Saturday 9 Nov 2024
Latest Accounting News
Hot Issues
Businesses ghosting the ATO targeted in debt collection blitz
Claiming the tax-free threshold: getting it right
Aussies tired of ‘dodgy tax criminals’, warns ATO
Protect your small business by following these essential steps.
Super guarantee a focus area for ATO business debt collection
Controversial ‘Airbnb tax’ set to become law
Withholding for foreign residents: an ATO focus area
1 in 3 crypto owners confused about tax, study reveals
20 Years of Silicon Valley Trends: 2004 - 2024 Insights
ATO reveals common rental property errors from data-matching program
New SMSF expense rules: what you need to know
Government releases details on luxury car tax changes
Treasurer unveils design details for payday super
6 steps to create a mentally healthy and vibrant workplace
What are the government’s intentions with negative gearing?
Small business decries ‘unfair’ payday super changes
The Leaders Who Refused to Step Down 1939 - 2024
Time for a superannuation check-up?
Scam alert: fake ASIC branding on social media
Millions of landlords the target of expanded ATO crackdown
Government urged to exempt small firms from TPB reforms
ATO warns businesses on looming TPAR deadline
How to read a Balance Sheet
Unregistered or Registered Trade Marks?
Most Popular Operating Systems 1999 - 2022
7 Steps to Dealing With a Legal Issue or Dispute
How Do I Resolve a Dispute With My Supplier?
Changes to Casual Employment in August 2024
Temporary FBT break lifts plug-in hybrid sales 130%
The five reasons why the $A is likely to rise further - if recession is avoided
June quarter inflation data reduces risk of rate risk
‘Bleisure’ travel claims in ATO sights, experts warn
Articles archive
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 2 April - June 2007
Quarter 2 April - June 2006
Quarter 1 January - March 2006
Quarter 2 of 2024
Articles
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Compare your business
2024 Year End Tax Planning Guide (Part 2)
ATO to crack down on rental income, WFH deductions this tax time
How to Draft a Standard Form Contract
GST, PAYG withholding a ‘significant portion’ of $50bn tax debt
ATO changes will make it harder for over 42,000 small businesses.
The Deadliest pandemics in History
Budget breakdown – Federal Government Analysis
Winners & Losers
Federal Budget 2024
2024 Year End Tax Planning Guide (Part 1)
Medicare levy surcharge OR basic health insurance ?
ATO warns of ‘serious penalties’ for unlawful tax scheme promoters
ACCC scam report
Employees taking more sick days - and it's getting worse
Foreign residents selling property in Australia
How much does negative gearing really cost – an overview and an opinion?
The Shortest-reigning Monarchs in History
FBT Reminder – Odometer Reading
ATO’s debts on hold campaign prompts new IGTO guidance
A comprehensive collection of small business benchmarks
The 2025 Financial Year tax & super changes you need to know!
Underperforming employees: When can you terminate?
A comprehensive list of guides to industry specific tax deductions.
‘Renewed concerns’ about economy sees consumer sentiment dip: Westpac
Oldest Buildings in the World.
Vimeo test
ACCC scam report

Australians made more than 600,000 reports about scams in 2023 — about 18 per cent more than in 2022.(ABC News: Evan Young/Canva)



.


  • In short: Australians made more than 600,000 scam reports last year, losing $2.7 billion overall.
  • Older people suffered the greatest losses and there was a notable increase in scams originating on social media, the ACCC's new report says.
  • What's next? The government wants to introduce mandatory scam codes for banks, telcos and digital platforms.

Australians reported a record number of scams last year, with losses totalling $2.7 billion, a new report from the consumer watchdog has revealed.


More than 601,000 reports about scams were made in 2023, up from the 507,000 reported in 2022, the latest Australian Competition and Consumer Commission's (ACCC) Targeting Scams report found.


Investment scams stole more than any other type of scam, accounting for more than $1.3 billion in losses, the report said.


People over 65 were more likely to lose money than any other age group and were the only age group that lost more money in 2023 than in 2022.


What types of scams stole the most?


  • Investment scams: $1.3b
  • Remote access: $256m
  • Romance: $201.1m 
  • Phishing: $137.4m 
  • Payment redirection: $91.6m  

Source: ACCC Targeting Scams report 


ACCC deputy chair Catriona Lowe said the figures indicated scammers were targeting older Australians with retirement savings who might be looking for investment opportunities.


"We know of a recent case where an elderly woman lost her life savings after seeing a deepfake Elon Musk video on social media, clicking the link and registering her details online," Ms Lowe said.


"She was assigned a 'financial adviser' and could see on an online dashboard. She was apparently making returns but she couldn't withdraw her money."


Victims losing their 'life savings' to scams


Despite the number of reported scams increasing, the amount lost is down compared to 2022, when Australians lost a record $3.1 billion.


The federal government said this was the first time in six years that scam losses decreased year-on-year.


The ACCC said the decline in losses was thanks to an increased effort from banks and government in 2023.


Last July, following pressure from victims and consumer groups, the federal government launched a national anti-scams centre, while the banking sector also promised to invest in increased security.


"While we are cautiously optimistic that our combined efforts will see this downward trend in scam losses continue, we know that behind the losses remain real people who have lost money, often their life savings, to scams," the ACCC report said.


The ACCC's report is based on data from multiple agencies including Scamwatch, ReportCyber, the Australian Financial Crimes Exchange, IDCARE and the Australian Securities and Investments Commission.


Top tips to avoid scams


STOP: Don't rush to act. Scammers will create a sense of urgency.


THINK: Ask yourself if you really know who you are communicating with? Scammers can impersonate others and lie about who they are – especially online.


PROTECT: Act quickly if something feels wrong. If you have shared financial information or transferred money, contact your bank immediately. Help others by reporting to Scamwatch.


Source: ACCC 


Scamwatch's data shows that while losses to scams conducted via text message or over the phone decreased, the amount of money lost to scams over email and social media grew.


Losses to job scams rose by 151 per cent to $24.3 million, with people from culturally and linguistically diverse (CALD) communities disproportionately impacted.


The true losses are likely to be higher because an estimated one in three scam victims do not report the crime to authorities.


Research commissioned by Treasury last year indicated those from First Nations and CALD communities might be less likely to report scams.


Government says scam losses still 'far too high'


Ms Lowe said the reduced losses were "encouraging" but there was "much more work to do".


"Over the next two years we will continue to invest in technology-based solutions that will centralise intelligence and distribute information to those who can act on it – such as banks to freeze accounts, telcos to block calls or SMSs and digital platforms to take down websites or accounts," Ms Lowe said.


Financial Services Minister Stephen Jones said the government would soon introduce new mandatory scam codes for banks, telcos and digital platforms, backed up by strong penalties for non-compliance.


"We want Australia to be a world leader in combating scammers and our mandatory codes will put us well ahead," he said.


"While the report shows positive early signs, scam losses remain far too high and we urge Australians to remain alert to the threat of scammers and report any suspicious activity."


 


 


 


By the Specialist Reporting Team's Evan Young and Leonie Thorne




20th-May-2024

        
49 Brentford Square Forest Hill VIC 3131  Phone: (03) 9877 7117