Westpac warns of AI‑driven scam surge
Westpac is warning Australians to prepare for a new wave of personalised, AI driven scams in the year ahead, with criminals increasingly exploiting new technology to target households and businesses at scale.
Westpac's Head of Fraud Prevention, Ben Young said scammers are deliberately making scams harder to spot and easier to spread.
"Scammers are weaponising AI in their attempts to steal from hardworking Australians. They've moved beyond generic phishing into highly targeted scams that feel more personal and are harder to detect," Young said.
"From deepfake voices and videos to registering fake companies with ASIC, scammers are evolving quickly in their efforts to rip Australians off."
Westpac is urging Australians to stay alert, warning the following scams are expected to escalate:
- AI-powered impersonation scams: A sharp rise in 'Hi Mum' and business email compromise or invoice scams, using cloned voices, faces and video calls created from seconds of publicly available content.
- Fake 'safe' investment offers: Economic uncertainty is fuelling scams involving fake term deposits, bonds and precious metals such as gold and silver. Crypto scams may also spike as a result.
- Registered fake businesses: Criminals are increasingly registering companies that appear legitimate but actually front sophisticated investment and payment scams.
- Job scams and money mule recruitment: Fake job ads are proliferating on job sites and social media platforms to recruit money mules. Local businesses may also be lured into receiving funds.
- Rental bond scams: With housing pressures intensifying, scammers are creating fake listings and demanding upfront bond payments or harvesting identity documents from would-be renters.
- Conflict and charity scams: Scammers are exploiting global conflicts, posing as people in crisis or fake aid organisations seeking urgent donations and creating bots to impersonate airlines and direct customers to fake websites.
- Targeting older Australians via fake community groups: Fraudulent Facebook pages promoting senior activities or local events are being used to capture card details or lure people into handing over money.
"Social media has become one of the most powerful distribution channels for scams. These scams don't arrive as suspicious messages anymore, they are showing up as ads, posts and pages," Young said.
Young said while banks continue to invest heavily in fraud and scam detection, social media companies must take greater responsibility for stopping scams before they reach Australians.
"These are organised criminal operations, not isolated incidents. Platforms that profit from advertising need to do more to prevent scam content from spreading in the first place."
Young urged Australians to slow down and independently verify any requests for money or personal information.
"If something or someone creates urgency or pressure, that is a red flag and should be your cue to stop. It's really important to stop, check and verify through a trusted channel before you take any action."
Top tips for people to protect themselves from scams
- Don't pay under pressure. Scammers like to create a sense of urgency. If you're being rushed, stop and reassess.
