Australian financial scam losses fell 5.5% in 2023 to $480.7 million, yet social media scams persist.

Financial scams in Australia saw a 5.5% drop in 2023 to $480.7 million, down from $569 million in 2022, as Australians become better at spotting fraud. However, scams remain a significant issue, especially on social media platforms like Facebook and Instagram, where scammers target vulnerable individuals, leading to financial loss and emotional distress. Investment scams, often using themes like cryptocurrency and AI, cost victims around $1.3 billion last year. Social media platforms are urged to enhance user protection.

November 16, 2024
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