‘Exponential’ development in on-line scams

Chief Executive of Financial Crime and Fraud at NAB Chris Sheehan says the amount of cyber scams affecting the Australian financial system has “grown exponentially” within the final two to a few years.

Mr Sheehan mentioned the ACCC estimates losses from scams are prone to hit over $300 million this yr.

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

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

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