Australians should be on alert for five key scams in 2025, according to National Australia Bank (NAB), after a year in which victims lost more than $292 million.
The Australian Competition and Consumer Commission’s Scamwatch website has not yet finalised its 2024 data, but at least $292 million was lost to scams in the year to November and there were 230,000 reports.
Investment scams, romance scams and phishing scams were responsible for the bulk of the money lost.
Professor Salil Kanhere from the School of Computer Science and Engineering at the University of New South Wales told SBS News that scams are constantly evolving with trends but most will use the same approach.
“Whatever is basically the current trend, they’re going to attach that to the messaging and the underlying methodology is still the same — getting you to click on a link or basically getting you to invest money,” he said.
Chris Sheehan from NAB’s executive group for investigations and fraud said the “scamscape” was evolving.
“We’ve identified five scams to watch based on trends we’re seeing, what we hear from customers and societal issues,” Sheehand said.
So, what are they?
Deepfakes and ‘nudifying’ images
NAB has warned that criminals are using AI to generate deepfake of Australian politicians and personalities spruiking an opportunity or product on social media.
Criminals are also using AI to ‘nudify’ images from social media, which can be used to extort people.
Chris Sheehan from NAB’s executive group for investigations and fraud said the bank hasn’t had any reports yet of customers being impacted by AI-generated images but they are “watching this issue overseas given sextortion can have devastating consequences.”
NAB recommends that people approach investment opportunities backed by high-profile figures with scepticism and avoid clicking on ads on social media or sponsored search listings for investment opportunities.
Cryptocurrency scams
Criminals are creating fake cryptocurrency trading apps and fraudulent websites, NAB said.
While criminals may establish trust with people by showing small profits or allowing people to withdraw small amounts of money, people may be met with fees, tax issues or being locked out of accounts when they attempt to withdraw money.
Kanhere said these scams are exploiting interest in cryptocurrency, which is particularly heightened right now as cryptocurrencies such as Bitcoin have seen a rise in value.
“Younger people particularly may be targeted as they are saying, ‘Hey, this is a great investment opportunity’. It’s right at the start of the year and there’s a feeling you could miss out,” he said.
NAB said people can avoid these scams by verifying that the cryptocurrency exchange they’re looking to use is registered with the Australian Transaction Reports and Analysis Centre and the person they’re talking to has an Australian Financial Services license.
Bucket list scams
NAB said these scams are targeting people who are looking to fulfil their ‘bucket list’ moments, such as travelling or seeing international music acts playing in Australia.
Sheehan said the bank is anticipating scams attached to tickets for bands such as Oasis and Metallica being sold on social media, similar to what they saw with Taylor Swift and Coldplay tickets in 2024.
New visa requirements for travel, such as the new Electronic Travel Authorisation Australians need to enter the UK may also be targeted for scams.
Remote access scams
These scams, where criminals seek to gain access to devices by getting people to download an app or software, often deliberately target older Australians, NAB said.
Sheehan said people can lose tens of thousands of dollars when criminals gain remote access, whereas other scams will typically result in a loss of $500 to $1,000.
Scamwatch recommends that people protect themselves by never giving an unsolicited caller remote access to your computer, and never giving personal, credit card, or online account details over the phone unless you made the call or the phone number is a trusted source.
Phishing scams
Phishing is expected to continue in 2025 and NAB refers to this tactic as a “favourite for criminals”.
This type of scam involves contact via text, email or phone pretending to be a trusted source and stealing personal information through malware.
Scamwatch says the warning signs for phishing include being contacted by a business asking people to update or verify details and incorrect website addresses.
Kanhere said AI has made phishing emails more sophisticated and allowed criminals to draft “nicely worded emails” without spelling and grammar errors, so people have to be more vigilant when opening messages.
The red flags to pay attention to
NAB said that while scams are constantly changing, there are common red flags that Australians should pay attention to, including unexpected contact through phone calls, text messages, or messaging apps, a sense of urgency to make a payment, requests to transfer money to a ‘safe’ account and consequences if you don’t take action.
