Tag: billion

Australians lost $2 billion to scams – and are still waiting for new anti-scam measures to take…

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Australians lost $2 billion to scams – and are still waiting for new anti-scam measures to take effect

Mohiuddin Ahmed does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Adelaide University provides funding as a member of The Conversation AU.

Australians lost more than A$2 billion to scams in 2025, new figures from the Australian Competition and Consumer Commission (ACCC) show.

This was a 7.8% increase compared to 2024. And it’s in spite of the fact the federal government passed legislation in February 2025 enforcing strict anti-scam obligations on banks, telcos and social media platforms.

Those obligations, however, aren’t yet in force. So what explains the delay? And what can Australians do to protect themselves from scams in the meantime?

'I feel betrayed': New scam figures show Australians lost more than $2 billion

The ACCC has revealed the top five scams and how much they've cost Australians. (ABC News)

Bevan Lisle was enjoying an overseas holiday when he found out he had been scammed out of $50,000.

The Sydney retiree was in disbelief when he was told a junior worker had sold his entire share portfolio and deposited the proceeds into a bank account that wasn't his.

"They got an email purporting to be from me, and they changed my bank account details without any further verification," Mr Lisle said.

Australians lost $2.18 billion to scams in 2025, according to the Australian Competition and Consumer Commission (ACCC).

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April 1, 2026
Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do busine…

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Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do business

Toby Walsh receives funding from the Australian Research Council and Google.org, the philanthropic arm of Google.

UNSW Sydney provides funding as a member of The Conversation AU.

The Commonwealth Bank reportedly suspects around A$1 billion in home loans were obtained fraudulently, including through AI-generated documents. The Australian Financial Review says the bank has reported itself to police and the corporate watchdog to investigate.

According to sources quoted in the newspaper, Australia’s largest bank discovered the suspected fraud last year, partly thanks to two whistleblowers. After rival bank NAB was allegedly defrauded of around $150 million, the Commonwealth Bank also reportedly began investigating its own loans. Its Australian home loans alone are worth around $634 billion.

Big four banks find themselves embroiled in loan fraud probe

Police suspect that just one criminal network has defrauded all four of the country’s major banks by at least $300 million amid growing concerns that the washing of illicit funds through real estate is a systemic problem.

Westpac and ANZ have reported suspected fraud in their loan books to NSW Police, joining National Australia Bank and Commonwealth Bank, which have been working to assess the scale of the potential wrongdoing.

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The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

For more detailed information, explore updates concerning Why Commonwealth Bank’s.

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February 28, 2026
Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do busine…

Explore the latest developments concerning Why Commonwealth Bank’s.

Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do business

Toby Walsh receives funding from the Australian Research Council and Google.org, the philanthropic arm of Google.

UNSW Sydney provides funding as a member of The Conversation AU.

The Commonwealth Bank reportedly suspects around A$1 billion in home loans were obtained fraudulently, including through AI-generated documents. The Australian Financial Review says the bank has reported itself to police and the corporate watchdog to investigate.

According to sources quoted in the newspaper, Australia’s largest bank discovered the suspected fraud last year, partly thanks to two whistleblowers. After rival bank NAB was allegedly defrauded of around $150 million, the Commonwealth Bank also reportedly began investigating its own loans. Its Australian home loans alone are worth around $634 billion.

Big four banks find themselves embroiled in loan fraud probe

Police suspect that just one criminal network has defrauded all four of the country’s major banks by at least $300 million amid growing concerns that the washing of illicit funds through real estate is a systemic problem.

Westpac and ANZ have reported suspected fraud in their loan books to NSW Police, joining National Australia Bank and Commonwealth Bank, which have been working to assess the scale of the potential wrongdoing.

Gift 5 articles to anyone you choose each month when you subscribe.

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The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

For more detailed information, explore updates concerning Why Commonwealth Bank’s.

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February 27, 2026
Details of new $4 billion plan revealed for some kids with autism | Man charged over allegedly gi…

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Details of new $4 billion plan revealed for some kids with autism

New details around how Thriving Kids will work have been released. (ABC News: Evan Young)

The federal government has released the model for its Thriving Kids program, aimed at setting up services and supports run by states and territories outside the NDIS.

The model centres on key areas including identifying children with developmental delay or autism, connecting them with information and supports, and building the skills of parents.

Thriving Kids will start in October this year, before ramping up to full implementation by January 2028.

After months of uncertainty and speculation, the federal government has revealed how its National Disability Insurance Scheme (NDIS) alternative for some children under nine will work.

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The government has released the Thriving Kids Advisory Group report, which has proposed a model of care for the program which will aim to move children with low to moderate support needs across from the ballooning NDIS.

After agreement at national cabinet, the government has promised to commit $2bn with the states and territories to also commit $2bn. The program will be aimed at children under the age of nine with developmental delay and/or autism, with low to moderate support needs.

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Children won’t need an autism diagnosis to use Thriving Kids scheme

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Parents will no longer have to spend thousands of dollars and dozens of hours chasing autism diagnoses for their struggling children to qualify for government disability support under the new Thriving Kids program, which will help children with lower support needs outside the NDIS.

After federal and state governments last week signed a long-awaited health and disability funding deal, Health and Disability Minister Mark Butler on Tuesday unveiled the model for Thriving Kids and revealed it would mainly be run through states and territories.

The Albanese government rebuffed a suggestion from its advisory group that children access therapies through new Medicare plans, and will instead give states money to run the scheme their own way. “We won’t be funding services directly. We’ll be providing that money to states,” Butler said.

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February 3, 2026