The Australian Banking Association (ABA) has greeted the release of a new report from the National Anti-Scam Centre with optimism, indicating progress in the battle against financial fraud.

According to the latest quarterly report, scam losses during the December quarter of 2023 witnessed a significant decrease of 43% compared to the same period in the previous year, reflecting a positive trend in safeguarding Australians against various types of scams.

Key highlights from the report reveal reductions in losses across diverse scam categories, including investment (down 38%), romance (down 41%), employment (down 38%), false billing (down 53%), and phishing (down 62%).

Cryptocurrency scams

The report indicates a notable 74% decrease in losses attributed to cryptocurrency scams, amounting to $12.4 million, along with a 31% decrease in losses by bank transfer scams, totaling $40.2 million.

Anna Bligh, CEO of the ABA, emphasized the significance of these findings, stating that concerted efforts to combat scams are yielding tangible results in protecting Australians from falling victim to fraudulent schemes.

Bligh expressed empathy for those who have suffered financial losses due to scams while commending the collective efforts aimed at mitigating such risks.

She stressed the importance of remaining vigilant against evolving scam tactics and underscored the necessity for continued collaboration among banks, government agencies, telecommunication companies, social media platforms, and consumers to stay ahead of scammers.