What Costs More Than A Scam?

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Have you ever wondered how much money Aussies lose to scams and gambling every year? Well, I did some research and found out some shocking facts. Here’s what I learned:

– According to the Australian Competition and Consumer Commission (ACCC), Australians reported losing over $851 million to scams in 2020, which is a 23% increase from 2019. The most common types of scams were phishing, online shopping, investment, romance, and health and medical scams.

– According to the Australian Bureau of Statistics (ABS), Australians spent over $24 billion on gambling in 2018-19, which is a 5% increase from 2017-18. The most popular forms of gambling were poker machines, lotteries, sports betting, casino games, and racing.

– That means that Australians lost about 28 times more money to gambling than to scams in 2020. That’s a huge difference!

– However, it’s important to note that these figures are based on reported losses, which may not reflect the actual losses. Some people may not report their losses to scams or gambling due to shame, embarrassment, or fear. Also, some forms of gambling, such as online or illegal gambling, may not be captured by the official statistics.

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So, what can we do to protect ourselves from losing money to scams and gambling? Here are some tips:

– Be aware of the common signs of scams, such as unsolicited calls or emails, requests for personal or financial information, offers that sound too good to be true, or pressure to act quickly or pay upfront.

– Do your research before buying anything online, investing your money, or sending money to someone you don’t know. Check reviews, ratings, credentials, and contact details of the seller or provider. Don’t trust links or attachments in emails or messages. Use secure payment methods and avoid paying by wire transfer or gift cards.

– Set a budget and limit for your gambling activities and stick to it. Don’t chase your losses or gamble more than you can afford to lose. Seek help if you think you have a gambling problem or if it affects your relationships, work, or mental health.

Remember, scams and gambling can be fun and rewarding if done responsibly and safely. But they can also be risky and costly if done recklessly and impulsively. Be smart and stay safe!

**Remember the ATO will never message you asking for payment details, everything will through your MyGov portal, not text or email**

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If you have any questions or need further assistance, please contact us today. You can also browse our other blog posts for topics that may be of interest to you.

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