Australians in 2020 reported losses to scams totalled AU$851 million, with AU$128 million lost to business email compromise (BEC), AU$8.4 million classed as remote access scams, and AU$3.1 million a result of identity theft.

Topping the list of scams was investment scams, ripping people off to the tune of AU$328 million. The total number of scam incidents was 444,164.

The information was revealed in a report [PDF] from the Australian Competition and Consumer Commission’s (ACCC) Scamwatch. The AU$851 million loss figure is reduced to AU$156 million, however, when information from Australia’s top financial institutions is removed. This is still an increase of around 23% compared to the AU$143 million in losses reported in 2019.

The total number of scams received by Scamwatch during the 2020 calendar year was 216,087.

Bank transfer remained the most common payment…

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