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Scam Reports Hit New Highs: Are We Doing Enough?

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

A surge in scam reports has highlighted ongoing challenges as Australians continued to lose significant sums to fraudulent schemes.

Despite efforts to combat scams, reports to the national complaints authority reached unprecedented levels in 2023/24.

The Australian Financial Complaints Authority disclosed in its latest report that over 10,000 scams were reported last year, marking an alarming 81% surge compared with the previous reporting period. While this escalation is troubling, David Locke, chief ombudsman for the authority, noted a decline was observed in the later quarters.

"This decline in reports is heartening, but it's certainly not time for complacency," Locke emphasized. Initiatives by both the federal government and major banks have been cited as contributing factors to the reduction in scam activities.

However, Locke warns that "there is still a long way to go" in effectively addressing and mitigating scams across the board. The authority encountered over 10,000 scam-related cases, resolving 70% within 60 days, showcasing a need for faster and more efficient processes.

The ongoing fight against scams was coupled with a rise in financial distress cases. Complaints spurred by financial hardship increased by 18%, highlighting struggles with home, personal, and credit card loans. Ineffective communication and subpar handling during hardship assistance processes were frequently cited grievances.

Locke conveyed concerns regarding the financial industry’s response to these challenges, stating, "Over the past two years, consumers have faced a record level of premium growth in both car and home insurance." There remains a noticeable scarcity of adaptive measures concerning suitable resources and supportive product frameworks.

This article draws information from a recent AAP-delivered update, outlining critical elements of the Australian financial landscape over the past year. Navigating the complex web of financial fraud demands concerted efforts-from improving customer service to designing products focused on resolving grievances swiftly.

Published:Thursday, 31st Oct 2024
Source: Paige Estritori

Please Note: If this information affects you, seek advice from a licensed professional.

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Crusader Caravans Recognised as RV Master Manufacturer

21 Feb 2026: Paige Estritori

Crusader Caravans has been officially recognised as an RV Master Manufacturer, a prestigious accreditation awarded by Caravan Industry Victoria (CIV). This accolade underscores Crusader's dedication to excellence in the Australian recreational vehicle (RV) manufacturing sector. - read more

Arizon Off-Grid Unveils NEXUS Power Control System

21 Feb 2026: Paige Estritori

Arizon Off-Grid has announced the launch of its NEXUS Power Control System, a cutting-edge solution designed to enhance off-grid power capabilities for caravans and 4WD vehicles. This innovative system is set to debut at the Melbourne Caravan & Camping Leisurefest, offering a new level of control and efficiency for off-grid enthusiasts. - read more

Hitch Campers' Madigan Hybrid Camper Now in Production

21 Feb 2026: Paige Estritori

Hitch Campers has commenced production of its highly anticipated Madigan hybrid camper, marking a significant milestone for off-road enthusiasts in Australia. Following extensive research and development, the Madigan is set to offer a blend of comfort and rugged capability tailored for the Australian landscape. - read more

Introducing the Kia Tasman: Kia's Entry into the Australian Ute Segment

13 Feb 2026: Paige Estritori

The Australian ute market is poised to welcome a new entrant with the upcoming launch of the Kia Tasman. Scheduled to arrive in mid-2025, the Tasman marks Kia's inaugural foray into the competitive utility vehicle segment, traditionally dominated by models like the Ford Ranger, Toyota HiLux, and Isuzu D-Max. - read more

Lightspeed Motor Company: Bringing Car Manufacturing Back to Australia

13 Feb 2026: Paige Estritori

In a bold move to revitalise Australia's automotive manufacturing sector, Melbourne-based Lightspeed Motor Company has announced plans to locally produce the Ariel Atom sports car and the Ariel Nomad off-roader. This initiative aims to address lengthy wait times and high costs associated with importing these vehicles from the UK. - read more

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Bridge Loan:
A short-term loan used until a person or company secures permanent financing or removes an existing obligation.

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