That report, released by the Australian Competition and Consumer Commission (ACCC), said this $634 million was lost to over 353,000 reported scams to Scamwatch, the major banks and other government agencies. 

This is a significant increase on the year prior, as the ACCC found just under $500 million was lost to scams in 2018

Business email scams accounted for the highest losses in 2019 at $132 million, followed by investment scams at $126 million, and dating and romance scams at $83 million. 

Over the last 10 years, the ACCC reports that more than $2.5 billion has been lost to scams.

ACCC Deputy Chair Delia Rickard said these losses are "devastatingly high" and "astonishing", and that scammers are constantly finding new ways to defraud Australians.

“We know these numbers still vastly understate losses as around one third of people don’t report scam losses to anyone and in the past far fewer scam reports to other agencies have been captured," Ms Rickard said.

“Some of these scams can last for months, or even years, and can leave victims financially and emotionally devastated.”

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Target Saver

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        For customers aged 14-35 years
        For customers aged 14-35 years

        Future Saver Account ( < $50k)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest

          Goal Saver

          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            Important Information and Comparison Rate Warning

                            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 11, 2023. View disclaimer.

                            The ACCC says scams originating on social media increased by 20% in 2019, and scams made via contact on mobile apps rose by 29%.

                            “Over the last decade, scammers have taken advantage of new technologies and current scams are using social media apps and new payment methods that didn’t exist in 2009,” Ms Rickard said.

                            “In particular, a new trend with dating and romance scams is scammers contacting the victim on social media apps or games which are not designed for dating, so it’s important to be aware that scammers can target you anywhere.”

                            The most affected age group is 55-64 year olds who accounted for 23% of scam victims by losses, followed by: 

                            • 45-54 year olds (21%)
                            • 35-44 year olds (20%)
                            • 65+ year olds (18%) 

                            People-aged 34 and under account for less than 20% of scam victims, but this could be set to increase based on the rise in scams made over social media and mobile apps like TikTok and Snapchat.  

                            Read: Gen Z the fastest growing group of scam victims

                            “You can always say no, hang up the phone or delete an email, even if you’ve said yes previously. You don’t owe the scammer anything,” Ms Rickard said.

                            1657GRH_Targeting scams Media infographic_D01

                            Source: ACCC