find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
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
Scales of Justice
Oct 19 2017
‘Ego status’ compelled ex-lawyer to defraud $2.97m, court told
Debarred lawyer John Gordon Bradfield told an NSW District Court that he was driven by “ego status...
Australian Lawyers Alliance (ALA), Queensland’s new industrial manslaughter legislation,
Oct 19 2017
ALA welcomes ‘tough’ Qld manslaughter laws
The Australian Lawyers Alliance (ALA) has welcomed Queensland’s new industrial manslaughter legisl...
Legal podcasts, tune in, microphone
Oct 19 2017
Legal podcasts you have to tune in to right now
The rise of the internet has hailed in a new dawn for storytelling. Here’s our top pick of podcast...
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 & ...