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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

Record-Breaking Occupancy Rates for Australian Caravan Holiday Parks

05 Feb 2026: Paige Estritori

Australian caravan holiday parks have reported record-high occupancy rates in December 2025, underscoring the growing appeal of caravanning among Australians. This surge is attributed to successful promotional campaigns and an increasing desire for domestic travel experiences. - read more

Crusader Caravans Teams Up with BIG4 Holiday Parks to Elevate Your Caravanning Journey

28 Jan 2026: 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 a suite of exclusive benefits, enriching their travel experiences across the country. - read more

Australian Caravan Holiday Parks Set New Records in Occupancy Rates

28 Jan 2026: Paige Estritori

Recent data reveals that Australian caravan holiday parks have achieved record-high occupancy rates, underscoring the growing appeal of caravanning among Australians. This surge is attributed to successful promotional campaigns and an increasing desire for domestic travel experiences. - read more

Zone RV's Financial Collapse Exposes $40 Million Debt

20 Jan 2026: Paige Estritori

The recent collapse of luxury caravan manufacturer Zone RV has sent shockwaves through the Australian caravan industry. Based in Coolum on Queensland's Sunshine Coast, the company entered voluntary administration, revealing debts amounting to approximately $40 million. This development has left around 240 employees unemployed and approximately 180 customers uncertain about the status of their purchases. - read more

thl Closes Brisbane RV Factory, Relocates Production to New Zealand

20 Jan 2026: Paige Estritori

Tourism Holdings Limited (thl), a prominent player in the recreational vehicle (RV) industry, has announced the closure of its Brisbane manufacturing facility, effective December 19, 2025. This decision results in the loss of approximately 110 Australian jobs and signifies a strategic shift, with all production being relocated to New Zealand. - read more

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Knowledgebase

Negative Amortization:
A situation in which the loan payment for any period is less than the interest charged over that period, causing the loan balance to increase.

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