AI scam wave puts Australian bank accounts at risk
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If you thought scam emails and dodgy phone calls were a thing of the past, think again!
Cybercriminals are back—and this time, they’re armed with artificial intelligence, making their tricks more convincing and dangerous than ever.
According to a new report from Gen, the company behind Norton, Australians are now facing a tidal wave of AI-powered scams that are smarter, sneakier, and more personalised than anything we’ve seen before.
Gone are the days of poorly written emails from 'Nigerian princes.'
Today’s scammers are using AI to craft messages that look and sound just like your bank, your telco, or even your favourite online shop.
The Gen Q1 2025 Threat Report reveals a staggering 466 per cent spike in phishing scams, a 186 per cent surge in breached personal information, and a 17-fold increase in fake browser update scams.
If you’ve ever received an email or text that made you do a double-take, you’re not alone.
Let’s break down the latest tactics:
Phishing Scams: These are emails or texts that look like they’re from trusted brands—think Telstra, AT&T, or Xfinity.
They’ll often claim there’s a problem with your account and urge you to click a link.
That link? It leads to a fake login page designed to steal your password and personal details.
With AI, these fake sites are almost indistinguishable from the real thing.
Data Breaches: There’s been a 36 per cent increase in company breaches and a whopping 186 per cent jump in individual breaches.
Scammers are using advanced malware, such as Lumma Stealer, to steal passwords, emails, credit card details, and even cryptocurrency information.
Once your data is out there, it’s used to make scams even more convincing.
Scam Yourself Attacks: This new breed of scam is as sneaky as it gets.
Using AI-generated personas, deepfake influencers, and even hired actors, scammers trick people into infecting their own devices.
One common trick? Fake CAPTCHAs on compromised YouTube accounts that actually install malware or grant device permissions.
Mobile Financial Threats: Our smartphones are now prime targets. Banking trojans overlay fake login pages to steal sensitive info, including crypto wallet credentials.
In one case, deepfake videos of public figures were used to steal nearly $4 million from unsuspecting victims.
Social Media Scams: Facebook is the biggest culprit, with 63 per cent of social media scams happening there, followed by YouTube (22 per cent), X (formerly Twitter), Instagram, and Reddit.
Scammers use these platforms to launch highly targeted attacks, often impersonating friends or trusted brands.
Why Are These Scams So Effective?
AI gives scammers the power to personalise their attacks. They can use breached data to address you by name, reference your real accounts, and even mimic the writing style of your bank or telco.
The result is scams that are harder to spot and more likely to succeed.
Siggi Stefnisson, Cyber Safety CTO at Gen, warned: 'Attackers are moving away from broad, indiscriminate campaigns to highly personalised, AI-enhanced deception. Breached data and AI tools are giving cybercriminals just enough personal information and design sophistication to more easily manipulate people.'
To protect yourself from scams, be cautious of unexpected messages asking you to click links or share personal details—always verify through official channels.
Carefully inspect website addresses for slight misspellings that could signal a fake site.
Keep your devices updated with the latest security software to guard against phishing and malware.
Use strong, unique passwords for each account and consider a password manager to keep them organised.
Enabling two-factor authentication adds an extra layer of protection.
Finally, stay informed about new scams by following trusted sources like the Australian Cyber Security Centre or your bank’s alerts.
Have you or someone you know been targeted by one of these new AI-powered scams? What tips do you have for staying safe online? Share your experiences and advice in the comments below.
Cybercriminals are back—and this time, they’re armed with artificial intelligence, making their tricks more convincing and dangerous than ever.
According to a new report from Gen, the company behind Norton, Australians are now facing a tidal wave of AI-powered scams that are smarter, sneakier, and more personalised than anything we’ve seen before.
Gone are the days of poorly written emails from 'Nigerian princes.'
Today’s scammers are using AI to craft messages that look and sound just like your bank, your telco, or even your favourite online shop.
The Gen Q1 2025 Threat Report reveals a staggering 466 per cent spike in phishing scams, a 186 per cent surge in breached personal information, and a 17-fold increase in fake browser update scams.
If you’ve ever received an email or text that made you do a double-take, you’re not alone.
A surge in AI-powered phishing scams is being faced by Australians, with reports spiking by 466 per cent and trusted brands like Telstra being impersonated to steal personal information. Credit: Zorica / iStock
Let’s break down the latest tactics:
Phishing Scams: These are emails or texts that look like they’re from trusted brands—think Telstra, AT&T, or Xfinity.
They’ll often claim there’s a problem with your account and urge you to click a link.
That link? It leads to a fake login page designed to steal your password and personal details.
With AI, these fake sites are almost indistinguishable from the real thing.
Data Breaches: There’s been a 36 per cent increase in company breaches and a whopping 186 per cent jump in individual breaches.
Scammers are using advanced malware, such as Lumma Stealer, to steal passwords, emails, credit card details, and even cryptocurrency information.
Once your data is out there, it’s used to make scams even more convincing.
Scam Yourself Attacks: This new breed of scam is as sneaky as it gets.
Using AI-generated personas, deepfake influencers, and even hired actors, scammers trick people into infecting their own devices.
One common trick? Fake CAPTCHAs on compromised YouTube accounts that actually install malware or grant device permissions.
Mobile Financial Threats: Our smartphones are now prime targets. Banking trojans overlay fake login pages to steal sensitive info, including crypto wallet credentials.
In one case, deepfake videos of public figures were used to steal nearly $4 million from unsuspecting victims.
Social Media Scams: Facebook is the biggest culprit, with 63 per cent of social media scams happening there, followed by YouTube (22 per cent), X (formerly Twitter), Instagram, and Reddit.
Scammers use these platforms to launch highly targeted attacks, often impersonating friends or trusted brands.
AI gives scammers the power to personalise their attacks. They can use breached data to address you by name, reference your real accounts, and even mimic the writing style of your bank or telco.
The result is scams that are harder to spot and more likely to succeed.
Siggi Stefnisson, Cyber Safety CTO at Gen, warned: 'Attackers are moving away from broad, indiscriminate campaigns to highly personalised, AI-enhanced deception. Breached data and AI tools are giving cybercriminals just enough personal information and design sophistication to more easily manipulate people.'
To protect yourself from scams, be cautious of unexpected messages asking you to click links or share personal details—always verify through official channels.
Keep your devices updated with the latest security software to guard against phishing and malware.
Use strong, unique passwords for each account and consider a password manager to keep them organised.
Enabling two-factor authentication adds an extra layer of protection.
Finally, stay informed about new scams by following trusted sources like the Australian Cyber Security Centre or your bank’s alerts.
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