Scams are for everyone!

In 2021 Australians lost an estimated $2 billion to fraudsters, more than double that of 2020

Scams affect everyone, not just the elderly. While it may be a pre-conception that scams only affect those 65+, the reality is that everyone is affected either directly through personal impact, or indirectly through the consequential damage and recovery of losses by businesses (ie passing costs down to consumers).

The 2021 ACCC Scam Report has recently been released and I have explored some of the emerging trends in my article in The Conversation "5 big trends in Australians getting scammed". But there is a lot more to explore in the ACCC report. Get yourself a copy and read how scammers are both continuing their old techniques, but also becoming more creative.

One chart that didn't make it into the article was the above image showing that the number of cases reported (ie an approximation of the number of scams) is not skewed towards those 65+. While there is a spike, everyone from 25 upwards experiences scams to some level. Perhaps unsurprisingly we do see an overall increase in the cost of scams as we get older - probably reflecting generational wealth where those in the upper age ranges may have significant value assets (including homes) that are available for scammers to target.

Should I report it?

In a nutshell, absolutely, YES! ?Many victims of scams never report their losses out of shame or embarrassment.?The data from 2021 (and every year prior) shows that this is a problem affecting everyone, of all ages.?These scams only continue because they are successful and you can be reassured that you are not alone.

If you are the victim of a scam, contact the appropriate authorities who can help with reporting and may be able to help you try to recover any lost assets.