The increase in losses was driver by a 200% surge of investment fraud losses, from AUD 328 million to AUD 701 million, as well as a significant increase in payment redirection fraud to AUD 227 million.
ACCC’s report also suggests that cryptocurrencies played a major role in fraud losses in 2021, as thousands of customers and businesses reported investment fraud losses in the form of fake or non-existing crypto schemes. Moreover, cryptos also seem to be the backbone of romance fraud, with victim reporting over AUD 142 million losses in 2021, compared to AUD 131 million in 2020.
According to research, all demographics are susceptible to fraud but not all group ages are equally vulnerable. Older people, indigenous Australians, people from culturally and linguistically diverse communities (CALD), as well as people with disabilities were among the most targeted groups of individuals.
Finally, the COVID-19 pandemic also impacted fraud, as many Australians were subjected to COVID-19-themed frauds with a focus on vaccines, personal protective equipment, and contact tracing.
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