There was a time when Fiona Muller’s phone was ringing off the hook with calls from scammers who had been monitoring her movements to and from her home in the rural city of Mount Isa.   Key points Older Australians suffer the biggest financial loss to scams As the cost of living increases, senior citizens are turning to local markets over online trading to make extra cash Security and lack of anonymity at brick-and-mortar markets were attractive to older sellers “They had found out that I was travelling frequently for my children’s health issues and I became a target for quite a while,” she said, citing the mental stress of telephone scams which accounted for the biggest financial losses to Australians in 2022, according to the Australian Competition and Consumer Commission ACCC. Aged in her sixties, Ms Muller is among the generation that  lost the most money to scams last year  at $120.7 million, an increase of 47.4 per cent on the previous year. Next to telephone scams, social media was the second highest avenue used by fraudsters with $80.2 million lost in 2022, up 43 per cent. Senior citizens can make some extra cash on the side to help with rising costs of living. Supplied Mount Isa Community Markets As the cost of living increases  Ms Muller says many people her age have been ditching online marketplaces, where they usually sell homemade products or personal items, and are instead turning to their local markets to make an extra buck. “I steer clear of the online realm. I find there are too many bad things happening and it’s daunting the idea of getting scammed again,” she said. “I feel safer selling things at the markets or the boot sales because there’s a lot of people around me and we’re all trying to do the same thing. “At the end of the day, it means I make enough to help cover the rising prices of everything.” The Mount Isa community markets provide a less risky alternative to online selling, older residents say. Supplied Mount Isa Community Markets Liza Dowler runs a regular car boot sale in Mount Isa where she says more senior citizens are signing up. “We held a scammers information session in partnership with local police and a huge issue highlighted by older sellers was the threat of scams when selling products online,” she said. “We all put stuff out on Facebook to sell and what we are hearing from members is their encounters with scammers that are trying to extract personal and financial information from them. “That is really bamboozling for our older members who are used to just taking people at face value ” they don’t actually think there are other motives behind those interactions,” Ms Dowler said. Ms Dowler said the security and lack of anonymity at brick-and-mortar markets was attracting more older residents who wanted to generate some extra cash in a safe environment. Aussies losing more than ever to scams Bank scam victims ask why they’re paying the price As a new report from ASIC finds the four major banks absorbed just 4 per cent of total scam losses, customers who have lost thousands are left feeling “heartbroken and hopeless”. A record $3.1 billion was lost to scams in Australia in 2022 which was an increase of 80 per cent on 2021, the ACCC’s Targeting Scams report found. “Australians lost more money to scams than ever before in 2022, but the true cost of scams is much more than a dollar figure as they also cause emotional distress to victims, their families and businesses,” ACCC deputy chair Catriona Lowe said. “As scammers become increasingly sophisticated in their tactics, it is clear a co-ordinated response across government, law enforcement and the private sector is essential to combat scams more effectively.” The scamming crisis has seen the federal government deal out $58 million in funding to build a National Anti-Scam Centre which will start production on July 1. on Australia’s cost of living Catch 22 means ‘pretty much no rental properties are affordable’ in Australia What is rental bidding and why is it hurting Australia’s most vulnerable? A city in South Korea is offering small apartments for $11 a month. Why isn’t Australia doing the same? North West Qld ” local news in your inbox Get our local newsletter, delivered free each Tuesday Your information is being handled in accordance with the Privacy Collection Statement . Email address Subscribe Loading… If you’re unable to load the form, click here .