Scammers are causing financial pain in Boroondara, with fake investments doing much of the damage.

Kathy Sundstrom from IDCARE – the national support service for victims of scams, identity theft and cybercrime – says Boroondara residents are losing more than $11,000 above the Victorian average.

More than $65 million has been reported to IDCARE in financial losses to scams and cybercrime in Victoria in the first 6 months of this year – the highest of any state in Australia. 

‘The average Victorian loss [due to scams in general] was about $22,400 per person,’ says Kathy. ‘In Boroondara it’s $33,900.’ 

And when it comes to investment scams, Boroondara’s average loss is $331,500, more than 2.5 times the national average. 

‘Victims feel absolutely devastated,’ says Kathy. 

‘These are scams that take place over time and they cause so much more than financial loss. It’s a complete loss of trust. A lot of people are too embarrassed to talk about it. In families it can be divisive so they deal with it alone.’

What you can do

Kathy says there are basic things anyone can do to protect themselves from scams. ‘If you have basic protective measures in place criminals are more likely to move on.’

• Be alert to common scams (see list below).
• Protect your identity – scammers can use it to steal your money. Set up multi-factor authentication on your accounts and don’t use the same password for everything.
• Communicate with businesses and banks through their apps.
• Don’t click on links in uninvited text messages or emails.
• Check your credit report every 6 to 12 months to help spot fraud, such as loans taken out in your name. 

Think you’ve been scammed?

• Contact your bank or financial institution – they’re the only ones who can protect your account.
• Then get in touch with IDCARE for ongoing support. Go to the IDCARE website or call 1800 595 160.
• Tell others what happened – it may help them avoid the same fate.

Common scams

Residents of Boroondara have lost most money through the following scams.

Investment scams

Scammers impersonate legitimate investment companies, promise big payouts and share fake data so you think your investment’s growing.

Advice: Think before you act. Get independent advice.

Employment scams

These scams trick you into paying money for an ‘opportunity’ to make easy money or land a high-paying job. 

Advice: Don’t send money or personal data to someone you’ve only dealt with online or by email or phone.

False billing

Scammers access a business’s email or data, sending invoices to regular customers and diverting payments to their own accounts. 

Advice: Check a message is real by contacting the business directly or through its secure app or portal.

Romance scams

Scammers create fake profiles on social media, dating apps and websites. They work to gain trust then ask for money.

Advice: Don’t send money or give personal data to someone you haven’t met. 

Find out more about common scams at the Australian Government's ScamWatch website.