Jones lauds anti-scam response after losses drop 60%
The government says its approach is delivering “clear early signs of success” while the ACCC warns of side hustle scams targeting vulnerable jobseekers.
A 60 per cent decline in scam losses during the first week of January shows the National Anti-Scam Centre is “working as intended”, the government says.
Assistant treasurer Stephen Jones said losses were down 35 per cent for investment scams, 38 per cent for employment scams and 63 per cent for online shopping scams.
“This new data goes to show the strength of a coordinated public and private sector approach to fighting scams, which the government will continue to build on,” he said.
Mr Jones said losses reported to Scamwatch were down 60 per cent between 1-7 January 2024 and were also down “across the board” since the NASC commenced work in July last year within the ACCC.
He referred to findings from the NASC’s first quarterly report in November which showed losses fell by 16 per cent compared to the same quarter a year prior. September’s monthly total of $29.8 million was also the lowest level of scam losses since October 2021.
“Our scams crackdown continues to deliver promising results, with scam losses consistently down since we delivered on our promise to stand up a National Anti‑Scam Centre,” he said.
Mr Jones cited a recent example of the NASC’s work which prevented a consumer from transferring $300,000 to a scammer in a term deposit scam.
“People are no longer left to fight scammers on their own, with a government committed to fighting the scourge of scammers and protecting Australians’ money,” Mr Jones said.
However, despite the “clear early signs of success”, he said consumers had to “remain vigilant to scams and keep up to date with new scam alerts from the NASC to protect themselves and their personal information”.
The ACCC has issued a statement warning of “side hustle” scams, with scams around jobs and employment being the fastest-growing type last year.
Deputy chair Catriona Lowe said the scams were disproportionately affecting younger consumers, including students and non-resident visa holders looking for work.
“Scammers are targeting people looking for online work in their spare time, promising them guaranteed income from jobs that include boosting the ratings of products and services through an online platform,” Ms Lowe said.
“In some cases, the jobs are as simple as liking posts on social media such as TikTok videos.”
The scam operated like an online game, pressuring victims into making an initial investment along with ongoing payments to “level up” and receive income that would never come, she said.
“As the cost of living continues to put pressure on households, many people are looking for opportunities to earn extra money, and scammers are taking advantage of this.”
COSBOA CEO Luke Achterstraat said cyber crime and cyber security were top of mind for small business owners.
"A cyber attack can cost a small business $50,000 which is often fatal," he said.
"That is why we are encouraging Australia's small business community to undertake the Cyber Wardens program so they can get the tools and tips to minimise cyber risk. The digital safety of devices and laptops is just as important as the security of your physical assets."
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