
The good old telephone remained a popular contact method, however, with 40% of scams initiated by phone.
It also turns out there is also a gender divide when it comes to scams.
Of the $20.5 million in losses reported to Scamwatch for dating scams, $12.7 million was lost by women.
And of the $31.3 million lost to investment scams reported to Scamwatch, $22.8 million was lost by men.
Overview of scams reported to the ACCC in order of reported losses
Scam category |
Reported loss |
Reports |
Reports with loss (percent of total) |
Change in losses since 2016 |
Investment scams |
$31,327,476 |
1997 |
582 (29.1%) |
up 32.6% |
Dating and romance |
$20,530,578 |
3763 |
886 (23.5%) |
down –19.4% |
Other business, employment and investment scams |
$5,270,948 |
6131 |
376 (6.1%) |
up 92.2% |
Upfront payment and advanced fee frauds |
$4,148,089 |
8588 |
1 004 (11.7%) |
down –36.2% |
Other buying and selling scams |
$3,584,426 |
10279 |
2 279 (22.2%) |
down –13.2% |
False billing |
$2,796,980 |
13455 |
737 (5.5%) |
up 323.9% |
Inheritance scams |
$2,768,972 |
2874 |
42 (1.5%) |
down –21.2% |
Remote access scams |
$2,442,234 |
8685 |
707 (8.1%) |
up 71.6% |
Threats to life, arrest or other6 |
$2,300,625 |
8297 |
133 (1.6%) |
up 1743.7% |
Betting and sports investment scams |
$1,750,033 |
247 |
111 (44.9%) |
up –1.9% |
Source: Targeting scams, ACCC
Top 10 scam categories reported to the ACCC in 2017 by number of reports
Scam category |
Reports |
Reported loss |
Reports with loss (percent of total) |
Change in reports since 2016 |
Phishing |
26,386 |
$810,224 |
221 (0.8%) |
up 5.9% |
Identity theft |
15,703 |
$1,018,543 |
281 (1.8%) |
up 23.3% |
False billing |
13,455 |
$2,796,980 |
737 (5.5%) |
down –8.1% |
Unexpected prize and lottery scams |
12,726 |
$1,645,380 |
266 (2.1%) |
up 83.1% |
Other buying and selling scams |
10,279 |
$3,584,426 |
2279 (22.2%) |
up 4.6% |
Reclaim scams |
9,329 |
$696,836 |
200 (2.1%) |
down –30.2% |
Remote access scams |
8,685 |
$2,442,234 |
707 (8.1%) |
up 36.4% |
Upfront payment and advanced fee frauds |
8,588 |
$4,148,089 |
1004 (11.7%) |
down –49.0% |
Threats to life, arrest or other |
8,297 |
$2,300,625 |
133 (1.6%) |
up 546.7% |
Online shopping scams |
6,803 |
$1,380,563 |
3320 (48.8%) |
up 47.8% |
Source: Targeting scams, ACCC
