Australia tracks payment redirection fraud through Scamwatch, ReportCyber, and the National Anti-Scam Centre. Here are the latest figures.
Total combined losses: $2.03 billion (down 25.9% from 2023)
Total scam reports: 494,732 (down 17.8% from 2023)
Top 5 scam types (investment, romance, payment redirection, remote access, phishing) accounted for over 70% of total losses
Australians self-reported $84 million in BEC losses to ReportCyber in 2024
Average cost per confirmed BEC incident: over $55,000
Payment redirection scams surged by 66.6% in 2024, with losses exceeding $30 million
The ACCC's Targeting Scams report indicated Australian businesses lost $91.6 million to payment redirection scams in 2023.
Small business scam losses in 2024: $13.1 million (down 24% from 2023)
However, small businesses often lack robust internal protocols or awareness campaigns
Scamwatch received 159,319 scam reports with $259.5 million in reported losses
This represents a 16% increase in financial losses despite a 20% decline in reports
Average losses per case are increasing
Reports: 11,602 (down from 24,139 in 2024)
Losses: $19.4 million (up from $11.3 million in 2024)
Fewer reports but higher losses per incident
Data from ACCC Scamwatch, National Anti-Scam Centre, ReportCyber, and Targeting Scams Report 2024.
