The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
A rising tide of fraud has significantly contributed to an unprecedented increase in financial complaints over the past year.
The Australian Financial Complaints Authority (AFCA) recently published its annual report, revealing that disputes escalated to the ombudsman for the 2023/24 financial year have reached an all-time high.
The dramatic spike in complaints highlights the impact of fraudulent activities on consumers and financial institutions alike. This new wave of fraud has left many Australians grappling with the repercussions, resulting in a surge of submissions to the AFCA.
The most common types of scams reported include phishing, identity theft, and investment fraud. Each of these exploits a different vulnerability in the financial security of individuals, making it harder for authorities to combat the growing threat effectively.
Phishing: Deceptive efforts to obtain sensitive personal information such as passwords and credit card details.
Identity Theft: Fraudulent acquisition and use of someone's personal identity data, usually for financial gain.
Investment Fraud: Scams involving false investment opportunities promising high returns for minimal risk.
AFCA's Chief Ombudsman and CEO, David Locke, urged both consumers and financial institutions to be more vigilant in safeguarding sensitive information. He stressed the importance of education and awareness in preventing fraud.
"The increase we've seen is staggering," Locke commented. "It reflects not just the creativity of scammers but also the need for a robust approach to fraud prevention and financial literacy."
Comparing the new data with previous years, it's evident that scammers are evolving their strategies. In the 2021/22 financial year, financial complaints were significantly lower, indicating that fraud tactics have become more sophisticated and harder to detect.
According to AFCA's report, the financial services sector must innovate and adapt rapidly to counter these threats. Implementing advanced security measures, conducting regular audits, and enhancing user education can foster a more resilient financial ecosystem.
The original article on this topic can be found on AAP's website by Holly Hales.
Published:Monday, 5th Aug 2024 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
The Australian motorcycle market experienced a slight downturn in 2025, with total sales decreasing by 1.3% compared to the previous year. According to the Federal Chamber of Automotive Industries (FCAI), 92,967 motorcycles and off-highway vehicles were sold throughout the year, reflecting ongoing economic pressures on discretionary spending. - read more
In a pivotal development for the motorcycle industry, KTM AG has successfully secured €600 million in funding to address its debt obligations, marking a significant milestone in the company's ongoing financial restructuring efforts. This funding ensures KTM's ability to continue operations and reinforces its position in the global motorcycle market. - read more
Stark Future, the Barcelona-based electric motorcycle manufacturer, has reported a remarkable 77% year-on-year revenue growth, achieving €115 million in revenue for the 2025 financial year. This significant increase underscores the growing demand for electric motorcycles and Stark Future's expanding market presence. - read more
In a significant development for the motorcycle industry, KTM AG has successfully secured €600 million in funding to meet its debt obligations, marking a pivotal step in the company's ongoing financial restructuring. This funding ensures KTM's ability to continue operations and reinforces its position in the global motorcycle market. - read more
In recent years, there has been a significant increase in the number of female motorcycle riders in Australia. According to the Australian Bureau of Statistics, the number of female motorcycle riders has increased by 20% in the last 5 years. This trend is not unique to Australia, as other countries are also seeing an increase in female ridership. - read more
A credit score is a numerical representation of an individual's creditworthiness based on their financial history, payment habits, and level of existing debt. It plays a crucial role in determining loan eligibility and interest rates for various financing options, including motorcycle loans. - read more
Securing a motorcycle loan is a significant step for many Australians who dream of hitting the open road on two wheels. Not only does it provide personal freedom, but it also offers a sense of adventure and independence that’s hard to match. - read more
There's nothing quite like the thrill of hitting the open road on your motorcycle. The freedom, the exhilaration, and the sense of adventure are unparalleled. For many Australians, motorcycling isn't just a mode of transport; it's a passion and a lifestyle choice. - read more
Start Here
Knowledgebase
Consumer Credit Code: An act of Parliament that governs the relationship that exists between borrowers and lenders.
