Turning the Tide Against Scammers

After years of exponential growth in scam losses under the previous government, the tide has finally turned. The latest National Anti-Scam Centre's Targeting Scams Report reveals scam losses in Australia fell by over 25 per cent to $2 billion in 2024.

This dramatic reduction represents a 33 per cent drop in scam losses since the government took office - a complete reversal of the previous trend where losses doubled year on year. Particularly significant are the 35 per cent decrease in losses to investment scams and more than 30 per cent reduction in romance scam losses.

Assistant Treasurer and Minister for Financial Services Stephen Jones describes the turnaround: "We made fighting scams a priority from day one and it's having a real and significant impact. Scammers are finding it harder and harder to get through our defences."

A Protection Strategy

The government has invested $180 million in what it describes as "the most comprehensive anti-scam agenda anywhere in the world," making Australia increasingly difficult for scammers to target.

This multi-faceted approach includes several key initiatives:

• Establishing the National Anti-Scam Centre to coordinate efforts across government, industry and law enforcement

• Creating the world-leading Scams Prevention Framework through new legislation

• Funding ASIC's takedown service, which has removed over 10,000 investment scam websites

• Implementing a mandatory SMS sender ID register to combat text message scams

• Modernising payment systems with enhanced security features

Strengthening Victim Support

While the reduction in losses is encouraging, the government acknowledges there's more work to be done. "Every dollar lost by a consumer is a dollar too many," said Jones.

In a significant development for scam victims, the government has announced enhanced compensation pathways. A new ministerial direction will empower the Australian Financial Complaints Authority (AFCA) to investigate not just the bank that sent a victim's funds, but also the receiving bank that may have enabled the scam. This change will allow AFCA to examine the entire scam chain, potentially increasing recovery options for victims.

The Road Ahead

The government's landmark Scams Prevention Framework legislation currently before Parliament aims to place responsibility on banks, telecommunications companies, and social media platforms to prevent scams before they reach consumers.

[1] https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/new-data-shows-scam-losses-continue-fall-under-labor

[2] https://www.nationaltribune.com.au/scam-losses-slashed-by-over-1-billion-under-labor-s-anti-scam-agenda/

[3] https://treasury.gov.au/publication/p2025-623966

[4] https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r7275

[5] https://www.nasc.gov.au/system/files/targeting-scams-report-2024.pdf