Fake text messages on the rise, but experts warn Australians most losses are from more sophisticated scams

Fake cryptocurrency or forex broker websites the most common scam in what has ballooned into a billion-dollar industry

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Financial scams have become more sophisticated and easier to perpetrate, ballooning into a billion-dollar industry in Australia, experts have warned.

Last year more than 239,000 scams worth $570m were reported to Scamwatch, but the organisation says the real number is much higher, as only about 13% of scams are reported.