Australian Fintech startup SellSecurely.com launches global first software platform to protect Australians from scams when buying and selling on online marketplaces
May 2023, Sydney: To mark its launch, Australian start-up SellSecurely.com, a world first tech platform built to protect Australians from online scams, has unveiled that over half of Australians (52%) have now been scammed with a staggering $5.08 billion dollars lost and not reported to the authorities.
The SellSecurely.com report found that 6.7 million Australians have been scammed and not reported it, with the amount lost averaging at $754 per person. Gen X has lost the most money to unreported scams ($1,185) followed by Millennials averaging $770, Gen Z averaging $521 and Baby Boomers at $190. The new research further confirms that on average men lost over five times as much money to scams not reported, as women (men $1,273, women $250).
It comes as SellSecurely.com has launched its global first platform that seeks to provide a safe avenue for transferring money when buying and selling privately. The platform, which is free to users, engages Escrow which protects the buyer and seller from fraud and non-payment issues arising. Unlike other offerings, SellSecurely.com provides immediate payment once transactions are completed and approved by both the buyer and seller.
SellSecurely.com’s findings come off the back of the ACCC’s Targeting Scams report which found Australians lost a record amount of more than $3.1bn to scams in 2022. The ACCC report also found that losses to scams on social networking and online forums increased by 43% and bank transfers were the most reported payment method for scams with 13,098 reports totalling $210.4 million. Losses by bank transfer increased by 63%.
Rob Neely, Founder of SellSecurely.com said: “Our research confirms money lost but not reported on scams comes in at over $5 billion dollars, which is shocking – that is 6.7 million people who have been scammed but not reported it in any way.”
“Our report also indicates only 35% of Australians have reported their scams to Scamwatch or the police. We believe this means the ACCC’s recent figure of $3.1bn lost to scams in the last 12-months looks to actually be around $9.3bn.”
“While the statistics around scams continue to rise, there is very little discussion around a solution. It is staggering to think that half of the Australian population has now been targeted for a scam and year on year this number increases.
“We believe we have the solution in SellSecurely.com, a safe, fast and reliable way to transfer money privately. We use Escrow, which means your money is protected until both parties agree to release the funds, and when that happens the money is released and available immediately,” Neely continued.
SellSecurely.com’s research also revealed 1 in 20 Australians have been scammed seven times or more, with almost a third (31%) of Australians having been scammed in the last 12-months.
When it comes to the avenues for scamming, 45% of Australians were scammed on social messaging and marketplaces, with Gen Z leading the charge in this trend at 42%, followed by Millennials 35%, Gen X 30%, and Baby Boomers 19%. SMS or text is still the most common avenue for scams with nearly two in three (65%) targeted this way, slightly less than this is email at 62%.
The data also showed that both buyers and sellers were being scammed, particularly in marketplace settings at 42% and 28% respectively. Digital natives Gen Z accounted for almost half of those (49%) targeted for a scam as a buyer.
Neely added, “The data also showed that both buyers and sellers were being scammed, particularly in marketplace settings which has validated why we set about creating a software solution. Government departments continue to report on the issue, an issue that is having an impact both here and internationally. We believe we now have the solution with the technology created for SellSecurely.com.”
SellSecurely.com’s data also revealed the toll that scams are taking on Australians, with more than half (52%) agreeing that online scams have an impact on their emotional wellbeing and 34% agreeing that online scams have caused them financial stress.
When it comes to not reporting and why a report of the scam didn’t take place, close to a quarter (23%) of Australians claim they “knew nothing could be done about it”. When Australians do report a scam they are actually more likely to report a scam to an online marketplace (19%) than to police or legal authorities (15%).
SellSecurely.com works by either an email address or phone number, with both the buyer and the seller approving payment. Payment is immediate and secure. Australians can discover more about Sell Securely at: www.sellsecurely.com