Australians lose more than $2 billion in financial scams

According to reports from Scamwatch, Australians lost more than $2 billion in financial scams - here are the top 3 you need to look out for.

Video transcript

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- The ACCC has released the latest targeting scams report, and Aussies lost over $2 billion to scams during 2021.

The top three scams causing the most financial harm to Australians in 2021 were $701 million lost to investment scams, $227 million lost to payment redirection scams, and $142 million lost to romance scams.

People over 65 lost the most to scams, at 27% of all losses coming from that age bracket. Men had higher reported losses, at 59%, while women reported 40% and another 1% remained unspecified. The most common contact method for scammers is via phone call, at 50%, and the least common, via social media, at 4%.

Follow Yahoo Finance for more tips on how to keep your money safe.

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