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Scam Reports Hit New Highs: Are We Doing Enough?

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

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Finance News

Crusader Caravans Unveils Budget-Friendly Dreamhaven Series

16 Oct 2025: Paige Estritori

Crusader Caravans has recently released its Dreamhaven series, a brand new line of Australian-made caravans designed to be more accessible to first-time buyers and those looking to upgrade from older models or tent camping. This initiative addresses the growing demand for affordable, locally manufactured caravans in the Australian market. - read more

Titanium Caravans Launches Luxury Off-Road Models WS1 and TS1

16 Oct 2025: Paige Estritori

Melbourne-based Titanium Caravans has recently unveiled two new luxury off-road models, the WS1 and TS1, designed to cater to travellers seeking comfort and advanced features in remote locations. These models represent a significant advancement in off-road caravan design, combining luxury with robust off-grid capabilities. - read more

Crusader Caravans Triumphs as 2025 Manufacturer of the Year

08 Oct 2025: Paige Estritori

Crusader Caravans has once again demonstrated its leadership in the Australian caravan industry by securing the Manufacturer of the Year award for 2025, presented by Caravan Industry Victoria (CIV). This marks the fourth time the company has received this prestigious accolade, underscoring its unwavering commitment to excellence in caravan and RV manufacturing. - read more

NRMA's Review Crew: Your Ticket to Authentic Australian Adventures

08 Oct 2025: Paige Estritori

The NRMA has unveiled an exciting initiative aimed at enriching the travel experiences of Australians: the My NRMA Rewards Review Crew. This program invites members to participate in unique journeys across the country and share their authentic experiences, providing valuable insights for fellow travelers. - read more

Crusader Caravans' Buyer’s Guide: A Must-Read for Prospective Owners

08 Oct 2025: Paige Estritori

Crusader Caravans has observed a remarkable surge in interest for their comprehensive Buyer’s Guide and Checklist, with downloads doubling over the recent holiday period. This trend underscores the growing demand among Australians for reliable information to guide their caravan purchasing decisions. - read more

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The humble caravan has become an emblem of exploration and freedom in Australia, capturing the hearts of countless adventurers. With the cultural fabric intertwined with the spirit of the great outdoors, it's no surprise that caravanning is experiencing a surge in popularity. Traveling with a home on wheels allows one to forge their path and make memories in the cozy nook of familiarity, no matter how far they roam. - read more

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Refinancing:
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