Australia records 52% drop in scam losses, data reveals

In a report commissioned by Westpac, BDO forensic experts have revealed Australia’s overall scam losses have significantly decreased by 52 per cent from 2023 to 2024.

It was revealed Australia’s scam culture was faring better in terms of impacts and reporting practices compared to reports from the UK, US and Canada.

“This indicates that Australia’s approach to scam prevention is gaining traction,” BDO said.

“While this is a positive sign, it also underscores the need for continued vigilance and adaptation of our anti-scam strategies.”

The report found scam losses in the UK per capita were almost double those in Australia. Though data suggested the contingent reimbursement model had increased scam reporting, it had not substantially mitigated overall financial losses.

The US and Canada also saw rising scam losses over the past 12 months, which indicated growing challenges in managing and preventing fraud.

“While scammer’s tactics for targeting both organisations and individuals are consistently sophisticated across geographies, government policies for scam prevention and detection differ from country to country,” BDO said.

“In Australia, telecommunications remain the primary method, while online scams dominate in the UK. This divergence highlights the need for tailored scam prevention strategies suited to local contexts.”

BDO said the data was crucial for global governments to continue acting in the best interest of their communities when it came to enforcing cyber security.

Forensic experts also highlighted that BDO's Australian Scam Culture Report showed a notable drop in average losses in comparison to previous quarters, supporting the Australian government's effective intervention strategies.

It was also suggested that Australia’s significant improvement in reported scam losses could be attributed to a growing awareness among the general public.

BDO was invited by the Senate Economics Legislation Committee to provide a submission to the Australian Parliament’s Inquiry into the Scams Prevention Framework Bill 2024.

Forensic experts from BDO suggested clearer definitions, data collection protocol, streamlined reporting, and ongoing scam typologies so Australia remained risk responsive, especially for higher-risk cohorts.

The experts noted the recommendations made within the submission had been informed by the team’s experience in investigating scams, research and analysis, in-depth multi-jurisdictional scam data analysis and the quarterly scam reports.

“Overall, the data reveals a complex landscape of scam impacts and prevention across these jurisdictions, emphasising the importance of continuous evaluation and adaptation of scam intervention policies,” BDO said.

“By considering the needs of all players in the scam targeted sectors, the government can help create a more secure and equitable environment that hardens Australia’s scam ecosystem and protects all Australian consumers.”