This report calls for urgent reforms to the Privacy Act to protect against insufficiently regulated data markets in which sensitive and personal data is currently bought, sold and broadcast without controls. It argues that stronger data protections to regulate the flow of this information is required to counteract the risk of scams and foreign interference.

This report explains key trends in scam activity and highlights the impact of scams on the community. It also outlines some of the cooperative work of the ACCC, other government and law enforcement agencies, and the private sector, to disrupt scams and educate consumers.

The Consumer Policy Research Centre has worked with data released 20 March 2024 (for the 2022-23 financial year period) to present some key findings that explore the incidence and reporting of scams in Australia, and what this has looked like over the last few years.

Recognising the important role of banks in scam prevention, detection and response, ASIC conducted a review of the four major banks' activities in these areas. The review focused on the major banks with the expectation that they should have the most mature and effective policies, processes and practices in relation to scams.

This report reveals that Australians lost a record $3.1 billion to scams in 2022, as government, law enforcement and the private sector look to improve collaborative efforts to support the community in the fight against scams.