Tag: scams

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A phishing pandemic – Part I
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Cost of cybercrime hits a new high according to the ACCC’s Scamwatch Report

A phishing pandemic – Part I

By Cameron Abbott, Michelle Aggromito and Rebecca Gill

It’s upsetting to report, but should come as no surprise, that scammers are seeking to take advantage of organisations during the COVID-19 pandemic.

The Australian Competition and Consumer Commission’s Scamwatch website reports that phishing attacks are on the rise, with scammers impersonating the World Health Organisation and other agencies. Scams include anything from offering victims a vaccine for COVID-19 to investment opportunities created by the pandemic.

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Cost of cybercrime hits a new high according to the ACCC’s Scamwatch Report

By Cameron Abbott and Giles Whittaker

Australians are suffering more than ever to various cyber scams, with the ACCC’s ninth annual Targeting Scams Report confirming the ACCC received more than 200,000 scam reports costing a total of roughly $340 million during 2017, a $40 million increase from 2016. Whilst this increase is attributed to a variety of different cyber scams, including investment scams which totalled $64 million, an increase of more than 8%, the second largest contributor to the $340 million total losses was from dating and romance scams which amounted to $42 million. The search for love clearly has its costs. With the average loss suffered per victim totalling $6500, these losses are not inconsequential and continue to push cybersecurity into the forefront of both individuals and businesses daily activities.

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