Fast-evolving online scams fleece millions from Aussies

In 2026, Australians lost hundreds of millions of dollars to online scams, with sophisticated tactics despite a decline in reported incidents. Scammers cheated Aussies out of $186.9 million in the first half of 2026, a decrease from nearly $210 million in the same period the previous year, according to Scamwatch. The total losses in 2025 amounted to about $335 million.

Investment scams were the most prevalent, causing nearly $96 million in losses from January to August, followed by romance scams ($17.7 million) and account takeover or identity theft ($16.5 million). Cybercriminals employed artificial intelligence to generate deepfake images and videos of trusted figures to enhance their scams.

It is essential for people to scrutinize online offers and information thoroughly, as advised by ANZ bank's cyber services lead, Erica Hardinge. She emphasized that individuals should research themselves and not trust everything they see online, especially if something feels too good to be true or unusually pressured. Additionally, people should be cautious about the information they share online, as once posted, it is challenging to remove.

The federal government's national Scams Prevention Framework, set to commence in March 2027, is expected to contribute to reducing scam losses. Banks and industry have increased their investments in detecting and preventing scams. Scammers have become more cunning, often establishing trust with victims over months before requesting money.

Some have even hacked legitimate websites to manipulate phone numbers before launching invoice phishing scams. Younger and financially active Australians, including Millennials and Gen Z, are particularly vulnerable, as data from ING discovered. More than half of them use the same password across multiple sites, while a third do not think carefully before clicking links.

It is crucial for victims not to feel ashamed after falling victim to scams, as many others have experienced similar situations. Sharing such experiences can help others become more prepared.