Fake text messages on the rise, but experts warn Australians most losses are from more sophisticated scams

6 days ago 22

Fake cryptocurrency or forex broker websites the most common scam in what has ballooned into a billion-dollar industry

Financial scams have become more sophisticated and easier to perpetrate, ballooning into a billion-dollar industry in Australia, experts have warned.

Last year more than 239,000 scams worth $570m were reported to Scamwatch, but the organisation says the real number is much higher, as only about 13% of scams are reported.

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