Scams are evolving fast. Here’s what to watch out for

According to ScamWatch, Australians lost A$2.03 billion to scams in 2024, down from a peak of A$3.1 billion in 2022.

Catriona Lowe, deputy chair of the Australian Competition and Consumer Commission (ACCC), says that while reported losses are declining, it is much more difficult to determine the total amount of scam activity. 

“We know that, for a range of reasons, not all scam activity is reported,” Lowe says. 

“There can be considerable shame and embarrassment experienced by scam victims, in addition to the losses they have experienced, which can inhibit people from reporting.”

Recent high-profile data breaches in Australia enabled scammers, seeking to impersonate an institution, to appear more convincing, Lowe says.

Leaked data can be used to “scaffold” a scam. “The more information [a scammer] has about a person, the easier it is to convince that individual that they are, say, a representative from the bank or a member of the protection team at Microsoft.”

Dan Halpin, CEO of Cybertrace, says scams are evolving fast. “Artificial intelligence (AI) is now being used to write convincing  emails or even clone voices for scam phone calls. 

“Deepfake video isn’t far behind, and we’ve already seen it used in investment scam promotions. Scammers are adapting just as quickly as the tools used to stop them.”

Scams are rarely the work of a lone operator, Halpin adds. “We’re talking about well-organised criminal syndicates, many based overseas, that run these operations like a business.”

“They’ve got call centres, web and graphic designers, translators and money mules all working together, and now a heavy use of AI to increase the appearance of legitimacy.”

What are the common scams?

The ACCC’s 2024 Targeting scams report identified the most common scam categories — investment scams, romance scams, payment redirection scams, remote access scams and phishing scams — that “account for more than 70 per cent of the total combined reported losses,” Lowe says. 

Here are some emerging scams to look out for.

1. Investment scams

According to ScamWatch, investment scams resulted in the highest overall combined losses in 2024, amounting to A$945 million.

Investment scams are often the most financially devastating for victims, Halpin says. 

“They often involve fake trading platforms, crypto schemes or high-return opportunities that look legitimate. We’re seeing more and more of these dressed up with professional websites, impersonated business names, and even fake ASIC or AUSTRAC registrations.”

Investment scams are frequently advertised online, Lowe says. 

“We’ve had several reports of people, for example, searching for term deposits online and coming across ads for fake products.”

Other scams present as fake investment opportunities. 

“They are often spruiked by an alleged celebrity, but typically that celebrity’s identity is being misused for that purpose, or there might be an impersonation of a genuine investment house,” Lowe says.

The ACCC advises individuals to independently verify any unsolicited investment opportunities found via an online search. 

“That means not clicking on links or using the phone numbers featured in ads,” Lowe says.

2. Remote access scams 

Remote access scams accounted for A$106 million in Australian losses in 2024. 

“These scams usually start with a cold call [from someone] pretending to be from a telecommunications company, bank or even the ATO,” Halpin says. 

“The goal is to convince the victim to install remote access software, so the scammer can take control of their device and eventually their bank account.”

3. Ticketing scams

Criminals often capitalise on current events and trends that make the public more susceptible to a scam. 

“When Taylor Swift was in Australia, we saw ticketing scams where offers of fake tickets on social media and in chat rooms encouraged people to hand over money in the hope that they’d be able to secure those hard-to-obtain tickets,” Lowe says.

Scammers targeted the 2023 FIFA Women’s World Cup when the upswell in popularity of the Matildas meant there was strong public demand to watch each match. 

“People were offered fake streaming subscriptions to ‘purchase’ and, of course, the money would be paid, and they would discover there was no access to a streaming service,” Lowe says. 

4. Payment redirection scams

Losses due to payment redirection scams increased by 66 per cent from A$91.6 million in 2023 to A$152.6 million in 2024. 

“Also known as Business Email Compromise (BEC), these scams involve intercepting legitimate invoices and altering the bank details,” Halpin explains. 

“They often target conveyancers, real estate agents and professional services. Once the payment has been made, the money is usually gone before anyone realises.”

The fight against scams 

In February, the Australian parliament passed the Scams Prevention Framework Bill, which gave the ACCC powers to investigate and enforce breaches. 

“This legislation will impose obligations on designated sectors to take a range of actions in relation to scams, including preventing and disrupting scams,” Lowe says. 

Halpin says it is a step in the right direction.

“It’s improved awareness has placed some obligations on banks and telecommunications companies, but it hasn’t stopped the scams. In fact, scammers are just getting more creative and more aggressive.

“We need stronger enforcement, greater public-private collaboration, greater data-sharing between sectors and accountability for platforms where scams are often initiated, including social media and encrypted messaging apps.”

Organisations should remain vigilant and adopt good “cyber hygiene”, Halpin says. 

“That includes staff training, multi-factor authentication, verifying payments and client details over the phone, and knowing who to contact when something feels off. But it’s also about building a culture of caution. 

“Scams often succeed not because systems fail, but because people trust the wrong source.”