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Scams leave nasty bite & Australians $33m out of pocket in November

Scammers snatched a whopping $33 million from Australians in November, with investment scams accounting for almost two thirds (65%) of total losses, according to figures from Proofpoint and Scamwatch.

A bulletin from Proofpoint notes that Australians reported fewer scams in November compared to the previous month, November was still a profitable month for cybercriminals.

Investment scams increased a mild 8% on the previous month but the amount of money lost almost doubled, suggesting that it is now easier for criminals to steal more money from Australians. These types of scams have cost $150 million, up from $65 million in 2020.

Dating and romance scams cost $5.6 million; remote access scams cost $1.5 million, followed by classified scams, online shopping scams, and rebate/reimbursement scams.

Australians reported phishing scams the most (4,418 reports), a drop from the previous month’s figures. Other reports involved threats to life or arrest, identity theft scams, and dating and romance scams.

According to Proofpoint Australia and New Zealand area vice president Crispin Kerr, it’s disheartening to see that more than $33 million was lost in a single month, and it doesn’t seem like scammers are slowing down in the lead up to the holiday season.

“Scammers continue to rip off Australians, taking their hard-earned money with the promise of fake investment opportunities and get-rich-quick schemes. The significant increase in November shows how scammers are…

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