Australians reported over 490,000 scam cases with a total loss of a staggering $2.03 billion in 2024*. While this figure is a slight improvement on 2023, it’s a stark reminder of how widespread and damaging scams can be within our communities.
Gone are the days where scams were easy to spot, with clear spelling mistakes or offers simply too good to be true. Scams these days are far more sophisticated, using advanced technology to sound more legitimate than ever before. Targeting everyday Australians, these scams are leaving lasting impacts both financially and emotionally.
That’s why sharing knowledge and resources matters. The more we know, the better we can protect ourselves and those around us.
This year’s Scam Awareness Week (25–29 August) reminds us all to stay alert and join together to fight back against scams. We’re using this time to focus on two common scams from 2024 and to share a simple 3-step approach everyone can follow to help stay safe against scams.
Investment Scams
Australian’s lost more money to investment scams than any other type of scam; last year reporting a loss of $945milion according to data from the Targeting Scams report.
What is an investment scam?
Investment opportunities with promises of big payouts, quick money, or guarantee returns are known as investment scams.
A few common investment scams include:
- Fake celebrity endorsement scams
- Crypto scams
- Superannuation scams
Find out more about each type of investment scam on the MoneySmart website.
Visit our helpful article on how to avoid investment scams, which includes tips on how to spot and protect yourself from these scams.
Romance Scams
The second highest reported financial loss from scams in 2024 was Romance Scams, which accounted for $156.8million in reported losses last year*.
What is a romance scam?
A romance scam is an online dating scam where scammers build a fake romantic relationship to gain a person’s trust and eventually requesting money. These scams often occur on dating websites, social media platforms, or messaging apps.
Common signs of romance scams include:
- Fake profiles using stolen photos and fake personal details
- Fast-moving relationships with strong emotional connection
- Requests for money often for emergencies, travel expenses, or family issues
Unlike many other scams that rely on urgency, romance scams are more calculated. Scammers often spend weeks or months building trust before making financial demands. This makes them especially deceptive and hard to detect, however they leave a devastating emotional and financial impact.
We’ve put together a few helpful tips on how to spot a scam to help protect you from these common scams in 2025.
How do scammers reach you?
Scammers use a range of different methods to contact, and many of them are through platforms we use every day. Be on the lookout for unsolicited messages or offers through:
- Text messages
- Emails
- Phone calls
- Social media (profiles or messages)
- Website and ads
ScamWatch breaks down these different methods, which you can read more about on their website.
Let’s take back some control
We all have the power to take control when it comes to avoiding being scammed, and we want you to feel confident to do just that. With a few simple steps from Scamwatch, you can take action to Stop, Check, and Protect.
Stop
Take a moment. Pause before you click, respond or act. Scammers want you to feel a sense of urgency, pressuring you to act quickly. Say no, hang up or delete the message and take time to think.
Trust your instincts, if something feels wrong it probably is.
Check
Take the time to verify who you’re dealing with. Scammers often pretend to be from trusted organisations and can make their messages or phone numbers look incredibly real. Before you click or respond, go directly to the source. Contact the organisation directly, using contact details from the official website or app, not the ones provided to you in a message or on the call.
By taking a moment to check, you’re staying in control – and that could make all the difference.
Protect
Protect yourself and others by reporting a scam. If something feels wrong, take action to contact us immediately through our contact centre if you think you’ve lost money or shared sensitive financial details.
Help to protect others by reporting scams to the Australian Competition & Consumer Commission (ACCC) via the report a scam website.
By taking the steps to Stop, Check and Protect, you’ll not only be helping to safeguard yourself, but also contributing to a more scam-aware community. Staying informed, alert, and confident in how to respond to potential scams can make all the difference.
To learn more about protecting yourself from scam activity and what we’re doing to help, visit our dedicated page or download our Fraud protection guide.
*Statistics provided by the Targeting scams report-Scamwatch