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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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Finance News

Housing Shortage in WA's South West Strains Caravan Parks

27 Dec 2025: Paige Estritori

Caravan parks in Western Australia's South West are grappling with the effects of a severe housing shortage, as an increasing number of individuals and families turn to these facilities for long-term accommodation. This shift is placing significant pressure on park owners, who traditionally cater to tourists and short-term visitors. - read more

Zone RV's Administration Signals Industry Challenges

19 Dec 2025: Paige Estritori

The Australian caravan industry has recently faced significant upheaval with the voluntary administration of Zone RV, a prominent luxury off-road caravan manufacturer based on Queensland's Sunshine Coast. This development has left approximately 250 employees and numerous customers in a state of uncertainty, particularly as the holiday season approaches. - read more

Caravan Parks Thrive with Rising Occupancy Rates

19 Dec 2025: Paige Estritori

Amidst economic uncertainties, the Australian caravan and camping sector has demonstrated remarkable resilience, with occupancy rates climbing across all accommodation types. In October 2025, cabin occupancy surged to 69% nationwide-a substantial four-point increase compared to October 2024. Powered sites saw a three-point rise to 52%, while unpowered sites reached 22% occupancy. - read more

Zone RV's Financial Woes: $40 Million Debt Revealed

11 Dec 2025: Paige Estritori

The recent collapse of luxury caravan manufacturer Zone RV has sent shockwaves through the Australian caravan industry. The company, based in Coolum on Queensland's Sunshine Coast, has been revealed to owe approximately $40 million to creditors, leaving both customers and employees facing significant uncertainty. - read more

Crusader Caravans and BIG4 Holiday Parks Join Forces

11 Dec 2025: Paige Estritori

In a strategic move to enhance the caravanning experience for Australians, Crusader Caravans has announced a partnership with BIG4 Holiday Parks. This collaboration aims to provide new caravan owners with a suite of exclusive benefits, enriching their travel adventures across the country. - read more

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Knowledgebase

Balloon Payment.:
A large loan repayment made in order to clear a debt. Usually applied to a short-term fixed-rate loan, which involves small payments for a certain period of time with one large payment for the remaining amount of the principal at a time specified in the future.

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