‘Exponential’ growth in online scams

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Chief Executive of Financial Crime and Fraud at NAB Chris Sheehan says the volume of cyber scams affecting the Australian economy has “grown exponentially” in the last two to three years.

Mr Sheehan said the ACCC estimates losses from scams are likely to hit over $300 million this year.

“That’s probably understating the impact by at least 30 or 40 per cent,” he told Sky News Australia.

“People don’t report being the victim of a scam.”



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