At G&C Mutual Bank, we regularly publish updates from Scamwatch to raise awareness of scams and to help keep our members safe. Here’s a Scamwatch update about scams during the COVID-19 pandemic.
Australians lost over $851 million to scams in 2020, a record amount, as scammers took advantage of the pandemic to con unsuspecting people, according to the ACCC’s Targeting Scams report.
The report compiles data from Scamwatch, ReportCyber, other government agencies and 10 banks and financial intermediaries, and is based on more than 444,000 reports.
Top three scam types
- Investment scams accounted for the biggest losses, with $328 million, and made up more than a third of total losses.
- Romance scams were the next biggest category, costing Australians $131 million.
- Payment redirection scams resulted in $128 million of losses.
“Last year, scam victims reported the biggest losses we have seen, but worse, we expect the real losses will be even higher as many people don’t report these scams,” ACCC Deputy Chair Delia Rickard said.
“Unfortunately, scammers continue to become more sophisticated and last year used the COVID-19 pandemic to scam and take advantage of people from all walks of life during this crisis.”
Of the $851 million in combined losses, $176 million were reported to Scamwatch alone. (All losses described below are from Scamwatch data only.)
“Victoria, which was significantly impacted by the second wave of the virus, recorded the highest losses nationwide for the first time and Victorians reported $49 million in losses to Scamwatch, more than double those in 2019.” Ms Rickard said.
“We saw scammers claiming the government restrictions meant people could not see items in person before purchase. This was a common ruse in vehicle sale and puppy scams, which both had higher reports and losses.”
As people spent more time online during the COVID-19 pandemic lockdown, reports and losses for some scams also increased.
Health and medical scams increased more than 20-fold compared to 2019, accounting for over $3.9 million in losses. Losses to threat-based scams increased by 178 percent to $11.8 million, and there were more than $8.4 million in losses to remote access scams, an increase of over 74 percent.
Phishing activity also thrived during the pandemic, especially through government impersonation scams. There were over 44,000 reports of phishing scams, representing a 75 percent increase.
Find more scam updates on our News page, and you can also find security tips on our Security page.
Need help?
If you believe someone has gained access to your personal information, even if the scam appears unrelated to your finances, you should contact your bank immediately. A timely response can be critical in giving you the best chance to stem any loss.
- If you have concerns about your G&C Mutual Bank account, contact us on 1300 364 400.
- You can find out how scams work, how to protect yourself, what to do if you’ve been scammed or report a scam to the Australian Competition and Consumer Commission (ACCC) via the Scamwatch website.
