Powered by MOMENTUM MEDIA
subscribe to our newsletter
Know who you’re dealing with: ACCC

Know who you’re dealing with: ACCC

Almost $90 million was reported lost to scams last year, as the ACCC raises awareness during National Consumer Fraud Week.

The Australian Competition and Consumer Commission’s (ACCC) Targeting Scams Report 2013 reveals over 90,000 Australians reported scams to the ACCC last year, with $89,136,975 million reported lost.

National Consumer Fraud Week started yesterday and the Australasian Consumer Fraud Taskforce, led by the ACCC, will be urging consumers to ‘Know who you’re dealing with’ as reports indicate scammers reap the benefits when they take the time to develop a connection with victims.

Advertisement
Advertisement

“The fifth annual scams report highlights that relationship scams cause the most significant emotional and economic harm to victims,” ACCC deputy chair Delia Rickard said.

“These scammers invest considerable time and effort deceiving you into a fake romance, a fraudulent business partnership or a complex investment scheme,” Ms Rickard said.

“Their ultimate aim is to build your trust so they can steal your personal details and money,” she said.

The ACCC received nearly 84,000 contacts in 2012, with $93 million reported lost.

Legitimate businesses such as telecommunications companies, banks, online dating service providers and money remittance agencies are often used by scammers to facilitate their fraud.

“Some businesses have realised it makes good commercial sense to invest in fraud prevention systems because they can help to detect and disable scams before they reach their targets," Ms Rickard said.

“All businesses should be considering how they can be proactive in taking effective steps to minimise the likelihood they or their customers will fall victim to scams,” she said.

 

Know who you’re dealing with: ACCC
mortgagebusiness

 

Latest News

The social media giant has announced plans to expand into the finance arena by launching a new global blockchain-powered currency. ...

The central bank has conceded that further rate cuts are “more likely than not” in minutes released following its first monetary policy ...

Australia’s recent housing correction has been “orderly”, rather than concerning, according to HSBC’s chief economist. ...

FROM THE WEB
podcast

LATEST PODCAST: Movers and shakers

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.