Published by Shameela Gonzalez, Financial Services Industry Lead on August 27 2026
As we reflect on the theme of this year’s Scams Awareness Week – ‘No one’s just a number’ – we’re reminded that scams target everyday people. Whether it’s your mum, your uncle or your friend – it’s more than likely that someone you know or care about has been affected by a scam.
Earlier this year, I shared the top five scams to watch out for in 2026 and smart ways to protect yourself. While these remain true, unfortunately we’re continuing to see artificial intelligence (AI) vastly improve the scammer’s toolkit. Scams Awareness Week is an important time to stop and consider the latest trends in scams and how everyone can remain vigilant online.
I recently caught up with Tim Dalgleish, Senior Vice President of Emerging Solutions and Networks at BioCatch – a fraud prevention and financial crime detection company used by major banks – who shared what they’re seeing in the space:
“Humans remain the primary attack vector. Most losses still come from people being convinced to make authorised scam payments, and AI has democratised and industrialised that criminal playbook. We’re also seeing deepfakes and agentic tools used for synthetic account creation, alongside AI tooling to recruit money mules by convincing real people to sell, share or rent the accounts they already have,” said Tim.
Tim’s insights highlight a sobering reality: while the technology and tactics behind scams continues to evolve, they still rely on exploiting trust and convincing people to hand over money or information.
With that in mind, here are three scams I’m warning my friends and family to watch out for this Scams Awareness Week:
1. Investment scams
Scammers are using AI to create fake trading platforms and convince Australians to make fraudulent trades. Just last week, the National Anti-Scam Centre contacted more than 10,000 Australians following an international cryptocurrency scam investigation.
The Australian Securities and Investment Commission (ASIC) also recently reported on a rise in investment scams impersonating prominent Australians such as Anthony Albanese, Gina Rhinehart and Jacqui Lambie, amounting to losses of $7.4 million reported in FY26.
How to stay safe:
- Check the company’s validity: Always use a licensed Australian financial services provider when you invest – check they are listed on AFCA’s financial firm directory. For crypto services, you can check on AUSTRAC’s Virtual Asset Service Provider register.
- Slow down: Scammers will try to rush you to make one or multiple payments, using urgency to create pressure and faking claims like ‘guaranteed profits’ to win your trust. Never rush into an investment decision.
- Beware of manipulative tactics: Scammers will show you fake websites with ‘profits’ that are not real, and may ask you to pay fees for insurance, tax, or to ‘unlock’ your existing funds.
2. ATO and myGov impersonation
As Australians continue to prepare their tax returns, scammers are playing an imitation game, impersonating businesses you recognise and trust, like myGov, the ATO or even accountants and financial planners.
Scammers are using AI to make scams harder to spot via calls, texts and fake websites to trick victims into handing over personal information like your bank card, bank account details, or even voice clippings for voice cloning attempts.
Scams impersonating the ATO will often say something like ‘you are due to receive an ATO direct refund’, or ‘you have an ATO notification’.
How to stay safe:
- Consider using a passkey: If possible, use a passkey for your myGov linked accounts which is more secure than a password. If you’re unable to use a passkey, frequently change your password and ensure it is very strong using a mix of lower and upper case letters, numbers and special characters.
- Access your account directly: ATO and myGov will never send you an email or SMS with a link to sign into your online services. Always log in through the official government website.
- Don’t always trust caller ID: Scammers are very good at impersonating and can spoof numbers. If you’re unsure of who you’re speaking to, hang up and call the organisation directly.
3. Fake-purchase callback scams
Fake-purchase callback scams: Scammers are sending text messages claiming an expensive purchase has been made which can be cancelled by calling a phone number. Calling connects the victim directly to the scammer, who may seek bank card details to process a fake refund, security codes or remote access to the victim’s device.
How to stay safe:
- Watch for pressure tactics: Legitimate organisations, in most cases, will allow ample time for you to verify any purchases without needing to make a hasty decision over the phone. Scammers will often use alarmist phrasing like ‘act immediately’, ‘your account will be frozen’, or ‘money is being taken right now’.
- Verify any purchases: Check your bank account, credit card statement or call your bank to check for any odd purchases. If the scammer claims to be from a legitimate company, try logging into the retailer’s official website if you have an account.
- Never share one-time codes: Banks and legitimate organisations will never ask you to read out one-time verification codes or authentication app codes. Your codes should always remain confidential, no matter the situation.
So, what’s next?
The reality is scams no longer look like scams now that criminals are using AI to look and sound more convincing.
Thanks to a proliferation of easy-to-use generative AI tools, voice cloning and deepfake video scams are no longer outliers. We need a mindset shift from ‘how to spot the scam’ to ‘how do you know what’s real?’
This Scams Awareness Week we’re reminded that scams can happen to anyone, but three simple steps can help:
- Stop before you share money or personal information.
- Check who you’re really dealing with by using contact details you find yourself.
- Protect yourself and others by reporting scams to your bank, cyber.gov.au and Scamwatch.
For businesses, investing in regular cyber security training and education for your staff is key to helping them understand how to detect the latest scams and know what to do.
