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In a significant stride towards safeguarding Australians from the pervasive threat of scams, the National Anti-Scam Centre (NASC) has unveiled its 2024 Targeting Scams Report, revealing a remarkable 25.9% reduction in reported scam losses compared to the previous year. This substantial decline underscores the efficacy of collaborative efforts among government bodies, industry stakeholders, law enforcement agencies, and community organizations in combating financial fraud.

The report indicates that Australians reported losses totalling $2.03 billion in 2024, a significant decrease from the $2.7 billion reported in 2023. Additionally, scam reports fell by 17.8%, with 494,732 incidents recorded in 2024 compared to 601,803 in the previous year.

A notable highlight is the 25.6% reduction in losses attributed to scams from online forums, encompassing social media platforms, trading sites, professional forums, and dating platforms. The median loss for these online scams stood at $330, markedly lower than the $3,900 median loss associated with phone scams. Furthermore, scams that consumers identified as originating from the internet experienced an almost 61% decrease, reflecting the impact of targeted interventions in the digital realm.

The Digital Industry Group Inc. (DIGI), a non-profit industry association representing major technology companies, has been at the forefront of these efforts. DIGI’s Managing Director, Sunita Bose, acknowledged the pivotal role of industry initiatives in this achievement, stating, “The 2024 Targeting Scams Report highlights progress in the fight against online scams through significant reductions in scam losses. The report highlights the impact of industry initiatives, including the Australian Online Scams Code developed by DIGI and its members.”

Introduced in July 2024, the Australian Online Scams Code is a proactive initiative by DIGI and its members to establish a series of commitments to combat scams. The code reflects the industry’s dedication to working collectively to minimize the harm caused by scams in Australia.

Despite these advancements, Bose emphasized the need for sustained efforts, remarking, “While industry and government have implemented key initiatives that have had a tangible impact, scammers are relentless criminals – working to beat them at their game requires continued effort.” She further advocated for ongoing collaboration through the NASC, robust offshore law enforcement actions to dismantle scams at their source, and heightened public awareness. DIGI is committed to partnering with the NASC and other stakeholders in 2025 to protect Australians from scams further and implement the new Scams Prevention Framework.

The importance of precise data collection in refining scam prevention strategies was also highlighted. Bose noted that the broad and overlapping categories of ‘online forums,’ ‘internet,’ and ‘mobile apps’ might confuse consumers reporting scams and hinder a better understanding of where exactly scams are presenting. She expressed DIGI’s support for the NASC’s 2025 goal to enhance datasets, facilitating more targeted and effective responses.

The report also reveals a 17.8% decrease in scam reports, underscoring the need for Australians to continue reporting scams to ensure accurate tracking and effective countermeasures. DIGI encourages all Australians to utilize reporting mechanisms available on mainstream digital platforms, as these tools enable specialist teams to review and respond to potential scams, thereby helping to remove fraudulent content. DIGI provides a guide to making these reports on its website, empowering consumers to participate actively in the collective defence against scams.

The concerted efforts of various stakeholders have led to a notable decline in scam-related losses in Australia. However, scammers’ persistent and evolving nature necessitates unwavering vigilance and continuous collaboration to protect consumers and maintain the integrity of digital platforms.