At the Australian Financial Review’s Banking Summit this week, the Hon Stephen Jones MP described scams as “more than a menace — they are a destructive force in our economy … which, left unconfronted, will undermine confidence in the way modern commerce is conducted.”
“As the technology improves and develops, scam techniques develop right alongside it,” said Mr Jones, the Assistant Treasurer and Minister for Financial Services, in his keynote address.
In another keynote following Mr Jones’s, Gina Cass-Gottlieb, chair of the Australian Competition and Consumer Commission (ACCC), cited startling figures about the impact of scams in Australia:
“During 2022, financial losses reported to ACCC Scamwatch totalled more than $569 million and we know only 13 percent of victims report to Scamwatch,” she said. “Our Targeting Scams report, which will be published soon, is sadly expected to report much higher losses than the $1.8 billion reported in 2021.”