The skills of scammers are improving by the month but the ACCC is behind a new program to build even more knowledge about the changing trend of rip-offs.
A new campaign launched for the annual Scams Awareness Week encourages people to speak up to bring attention to victims and the tactics of those who seek to rip others off.
New research from Westpac obtained by Business Weekend reveals the number of reported scams has doubled in the past year.
Email scams targeting businesses have grown by 57 per cent, costing customers an average of almost $4.5 million a month.
On the consumer side, 1.2 million people reported falling victim to a scam in the last 12 months.
There was $178 million in losses reported to Scamwatch last year, and a further $222 million was reported over the year to September.
To decrease the rate of fraud, Westpac’s Head of Fraud Ben Young and his team have developed a new digital card.
The card’s DVC – the three-digit number on the back of a physical card – changes in the user’s banking app every 24 hours.
Mr Young said the advent of digital cards gives banks options to “change elements” of traditional cards.
“Since we’ve put that in we’ve noticed a huge decrease in the fraud rates for people that use that card,” he said.
Sponsored content by Westpac