24 February 2008

Shining the light on scams and fraud

Competition Policy & Consumer Affairs Minister, Chris Bowen today launched the little black book of scams, at the start of 'Fraud Fortnight' the annual nationwide scams awareness campaign.

An analysis of existing data on scams indicates that the cost of advance fee frauds alone could be in the order of $170 million to $680 million per year.

"Scams do not discriminate; they target people of all backgrounds, ages and income levels," Mr Bowen said.

"In financial terms, victims of scams can lose anything from a few dollars to a weeks' wages, to their house or even their business."

The Australian Competition and Consumer Commission's (ACCC) little black book of scams is one of the consumer watchdog's most popular publications and reflects the range of scams targeting Australians and provides assistance for consumers seeking further information.

The little black book of scams highlights the latest scams and offers consumers tips on how to protect themselves from scams, what they can do to minimise damage if they do get scammed and how they can report a scam.

"While there is an important role for law and consumer enforcement agencies in identifying, exposing and where possible prosecuting scammers, consumers need to be alert and proactive in protecting themselves," Mr Bowen said.

"Two of the more common scams include lottery or sweepstake frauds and money transfer requests."

Some of the key things people can do to protect themselves from scams include:

  • NEVER send money or give credit card, account or other personal details to anyone who makes unsolicited offers or requests for information;
  • DON'T rely on glowing testimonials: find solid evidence from independent sources (not those provided with the offer);
  • NEVER respond to out of the blue requests for your personal details;
  • ALWAYS type in the address of a website of a bank, business or authority - it's safer;
  • NEVER click on a link provided in an unsolicited email as it will probably lead to a fake website designed to trap you.

The Australasian Consumer Fraud Taskforce's (ACFT) 'Fraud Fortnight' campaign will run from Sunday 24 February to Saturday 8 March 2008.

Consumers interested in better informing themselves on the little black book of scams or the latest scams should go to SCAMwatch www.scamwatch.gov.au or contact the ACCC Infocentre on 1300 302 502 for a free copy of the book.

24 February 2008

Media Contact: James Cullen - 0409 719 879