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Losses from reported Australian hacking victims quadrupled in 2016: ACCC

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The Australian Competition and Consumer Commission (ACCC) has reported a four-fold increase in hacking scams, with AU$2.9 million lost to such activity in 2016, up from AU$700,000 in 2015.

According to Targeting scams: Report of the ACCC on scams activity 2016, businesses bore the brunt of these scams, with over half — AU$1.7 million — being attributed to businesses.

“While the digital economy presents many opportunities and efficiencies for businesses, it also presents significant risks,” ACCC deputy chair Delia Rickard says in the report’s foreword.

“Scams targeting businesses are becoming increasingly sophisticated using modern technology to make fake emails, invoices and websites appear legitimate to even the astute business person.”

While the digital age is hitting businesses in Australia, the report [PDF] highlights that consumers are also being affected by scammers, with digitisation providing the opportunity for scammers to try new tricks.

Online scams — those executed via the internet, email, social networks, and mobile apps — outnumbered phone-based scams in 2016, with an increase of 130 percent over 2015.

Elsewhere in the report, losses to online scams accounted for 58 percent — AU$48.4 million — of total losses, while social media was a particularly busy platform used by scammers to lure victims, netting losses of AU$9.5 million in 2016 compared with AU$3.8 million in 2015.

Of the social media scams, the most prevalent were related to online dating and sextortion, a form of blackmail in which compromising images of the victim are used to extort money.