The staggering amount Australians lost to scams last year

Australians are thought to have lost in excess of $2 billion to scams last year and the consumer watchdog is warning this year’s total will likely be even higher.

Reported losses totalled at $1.8 billion in 2021, but with a third of victims not reporting scams the actual losses are thought to be well over $2 billion.

ACCC deputy chair Delia Rickard says this year it’s “already looking like we’re having at least a 130 per cent increase on 2021”.

Australians are losing the most money to investment scams, most frequently involving cryptocurrency, with at least $710 million lost through such scams last year.

Press PLAY below for the ACCC deputy’s top three tips for ensuring you’re not tricked out of money