Australians Lose $4 Billion to Scams as ANZ Issues Urgent Warnings
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Australians lost more than $4 billion to scams last year, prompting ANZ to launch a national campaign warning that criminals are using increasingly sophisticated tactics to target the public.
The Australian Competition and Consumer Commission (ACCC) said reported losses jumped 20% in 2024 compared with the previous year, with investment schemes, phishing attacks and remote access fraud among the most damaging.
“Every dollar lost represents real hardship for a person, a family or a business,” said Ben Kelleher, ANZ Group Executive for Australia Retail. “Scams are evolving faster than ever, and we need to help people recognize the warning signs before it’s too late.”
Urgent call for awareness
The bank launched Scams Awareness Week 2025 on Monday, rolling out resources across its website, social media channels and mobile app. The campaign is designed to arm customers with information about scam types and encourage them to report suspicious activity immediately.
Kelleher said the scale of losses had created an “urgent need” for Australians to change how they respond to unexpected texts, calls or online offers.
“The best defense is awareness,” he said. “We want people to pause and think before they click a link or transfer funds.”
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How scammers operate
The ACCC said scams are increasingly delivered through text messages and social media, with fake parcel delivery alerts, fraudulent investment offers and romance scams among the most common.
In one case highlighted by ANZ, a Melbourne retiree lost $150,000 to a fraudulent investment scheme after being convinced she was dealing with a legitimate financial adviser.
“These crimes are not faceless — they have devastating real-world consequences,” said Maria James, ANZ’s head of cybersecurity awareness. “We’re hearing from people who have lost their savings, their businesses and their confidence.”
Tools for protection
As part of the campaign, ANZ is directing customers to two online resources: its fraud reporting portal and its scam education hub. The guides include step-by-step advice on how to identify scams, secure accounts and report attempts to authorities.
The bank is also pushing prevention tips through TikTok, Instagram and YouTube to reach younger Australians, who are increasingly targeted on digital platforms.
“Scammers are using the same channels young people use every day,” James said. “We need to be there with information that’s simple and practical.”
Industry-wide push
The federal government has pledged to expand the National Anti-Scams Centre, which will coordinate data-sharing between banks, telecommunications companies and regulators.
ANZ said it is already working with other institutions to block known fraudulent accounts and freeze suspicious transactions.
“Stopping scams requires collaboration,” James said. “We can’t do it alone — banks, telcos and government all have to play a role.”
AI-driven threats
Experts warn that criminals are increasingly using artificial intelligence to generate convincing fake voices and videos. Cybersecurity researchers say this makes it harder for people to verify whether they are speaking with a legitimate business or family member.
“The rise of AI scams is one of the most worrying trends we’ve seen,” said Professor Alan Richardson, a cybersecurity specialist at the University of Melbourne. “Even video calls and voice messages can no longer be taken at face value.”
Public urged to act
Officials say a scam is reported every 30 seconds in Australia. Consumer groups warn that many victims never recover their losses, particularly when funds are transferred offshore.
“Education is the frontline defense,” said Gerard Brody, chief executive of the Consumer Action Law Centre. “If people understand the warning signs, they are far less likely to be tricked.”
ANZ urged customers to enable multifactor authentication, regularly update their devices and call the bank directly if they suspect fraudulent activity.
“If something doesn’t feel right, stop and ask questions,” Kelleher said. “It’s always better to check first than to send money to a criminal.”
Why it matters:
Scams are now Australia’s fastest-growing form of financial crime, surpassing burglary and traditional theft in dollar value. Authorities say that without stronger awareness and prevention, losses will continue to climb.
“Scammers are professional criminals,” James said. “They are well-organized, well-funded and constantly adapting. Our goal is to make sure Australians are just as prepared.”
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