Australians have been scammed a total of $851million in the last year alone as the Covid-19 pandemic forced many to stay at home and spend longer online.
The alarming figures were revealed in a report by the Australian Competition and Consumer Commission, with investment scams being the worst of all with a total of $328million lost.Insurance Loans Mortgage Attorney Credit Lawyer
Australians who found themselves 'catfished' or involved in other romance scams also lost a staggering $131million all up.
Australians have been scammed a total of $851million in the last year alone as the Covid-19 pandemic forced many to stay at home and spend longer online (stock image)
ACCC Deputy Chair Delia Rickard said she expected the total amount of money lost to scams would be even worse than what's been calculated because most victims don't report it.
'Unfortunately scammers continue to become more sophisticated and last year used the Covid-19 pandemic to scam and take advantage of people from all walks of life during this crisis,' she said.
Out of the $850million lost, victims reported just $176million of this to Scamwatch.
Victoria which saw a mammoth 122-day lockdown last year suffered losses of $49million - double what the state lost in 2019.
'We saw scammers claiming the government restrictions meant people could not see items in person before purchase. This was a common ruse in vehicle sale and puppy scams, which both had higher reports and losses,'