iTWire Wednesday, 09 June 2021 11:42 Payment redirection scams cost Australian businesses $128 milion in losses in 2020 Featured
Payment redirection scams were the most financially damaging scams for Australian businesses in 2020 according to the competition watchdog, the ACCC’s latest targeting scams report.
Combined losses reported to Scamwatch, other government agencies, banks and payment platforms totalled $128 million in 2020 - with Australian businesses losing $18 million to scams in 2020, a 260% increase on losses reported in 2019.
“Small and micro businesses made most of the reports to Scamwatch and experienced an increase in losses in 2020, although larger businesses reported the highest losses,” Australian Competition and Consumer Commission (ACCC) Deputy Chair Mick Keogh said.
iTWire Monday, 07 June 2021 10:37 Australians lose $851 million to scams as scammers take advantage of pandemic Featured
Australians have lost a record $851 million to scams, with scammers taking advantage of the pandemic to con unsuspecting people, according to a new report which also reveals that investment scams accounted for the biggest losses.
According to the Australian Competition and Consumer Commission (ACCC) investment scams fleeced Australians of $328 million, and made up more than a third of total losses - while romance scams were the next biggest category, costing Australians $131 million, and payment redirection scams resulting in $128 million of losses.
The ACCC’s latest
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iTWire Tuesday, 04 May 2021 12:31 ACCC wants more competition in agricultural machinery servicing, repair markets
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Modern tractors, harvesters and other agricultural machinery use complex computerised systems that involve embedded software and specific tools and parts, and the competition regulator the ACCC says purchasers of the machinery would benefit from more independent competition in servicing and repair markets.
The Australian Competition and Consumer Commission made its comments after conducting a detailed study of agricultural machinery markets in Australia.
In its report released on Tuesday, the ACCC looks at a range of competition and fair trading issues in markets for the direct sale of agricultural machinery, as well as for after-sales services, such as repairs.