Bank customers more scam savvy as fraud losses fall

The Australian Institute of Criminology earlier in August said cybercrime hit almost half the nation's internet users in the past year, pointing to identity theft as the most commonly used method.

ANZ said although scams were getting more sophisticated there was greater customer engagement with security features and a lift in understanding about illicit schemes targeting bank users.

The bank's head of Australia and New Zealand customer protection, Shaq Johnson, said "staying ahead of cybercriminals requires constant work and vigilance".

"Our customers are becoming increasingly aware of how to protect themselves," Mr Johnson said.

ANZ said it stopped $100 million worth of scams in the nine months to June and urged customers to "continue building their awareness through available education opportunities".

The pleasing result followed the bank adding another layer of protection to its telephone banking services, it said.

The Commonwealth Bank earlier in August said it was getting the upper hand on scammers, citing a 76 per cent fall in customer losses to fraud since a peak in early 2023.

The bank said it spent almost $1 billion in 2024/25 on preventing scams including the roll-out of "two new defensive assets" to help protect customers.

Commonwealth, Australia's biggest bank, is also using AI to confront grifters on voice calls and WhatsApp chats.

The federal government's Scamwatch unit says consumers should be on the lookout for scams that can be attempted by SMS or text messages, email, phone calls, social media, websites or in person.

Scams that involve online dating and romance, investment, or threats and extortion are some of the most common types, according to Scamwatch.

Vulnerable groups often targeted by scammers are young people, Indigenous Australians, LGBTQI communities and people with disabilities.