The Australian Competition and Consumer Commission has released its annual Targeting Scams Report, showing more than $229 million was lost to scams in 2015.

For the first time, the ACCC has reviewed data from other jurisdictions that receive reports or detect scams to get a clearer picture of the significance of losses caused by scam activity in Australia. After removing those scams reported to the ACCC, reports to the Australian Cybercrime Online Reporting Network (ACORN) revealed losses of over $127 million in 2015, from 25,600 complaints.

“This Fraud Week, the ACCC is urging the community to ‘Wise Up to Scams’ following a $3 million increase in scam losses reported to the ACCC and a 15 per cent increase in complaints,” ACCC Deputy Chair Delia Rickard said. “In particular, we are encouraging older Australians to wise up and watch out for scams that target them so they don’t have their hard earned savings stolen.”

In 2015, Scamwatch reports of fraudulent investment schemes across all age groups doubled to more than $24 million, with 1,262 complaints, according to the ACCC.

Various scam disruption programs also detect Australians sending funds to high risk jurisdictions – a combined estimate of losses to this unreported scam activity is $17.1 million.

“If you add Scamwatch and ACORN data with losses detected through scam disruption work, total scam losses exceeded $229 million last year. We know that in reality the actual total is higher still as many people never report that they’ve been scammed,” Ms Rickard said.

The ACCC said these scams pose a significant risk for Australians looking for investment opportunities, especially those looking to grow their retirement funds. Of the scams reported to Scamwatch, almost $6.3 million was lost to victims over 55, with 213 complaints from this age group.

“Investment scams come in many guises including business ventures, superannuation schemes, managed funds and the sale or purchase of shares or property,” Ms Rickard said.

“Scammers dress up opportunities with professional looking brochures and websites to mask their fraudulent operations and trick unsuspecting Australians. Before parting with your money, do your own research on the investment company and check they have a Australian Financial Services Licence on ASIC’s MoneySmart website.

“Don’t let anyone pressure you into making decisions about your money or investments.” Ms Rickard warned.

The ACCC’s report also revealed investment scams and dating and romance scams resulted in the largest financial losses.

“Dating and romance scams take advantage of people looking for romantic partners, often via dating websites, apps or social media. Scammers spend months and even years establishing a relationship with their victims before making up a reason they need to ‘borrow’ money, such as medical emergencies or travel expenses.”

“Never send money to someone you have met online – chances are you will be left with a broken heart and an empty bank account. Cease contact with anyone that asks for money, no matter how you feel about them,” Ms Rickard said.

To read the full ACCC report on scam activity in 2015 click here.

– TiVi Tuan-san