Targeting scams Report of the accc on scams activity 2014
The top 10 scams in 2014 ($ reported loss)
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- Table 8: Overview of scam types reported to the ACCC in 2014 in order of reported loss
- Table 9: Comparison of the top 10 scam report levels 2013–14
4.2 The top 10 scams in 2014 ($ reported loss)In 2014 the top scams reported to the ACCC in terms of reported loss continued to be variations of advance fee fraud scams where high returns, untold wealth or love is promised and funds are requested for payment of fake fees and charges. Table 8 shows the top 10 scam categories* by reported loss for 2014 and provides a comparison of the losses with 2013 where this information is available. Due to changes in scam classification it is not possible to provide comparative losses for all scam categories. Dating and romance scams remained the number one scam for 2014 with an increase of over $2.5 million in the amount lost to nearly $28 million. Australians looking to get high returns on investments also suffered significant losses to scams with combined losses of over $21.5 million. The total losses for investment scams are likely to be significantly higher as many people report these to the Australian Securities and Investment Commission (ASIC). ASIC has a very important role in consumer protection for financial services and maintains the Moneysmart.gov.au website. This site allows people to report investment scams and has excellent resources for people wishing to invest and avoid scams. Table 8 shows an overview of scams reported to the ACCC in order of reported losses. Table 8: Overview of scam types reported to the ACCC in 2014 in order of reported loss
Table 9: Comparison of the top 10 scam report levels 2013–14
* The Top 10 scam categories exclude three ‘Other’ scam categories as these contain a range of scams not easily classified under generic headings. The following sections summarise the top 10 scams by monetary loss, and include victim stories which are drawn from real life examples of scams reported to the ACCC. Names and details have been changed.
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