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.
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.
The average victim lost $781, equating to a staggering $1.6 billion nationwide.
Graham Cooke, head of consumer research at Finder, said the losses are massive.
"Scammers are becoming increasingly adept at tricking Australians, with a 20% surge in scams over the last year."
"It's a very widespread issue and highlights just how effective scammers have become at deceiving innocent Australians."
Finder's research found 7% of Australians had been scammed and reported it, while 2% hadn't reported it.
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.
Male victims were the worst off losing $955 each on average to scammers, compared to $614 lost by the average female victim.
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.
Cooke urged caution, particularly with suspicious text messages and emails.
"Beware of fake communications about purchases, prizes, and deliveries.
"Scammers are becoming highly sophisticated, often impersonating big, trustworthy brands, and some even pretend to be a family member or friend."
Worryingly, 2% of scam victims admitted they did not report the incidents.
Cooke said it's lost money at a time when the cost of living is rising – every dollar counts.
"Regularly check your transaction history through your bank's official app or website.
"If you notice any unfamiliar transactions, contact your bank immediately so they can assist."
Cooke warned against clicking on links or sharing personal information without verifying the source.
"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.
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 |  |
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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