Banks show over 30% decrease in scam losses

A new report by the Australian Competition and Consumer Commission (ACCC) has revealed a drop in scam losses in the latter half of 2023.

Assistant Treasurer Stephen Jones MP has released the National Anti-Scam Centre’s (NASC) second quarterly report that has shown scam losses from October to December 2023 declined by 43 per cent from the same quarter in 2022 and 26 per cent from the July to September 2023 quarter.

According to the report, Australians reported $82.1 million in losses to Scamwatch during this quarter.

When comparing data from the same quarter in 2022, the report has revealed a 31 per cent decrease in losses by bank transfer to $40.2 million.

Jones stated: “This is a complete reversal of the trend that saw scam losses skyrocket.

“Before the Albanese Government came to office, Australians were losing over $3 billion a year to scams. Of particular concern, scam losses had doubled and doubled again in the space of three years.

“That trend has now flipped, and losses have significantly reduced in the first six months of the Government’s crackdown. In November 2023, scam losses decreased by over 50 per cent compared with November 2022.”

The federal government has since implemented its election commitment to crack down on scammers through the investment of $86.5 million in the budget 2023–24, which included the establishment of the NASC.

Jones further stated that this is “just phase one” of the government’s crackdown, with phase two including the development of mandatory industry codes to impose new obligations on banks, telcos, and social media platforms to protect consumers from scammers.

Additionally, the Albanese government will seek to implement Australia’s first SMS Sender ID Registry to prevent scammers from imitating trusted industry or government brand names.

“Thanks to the Government’s investment in tackling scams head-on, our scammer crackdown is helping keep people’s money safe,” Jones said.

“Behind every dollar lost to scams is a heartbreaking story – we are working hard to intercept these malicious criminals before they can inflict pain on innocent Australians.

“While this report is a promising sign that our plan is working, we urge people to remain vigilant to scammers and keep up to date with advice from the ACCC to protect themselves.”

[RELATED: Bank branch manager saves investor $400k from scam]