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.”

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Provider

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  • Bonus rate for the first 4 months from account opening
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High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • $0 monthly account fee
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02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
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  • 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 $200 per month to activate bonus interest
4000$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

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
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
      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

        Goal Saver

        • Maximum Age - 24
        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

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

                      Savings Maximiser (<$100k)

                        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

                            010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money

                            Saver Account (<$250k)

                            • Earn up to 5.40% pa by depositing $1,000 in the previous month
                            • No account fees
                            • Easy access to your money
                            02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Bonus Saver (<$1 Million)

                              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 March 29, 2024. 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