The report highlights a record high surge in scamming incidents in Australia in 2023 with over 601,000 cases reported. Although the number of reported scams increased, the amount of money lost to scams decreased from $3.1 billion in 2022 to $2.7 billion in 2023. This decrease is attributed to the concerted efforts of banks, the government's anti-scam center, and increased awareness. However, there's still significant work to be done, with calls for stricter regulations on banks, mobile providers, and digital platforms to combat scams effectively.
Vocabulary:
• ACCC: The Australian Competition and Consumer Commission, it aims to ensure fairness for consumers and businesses by creating laws to regulate the Australian economy.
• A surge: a sudden and rapid increase in something.
• To scam: To trick or deceive someone to get money.
• Aussies: Australians.
• To increase: To make something bigger or more numerous.
• To decrease: To make something smaller or fewer in number.
• Amount: The total quantity or sum of something.
• Mobile providers: Companies that offer mobile phone services, such as phone calls, texts, and internet access.
• To be keen to: To be eager or enthusiastic about doing something.
• To look out: To be cautious and watchful for potential dangers or problems, to be careful.
Source: Behind the news YouTube channel.