THE RECORD- BREAKING YEAR SAW SOME OF THE HIGHEST TOTAL LOSSES IN HISTORY , AFFECTING BOTH SMALL AND LARGE LOCAL BUSINESSES AND EVERYDAY AUSTRALIANS IN DEVASTATING WAYS . million , remains steady despite the number of scams dramatically increasing , with the monthly average lost so far in 2023 on par at AUS $ 47.42 million .
INTELLIGENT BRANDS // Enterprise Security
Scam reports skyrocket as conversational ‘ smishing ’ robs Australians of millions
New research reveals conversational text scams were the fastest growing and most prevalent mobile threat of the past year .
2023 is set to be the worst year on record for scams , with new data revealing 86,146 scams have been reported this year , an increase of more than 54 % compared to the same time last year ( 55,902 reported ).
Despite this , the first quarter ( Q1 ) findings from the Australian Competition and Consumer Commission ( ACCC ) Scamwatch shows early indications of financial loss to scams is down ( AUS $ 166 million in Q1 2022 versus AUS $ 142 million in Q1 2023 ).
The monthly average lost to scams , which across the whole of 2022 was AUS $ 47.38
THE RECORD- BREAKING YEAR SAW SOME OF THE HIGHEST TOTAL LOSSES IN HISTORY , AFFECTING BOTH SMALL AND LARGE LOCAL BUSINESSES AND EVERYDAY AUSTRALIANS IN DEVASTATING WAYS . million , remains steady despite the number of scams dramatically increasing , with the monthly average lost so far in 2023 on par at AUS $ 47.42 million .
Most scams this year are investment related , causing over 62 % of all losses in the first quarter 2023 at AUS $ 88.46 million .
This was followed by dating and romance scams , jobs and employment scams and phishing , which cost Australians over AUS $ 9.31 million , AUS $ 9.16 million and AUS $ 9.12 million respectively . Text messages are the most frequently reported scam delivery method reported this year with 39,158 reports , mirroring 2022 .
Proofpoint , a leading cybersecurity and compliance company , has released corresponding research revealing conversational text scams were the fastest growing and most prevalent mobile threat of the past year globally , increasing 1200 % and overtaking the likes of package delivery scams .
The insights come after Australians lost over AUS $ 568 million to scams in 2022 – almost 50 % more than the $ 323 million lost in 2021 . This , as the Australian Government works to develop its 2023 – 2030 Australian Cybersecurity Strategy , which outlines a vision of being the world ’ s most cyber secure country by 2030 .
Other key findings include :
• Over 65s continue to be at the forefront of targeted scams , with the age group
suffering over AUS $ 34.97 million in total losses so far this year .
• While men have accounted for 58.5 % ( AUS $ 83.23 million ) of losses compared to 40.3 % ( AUS $ 57.3 million ) for women , it appears women are more likely to report scams . Women account for 51.4 % of scam reports , compared to 46.4 % of these reports coming from men .
Adrian Covich , Senior Director , Systems Engineering , Asia Pacific and Japan , Proofpoint said : “ 2022 was an unprecedented time for cyberattacks in Australia . The record-breaking year saw some of the highest total losses in history , affecting both small and large local businesses and everyday Australians in devastating ways . From recruitment and investment scams to the popular ‘ hi mum ’ SMS tactic , scammers became savvier in order to target larger numbers of people at very little cost .
“ The slight bright side here is that total financial loss is down .
However , the fact remains that attacks have picked up in pace .
“ The high-profile cyberattacks that emerged in 2022 significantly increased the demand for cybersecurity education at both a personal and professional level across the country ,” said Covich . p
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