2023 is set to be the worst year on record for scams, with new data revealing 86,146 scams have been reported this year, an increase of more than 54 per cent compared to the same time last year (55,902 reported).
Despite this, the first quarter (Q1) findings from the Australian Competition and Consumer Commission’s (ACCC) Scamwatch shows early indications financial loss to scams is down ($166
million in Q1 2022 versus $142 million in Q1 2023).
The monthly average lost to scams, which across the whole of 2022 was $47.38 million, remains steady despite the number of scams dramatically increasing, with the monthly average lost so far in 2023 on par at $47.42 million
At the same time, Proofpoint, Inc., a leading cybersecurity and compliance company, has this week released new research that shows conversational text scams were the fastest growing and most prevalent mobile threat of the past year globally, increasing 1200% and overtaking the likes of package delivery scams.
The insights come after Australians lost over $568 million to scams in 2022, almost 50% more than the $323 million lost in 2021, and as the Australian Government works to develop its 2023-2030 Australian Cyber Security Strategy, which outlines a vision of being the world’s most cyber secure country by 2030.
Some other key findings include:
- Over 65s continue to be at the forefront targeted scams, with the age group suffering over
$34.97 million in total losses so far, this year - While men have accounted for 58.5% ($83.23 million) of losses compared to 40.3% ($57.3
million) for women, it appears women are more likely to report scams. Women account for
51.4% of scam reports, compared to 46.4% of these reports coming from men
Adrian Covich, Senior Director, Systems Engineering, Asia Pacific and Japan at Proofpoint said,
“2022 was an unprecedented time for cyber attacks in Australia,”
The record-breaking year saw some of the highest total losses in history, affecting both small and large local businesses and everyday Australians in devastating ways. From recruitment and investment scams to the popular ‘hi mum’ SMS tactic, scammers became savvier in order to target larger numbers of people at very little cost.
“While scammers continue to scam, and at increasing numbers, in 2023, the slight bright side here is that total financial loss is down. However, the fact remains that attacks have picked up in pace,”
“The high-profile cyber-attacks that emerged in 2022 significantly increased the demand for cybersecurity education at both a personal and professional level across the country,”
“Proofpoint is passionate about empowering Australians to take responsibility for their cyber safety, so weencourage them to acknowledge the benefits and opportunities offered by the online world whilst also remaining vigilant and understanding the potential risks involved,” said Covich
“In order to boost their cyber resilience in 2023, we encourage Australians to remain informed by staying up to date with Scamwatch’s alerts throughout the year,”
“With the data from Scamwatch showing that investment scams are continuing to cause devastating losses, we urge Australians to never give out personal or financial information to someone they don’t know,” he said
Proofpoint’s tips to avoid being scammed:
- Never share personal or financial information including bank account or credit card details
with someone you don’t know. - Do not click through links or open attachments from unknown senders whether that’s over
email, text, social media or online. - Look out for spelling and grammatical errors, these can suggest a message is a scam.
- Only communicate with an organisation through official channels found on company
websites, do not reply directly to emails or click on links provided. - Do not share passwords with people and ensure you change passwords regularly. Consider
using a password manager to help protect your personal information from being stolen. - Be cautious about phone calls or emails that come out of the blue with investment offers or
travel and other prizes.
Covich says he encourages Australians utilise Proofpoints online resources and follow the top tips to avoid being scammed.
