Thursday, July 11, 2019

Internet Scams Have Cost Australians Millions

In Other News:

Internet Scams Have Cost Australians Millions 

Just halfway through 2019, Australians have already lost more than $6 million to internet scams, marking a 33% year-over-year increase. 

The report by Scamwatch, an agency run by the Australian Competition and Consumer Commission, reveals that scams intending to attain people’s personal information are becoming more effective and more lucrative. 

Australians have lost $2.3 million more in 2019 compared to last year, and the number of reported scams remained relatively steady. What’s more, 4.1% of reported scams resulted in financial loss.

Although phishing scams received the most complaints – nearly 10,000 – they resulted in the lowest amount of loss among the various scam iterations, which reflects both the rapid rate of phishing scams and peoples’ ability to defend themselves against these attacks. 

At the same time, it’s evident that more training is required in order to effectively ward off these adaptive and continual threats

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