The ACCC's National Anti-Scam Centre is urging businesses to get more involved in helping stop scams, as losses increase for Australians.
The statistics, reported by Scamwatch, show that while overall scam reports have fallen 24%, losses have increased by 28% or $118,993,148 compared to the same time last year.
The biggest increase in reported losses for this year came from phishing scams, in which scammers impersonate government agencies or financial institutions.
These have accounted for $13.7 million in financial losses so far this year, compared to $4.6 million in early 2024.
Scams through social media have also seen a spike in popularity, with a 50 per cent increase in people reporting financial loss through social media.
Phone scams saw an 11% decrease compared to the same time last year but still accounted for the highest overall financial losses of any contact method.
In the first four months of this year that total was already $25.8 million lost.
Broken down by age group, Australians aged 65 and over reported the highest total losses of any age group but those aged 25 to 34 were the most likely to report having lost money.
“Scams are affecting Australians of all ages, often beginning with an unprompted or unexpected contact via social media and other digital platforms,” ACCC Deputy Chair Catriona Lowe said.
“Our approach to scam prevention is grounded in partnership. Sharing information is a key step towards improving community safety – organisations, such as banks, digital platforms, and telecommunication companies, can help disrupt scams faster and reduce the harm they cause… We encourage all Australians to report suspicious scam activity, even if no money is lost as you can provide us with vital intelligence, and talk to friends and family to help spread awareness."
