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One in nine Australians have fallen victim to personal fraud, with card fraud the most common type as more people banking and shopping online because of COVID-19. Key points: Nearly 7 per cent of Australia’s adult population or 1.4 million people experienced card fraud in 2020-21 Fraud on bank and credit card transactions rose 9.2 percent to $490 million during the 2020-21 financial year Australians lose more than $2 billion from fraud in 2021 Card fraud is when criminals obtain your banking or credit card details to illegally access your account and steal money. The Australian Bureau of Statistics said 11 per cent of Australians, or more than 2 million people, were victims of personal fraud in 2020-21, compared with 8.5 per cent in 2014-15. The increase was driven by an increase in card fraud, which was the most common type of fraud, followed by fraud. Around 1.4 million Australians experienced card fraud in 2020-21 — nearly 7 per cent of the adult population and a rate higher th...

The Australian Communications and Media Authority (ACMA) has rolled out new rules to protect Australians from text message fraud. Key points: Australians lose more than $2 billion to fraud in 2021 Telecom providers could face fines of up to $250,000 if they fail to comply The frequency of fraudulent SMS increased sharply after crackdown on scam callers Starting today, cellular providers will be required to identify, track, and block text message fraud, share information about fraudulent messages with other providers, and report fraud to authorities. According to the Australian Competition and Consumer Commission (ACCC), Australians lost more than $2 billion to fraud in the last year, with about $10 million lost via text messages. Data from Scamwatch shows more than 67,000 text message frauds were reported during 2021. Federal Communications Secretary Michelle Rowland said the new rules would disrupt the scammers’ business model. “Most Australians have received a fraudulent t...