Australians lost over $851 million to scams in 2020, a record amount, as scammers took advantage of the pandemic to con unsuspecting people, according to the ACCC’s latest Targeting Scams report.

The report compiles data from Scamwatch, ReportCyber, other government agencies and 10 banks and financial intermediaries, and is based on more than 444,000 reports.

Investment scams accounted for the biggest losses, with $328 million, and made up more than a third of total losses. Romance scams were the next biggest category, costing Australians $131 million, while payment redirection scams resulted in $128 million of losses.