Think twice, don't pay the price: Stay alert, stay safe from scams!

Scams cost Australians billions of dollars each year and cause serious emotional harm to victims and their families.

Scams can affect individuals in various ways, such as financial loss, emotional distress, and damage to their reputation. Some scams target vulnerable individuals, such as the elderly, who may be more susceptible to fraudulent schemes.

Scams can also harm Australia's economy by reducing consumer confidence, discouraging investment, and undermining trust in businesses and institutions. This can lead to a decline in economic activity and growth, which can have broader social and political consequences.

The Australian Competition and Consumer Commission has released its latest targeting scams report, which encompasses data from 1 January to 31 December 2022. Scamwatch, ReportCyber, other government agencies, banks and money remitters received a combined total of over 500,000 reports, with reported losses of $3.1 billion in 2022.

Financial losses reported to Scamwatch totalled more than $569 million in 2022, a 76% increase compared with the $323 million in losses reported in 2021. Full data sets and key findings for 2022 are presented in the targeting scams report.

Scam trends that significantly impacted Australians in 2022 include a rise in imposter bond investment scams and new sophisticated phishing campaigns. Scamwatch also observed an increase in employment scams offering lucrative rewards for simple work tasks, and ongoing impacts of money recovery scams.

Here are some tips on how to avoid scams:

1. Be cautious of unsolicited offers - if you receive an unsolicited phone call, email, or text message from someone you don't know offering a deal that sounds too good to be true, it's probably a scam.
2. Don't share personal information - scammers often ask for personal information such as your bank account details, credit card information, or passwords. Never give out this information to anyone you don't know and trust.
3. Research the company or individual - before doing business with someone, research their company or personal information. Check if they have a website, look up their contact information, and read reviews from other customers.
4. Check for red flags - scammers often use tactics such as urgency, high-pressure sales tactics, or requests for payment via wire transfer or gift cards. Be aware of these red flags and avoid any situation that seems suspicious.
5. Use secure payment methods - use secure payment methods such as credit cards or PayPal for online purchases. Avoid sending cash or making wire transfers to people you don't know.
6. Stay informed - keep up-to-date with the latest scams by checking websites and social media for NT Consumer Affairs or Scamwatch. If you suspect you have been scammed, report it immediately on Scamwatch website.

Remember, if something seems too good to be true, it probably is. Use caution, be sceptical, and do your research to protect yourself from scams.

For comprehensive information about scam activity in 2022, check out the targeting scams report on Australian Competition and Consumer Commission website.