According to Scamwatch statistics, Australians have lost a significant amount of money to crypto and investment scams, totaling 242.5 million Australian dollars in 2022.
Australians have lost money to romance scammers, investment scammers, cryptocurrency scammers, and Ponzi fraudsters.
Statistics show that men made up a higher percentage of the scam victims. 67% of victims were men, 31.8% were women, and 0.7% were Gender X.
Even though 2022 is not yet over, the amount of money lost to scammers in 2021 pales in comparison to the current figure. The figure for 2022 is 36% higher than the total figure for 2021.
As a result of these scams, there has been an increase in the demand for banks to pay closer attention and attempt to reimburse victims.
According to Gerard Brody, CEO of Consumer Action Law Centre, “the key reform is to shift that liability from individual consumers to banks when it comes to scam losses.”
He believes that banks should adopt a style that ensures the recipient’s name matches the account name. Brody suggests that Australia follow the UK model to reduce scams.
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