Australian Regulators in Panic as Losses from Scams Rocket in 2022

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A new report was published which showed that Australians lost at least AUD 3.1bn ($2bn) to scams in 2022, an 80% increase compared to the previous year, while the average amount lost by each victim rose by over 50% compared to 2021, with the main reasons being:

  1. Investment scams were the biggest source of losses, followed by remote access scams and payment redirection scams.
  2. New technology and more sophisticated techniques used by scammers contributed to less numerous but higher-value scams
  3. Major data breaches may have also contributed to the increase in losses from scams.

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