Scam Awareness Week

In 2024, Australians lost an alarming $2.03 billion to scams, across over 490,000 reported cases*. While this figure is a slight improvement on 2023, it’s still a serious reminder of how widespread and damaging scams can be.

Gone are the days where scams were easy to spot, with obvious spelling mistakes or offers too good to be true. Today’s scams are far more sophisticated, using new technology and tactics to sound more legitimate than ever. They’re targeting everyday Australians, with real people losing their savings, having their identities stolen, and facing lasting impacts.

That’s why sharing knowledge and resources matters. The more we know, the better we can protect ourselves and those around us.

Scam Awareness Week (25–29 August) is a great opportunity to come together and remind each other to stay alert. We’re using this time to highlight some of the most common scams, and share simple, practical ways to stay safe. 

Australia’s most costly scams in 2024: Investment and Romance Scams

According to the Targeting Scams report, the two scams which had the highest reported financial impact in 2024 were Investment and Romance scams.

Investment Scams

Australian’s lost more money to investment scams than any other type of scam; last year reporting a loss of $945milion*

What is an investment scam?

It’s where scammers offer investment opportunities with promises of big payouts, quick money, or guarantee returns.

A few common investment scams include:

• Fake celebrity endorsement scams
• Crypto scams
• Superannuation scams

Find out more about each type of investment scam on the MoneySmart website. 

Visit our helpful article on how to avoid investment scams, which includes tips on how to spot and protect yourself from these scams.

Romance Scams

Causing significant emotional and financial harm, Romance Scams accounted for $156.8million in reported losses last year*.

What is a romance scam?

A romance scam is an online dating scam where scammers build a fake romantic relationship to gain a person’s trust and eventually requesting money. These scams often occur on dating websites, social media platforms, or messaging apps.

Common signs of romance scams include:

• Fake profiles using stolen photos and fake personal details
• Fast-moving relationships with strong emotional connection
• Requests for money often for emergencies, travel expenses, or family issues.

Unlike many other scams that rely on urgency, romance scams are more calculated. Scammers may spend weeks or months building trust before making financial demands, making them especially deceptive and hard to detect.

Check out the current scams affecting Australians and learn what other common types of scams to watch out for.

How do scammers reach you?

Scammers use a range of different methods to contact, and many of them are through platforms we use every day. Be on the lookout for unsolicited messages or offers through:

• Text messages
• Emails
• Phone calls
• Social media (profiles or messages)
• Website and ads

ScamWatch breaks down these different methods, which you can read more about on their website.

It’s time to take control

We all have the power to take control when it comes to avoiding being scammed, and we want you to feel confident to do just that. With a few simple steps from Scamwatch, you can take action to Stop, Check and Protect.

Stop

Take a moment. Pause before you click, respond or act. Scammers want you to feel a sense of urgency, pressuring you to act quickly. Say no, hang up or delete the message and take time to think.

Trust your instincts, if something feels wrong it probably is.

Check

Take the time to verify who you’re dealing with. Scammers often pretend to be from trusted organisations and can make their messages or phone numbers look incredibly real. Before you click or respond, go directly to the source. Contact the organisation directly, using contact details from the official website or app, not the ones provided to you in a message or on the call.

By taking a moment to check, you’re staying in control – and that could make all the difference.

Protect

Protect yourself and others by reporting a scam. If something feels wrong, take action to contact us immediately through our contact centre if you think you’ve lost money or shared sensitive financial details.

Help to protect others by reporting scams to the Australian Competition & Consumer Commission (ACCC) via the report a scam website.

By taking the steps to Stop, Check and Protect, you’ll not only be helping to safeguard yourself, but also contributing to a more scam-aware community. Staying informed, alert, and confident in how to respond to potential scams can make all the difference.

To learn more about protecting yourself from scam activity, visit our Security and Scam help section or see our latest Heritage security alerts.

* Statistics provided by the Targeting scams report- Scamwatch