A majority of Australians think banks should be responsible for bearing scam losses
Latest data from YouGov shows that a majority of Australians think banks should take accountability and reimburse customers who have suffered losses due to a scam.
More than half (56%) say banks/ financial institutions should bear the full responsibility while a quarter (25%) feel they should partially reimburse the victim. One in eight (13%) are unsure of their view and only 6% feel they should not have any accountability at all.
At present, a third of Australians claim they receive scam texts, calls or messages on a daily basis (34%). Two in five get such communication on a weekly basis (39%). The rest receive it monthly (12%), every few months (7%) or longer than that (3%).
Furthermore, around a fifth claim to have lost money due to a scam (at 20%). Almost two in five say a friend or family member has lost money due to a scam (38%). A large proportion have not lost any money (42%) and under one in ten (7%) are not sure.
From the various types of scams prevalent in the country, online shopping or classified scams are most common among Australians, with almost a quarter saying that (at 23%). Bank/ card phishing scams (18%) are the next most frequent scams, followed by social media scams (14%) and investment scams (13%).
One in ten Australians have been a victim of government phishing scams (10%), dating scams (9%) or lottery/ sweepstakes scams (9%). Job scams (8%), charity scams (8%) and loan scams (5%) are relatively less frequent among people in Australia.
Viewing the data by generation reveals interesting differences. Among the top three scams, online shopping scams have been notably higher among GenZ while bank/ card phishing scams have been more dominant among Baby Boomers as compared to the other generations.
The younger generations have been a target of social media phishing scams. Around a fifth of GenZ and millennials (18% and 19%, respectively) have been a victim of these kind of scams, as compared to 14% and 10% of GenX and Baby Boomers who have experienced the same. Government phishing scams have also been more prevalent among the younger generations than their older counterparts.
Millennials, in particular, have also been a part of scams relating to fake investments and fake rewards (15% and 11%), much more than the other generations, while GenX have been involved in dating scams more than the others (14%).
In order to protect themselves from scams, three-quarters of residents ignore or block unknown emails and phone numbers (70%). Not sharing personal details or financial information with anyone (64%), verifying suspicious numbers and emails (58%), not transferring money to anyone they have not met (58%) and avoiding downloading software and mobile apps from unofficial sources (54%) are some of the other ways through which people protect themselves against scams.
Methodology: YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. This data is based on a survey of adults aged 18+ years in Australia with a sample size of 1031 respondents. The survey was conducted online between October 30 and 31, 2023. Learn more about YouGov Surveys: Serviced.