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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

Crusader Caravans and BIG4 Holiday Parks Join Forces to Enhance Caravanning Adventures

09 Nov 2025: Paige Estritori

In an exciting development for Australian caravan enthusiasts, Crusader Caravans has announced a strategic partnership with BIG4 Holiday Parks. This collaboration aims to provide new caravan owners with exclusive benefits, enriching their travel experiences across the country. - read more

Australian Caravan Parks Experience Growth Amid Economic Uncertainty

09 Nov 2025: Paige Estritori

Recent data indicates a notable increase in occupancy rates across Australian caravan parks, showcasing the sector's resilience in the face of economic challenges. In October 2025, cabin occupancy nationwide rose to 69%, a four-point increase from the previous year. Powered sites saw a three-point rise to 52%, while unpowered sites reached 22% occupancy. - read more

'Caravan to a Million' Promotion Returns to Boost Caravan Industry Engagement

09 Nov 2025: Paige Estritori

The highly anticipated 'Caravan to a Million' promotion is set to return in 2025, aiming to increase consumer engagement with the Australian caravan industry. Developed by the Caravan Industry Association of Australia and supported by state trade associations, the promotion offers participants a chance to win a grand prize of $1 million. - read more

Jayco Faces ACCC Legal Action Over Off-Road Caravan Claims

01 Nov 2025: Paige Estritori

Australia's largest caravan manufacturer, Jayco, is currently facing legal proceedings initiated by the Australian Competition and Consumer Commission (ACCC). The ACCC alleges that Jayco misled consumers by advertising certain caravans as suitable for off-road use, despite these models not being designed or warranted for such conditions. - read more

Exclusive Perks for New Caravan Owners Through Crusader and BIG4 Partnership

01 Nov 2025: Paige Estritori

In a strategic move to add value for new caravan owners, Crusader Caravans and its subsidiary brand, Dreamhaven, have partnered with BIG4 Holiday Parks. This collaboration offers new buyers a suite of exclusive benefits designed to enhance their caravanning experience from the outset. - read more

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