find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Corporate Lawyer
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· 12 months fixed term opportunity
View details
Property lawyer - Melbourne
Category: Property Law | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Impressive client list, national firm · Well-led and high-performing team
View details
Scams costing business millions

Scams costing business millions

Consumers and small businesses lost more than $85 million to scams in 2011, according to a report by the Australian Competition and Consumer Commission (ACCC).

ACCC chairman Rod Sims launched the 2011 Targeting Scams report last night (19 March) and said instances of scam activity have almost doubled for the second consecutive year.

The report shows that in 2011, the ACCC was contacted more than 83,000 times by consumers and small businesses about scams, with the increase accompanied by a rise in the total number of financial losses resulting from scams, up 35 per cent from 2010.

“These figures are significant, particularly because they represent ordinary people who have been approached by scammers,” said Sims.

The report also reveals a significant shift in delivery methods used by perpetrators. Whereas the trend in recent years has been for scams delivered online, in 2011 almost 43,000 – over half of all scams reported – were initiated by telephone. These phone-based scams saw Australians lose almost $28 million.

ACCC deputy chair and taskforce chair Dr Michael Schaper said that until recent years, telephone was considered an “old style of scam delivery”, but reports suggest that scammers’ abuse of recent advancements in voice-over-internet technology have contributed to this increase.

Despite the losses, however, there is evidence that public awareness about scams is growing.

“Almost 88 per cent of Australians who contacted the ACCC last year regarding scams reported no financial loss at all,” said Dr Schaper.

“That means around nine out of 10 people realised the risk and slammed the scam – they hung up the phone, shut the door, threw out the letter or clicked delete.”

The top five scams reported to the ACCC in 2011 were advance fee/up-front payment scams; computer hacking scams; lottery and sweepstake scams; banking and online account scams (including phishing); and online auction and shopping scams.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Scams costing business millions
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Aug 23 2017
NT Law Society sounds alarm on mandatory sentencing
The Law Society Northern Territory has issued a warning over mandatory sentencing, saying it hasn’...
Aug 22 2017
Professionals unite in support of marriage equality
The presidents of representative bodies for solicitors, barristers and doctors in NSW have come toge...
Aug 21 2017
Is your firm on the right track for gig economy gains?
Promoted by The way we do business, where we work, how we engage with workers, even how we take a...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...