Security Market Segment LS
Friday, 03 May 2019 11:08

Vulnerable consumers lose record amount to scammers: report Featured

By

Australians who are older, Indigenous or have disabilities reported record losses to scammers in 2018, according to the latest Scamwatch report from the Australian Competition and Consumer Commission.

The competition watchdog says Australians aged over 65 submitted more than 26,400 reports to Scamwatch in 2018, with losses exceeding $21.4 million.

The $21m-plus represents an increase of 5% in reports, but 22% in losses.

“Scammers will scour dating sites and social media for older Australians who have recently divorced or lost a long term partner, taking advantage of those who are inexperienced with these sites and may be in a vulnerable emotional state,” ACCC deputy chair Delia Rickard said.

“Investment scams are the most financially harmful because the scammers invest time and money into convincing sales pitches, flashy websites and even glossy brochures."

The ACCC says that older Australians looking to grow their nest eggs, but who instead get caught up in investment scams, reported losses of $7.6 million, and those misled through fake relationships reported losses of $5.8 million to dating and romance scams.

“Scammers will start with a cold call to their victim promising low risk investments for high returns. They may spend months grooming their victims and once a victim invests, they’re quickly convinced to put more and more money in. As soon as the victim tries to cash in on their investment, the scammer quickly disappears,” Rickard said.

Scamwatch received more than 7800 reports from people with disabilities or who identified as having a chronic illness, with losses in excess of $8.7 million.

And these Australians also reported higher losses per report to investment scams and dating and romance scams when compared with those who did not identify as having a disability or chronic illness.

The report reveals that indigenous Australians also reported record losses in 2018.

Scamwatch received 2434 scam reports from Indigenous people with losses exceeding $3 million – a 79% increase compared to 2017. Investment scams were the most financially harmful, with $1.1 million reported lost.

“The ACCC is committed to continuing our education and awareness efforts including our Indigenous outreach work and distribution of our Little Black Book of Scams. As vulnerable consumers can be difficult to reach through traditional channels we also encourage the wider community to assist in warning these consumers about scams.” Rickard said.


Subscribe to ITWIRE UPDATE Newsletter here

Now’s the Time for 400G Migration

The optical fibre community is anxiously awaiting the benefits that 400G capacity per wavelength will bring to existing and future fibre optic networks.

Nearly every business wants to leverage the latest in digital offerings to remain competitive in their respective markets and to provide support for fast and ever-increasing demands for data capacity. 400G is the answer.

Initial challenges are associated with supporting such project and upgrades to fulfil the promise of higher-capacity transport.

The foundation of optical networking infrastructure includes coherent optical transceivers and digital signal processing (DSP), mux/demux, ROADM, and optical amplifiers, all of which must be able to support 400G capacity.

With today’s proprietary power-hungry and high cost transceivers and DSP, how is migration to 400G networks going to be a viable option?

PacketLight's next-generation standardised solutions may be the answer. Click below to read the full article.

CLICK HERE!

WEBINAR PROMOTION ON ITWIRE: It's all about webinars

These days our customers Advertising & Marketing campaigns are mainly focussed on webinars.

If you wish to promote a Webinar we recommend at least a 2 week campaign prior to your event.

The iTWire campaign will include extensive adverts on our News Site itwire.com and prominent Newsletter promotion https://www.itwire.com/itwire-update.html and Promotional News & Editorial.

This coupled with the new capabilities 5G brings opens up huge opportunities for both network operators and enterprise organisations.

We have a Webinar Business Booster Pack and other supportive programs.

We look forward to discussing your campaign goals with you.

MORE INFO HERE!

BACK TO HOME PAGE
Peter Dinham

Peter Dinham - an iTWire treasure is a mentor and coach who volunteers also a writer and much valued founding partner of iTWire. He is a 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).

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & ON-DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments