Massive misfortune: Australians lost $1.6 billion to bank card fraud in past year
Australians have lost millions to scammers after having their bank cards skimmed, according to new research by Finder.
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A Finder survey of 1,010 respondents revealed 1 in 10 (10%) – equivalent to 2 million people – have been victims of bank card fraud in the past year.
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The average victim lost $781, equating to a staggering $1.6 billion nationwide.
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Graham Cooke, head of consumer research at Finder, said the losses are massive.
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"Scammers are becoming increasingly adept at tricking Australians, with a 20% surge in scams over the last year."
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"It's a very widespread issue and highlights just how effective scammers have become at deceiving innocent Australians."
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Finder's research found 7% of Australians had been scammed and reported it, while 2% hadn't reported it.
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A further 1% of Australians had been a victim of bank card fraud in the past 12 months but didn't realise until later that it was a scam.
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Male victims were the worst off losing $955 each on average to scammers, compared to $614 lost by the average female victim.
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Millennials are the most targeted group, with 10% reporting fraudulent use of their card details in the past year, followed by 9% of gen Z.
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Cooke urged caution, particularly with suspicious text messages and emails.
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"Beware of fake communications about purchases, prizes, and deliveries.
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"Scammers are becoming highly sophisticated, often impersonating big, trustworthy brands, and some even pretend to be a family member or friend."
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Worryingly, 2% of scam victims admitted they did not report the incidents.
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Cooke said it's lost money at a time when the cost of living is rising – every dollar counts.
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"Regularly check your transaction history through your bank's official app or website.
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"If you notice any unfamiliar transactions, contact your bank immediately so they can assist."
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Cooke warned against clicking on links or sharing personal information without verifying the source.
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"Always confirm you're dealing with a legitimate business. Be cautious of messages from unfamiliar numbers claiming to be someone you know, and never click on a suspicious link for any reason." Cooke said.
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In the past 12 months, have you ever had your credit card or debit card skimmed? (e.g. card number stolen and used by someone else)
| Yes, and I reported it | 7% |
| No, but this has happened to me more than 12 months ago | 4% |
| Yes, but I didn't report it | 2% |
| Yes, but I didn't realise later that I'd been scammed | 1% |
| I'm not sure | 7% |
| No | 78% |
| Source: Finder survey of 1,010 respondents, December 2024 |  |
Sources
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,010 respondents from December 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.
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