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Scams cost Ausses $300 million in 2016

Australians lost nearly $300 million to scammers in 2016, with a 47% increase in scam reports to the competition watchdog, the ACCC, during the year over 2015.

The Australian Competition and Consumer Commission’s  Scamwatch and the Australian Cybercrime Online Reporting Network (ACORN) received a combined 200,000 reports about scams.

And, in addition, losses reported to Scamwatch, ACORN and other scam disruption programmes in 2016  totalled $299.8 million.

Australians aged over 55 accounted for 45% of reports to Scamwatch, while investment scams accounted for the most losses with combined reports to Scamwatch and ACORN totalling $59 million.

{loadposiotion peter}But affairs of the heart and online dating were the worst hit.

According to Scamwatch, dating and romance scams in 2016 accounted for the next highest losses, with a combined $42 million lost.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).