Investment scams are costing older Australians more than $83,000 per scam while dating and romance scams can cost victims upwards of $30,000.
Last year Australians reported more than $340 million in losses to scams — an increase of 13 per cent on the previous year.
About $90 million of those losses were reported to the ACCC's ScamWatch, which has released details on the types of scams to look out for.
Phone calls and emails make up more than 70 per cent of all reported contact methods, and older Australians appear to be the most susceptible, especially to bogus investment opportunities and dating scams.
The ACCC says many people do not report being scammed because they are embarrassed, and others do not yet realise they have been targeted.
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