As we reflect on 2024 and look ahead to 2025, it’s crucial to stay informed about the evolving tactics employed by scammers. In 2024, Australians reported losses exceeding $319 million due to various fraudulent activities.
To help you safeguard your personal and financial information, we have outlined the most prevalent scams from the past year and emerging threats to be vigilant about in 2025.
Top Scams of 2024
- False Billing Scams: Businesses and individuals received fraudulent invoices for goods or services never rendered, leading to significant financial losses.
- Threats and Extortion: Scammers impersonated authorities, threatening victims with legal action or arrest unless immediate payments were made.
- Employment Scams: Fake job offers enticed individuals to provide personal information or pay upfront fees for non-existent positions.
- Identity Theft: Personal information was stolen and misused, leading to unauthorised transactions and financial fraud.
- Remote Access Scams: Posing as tech support, scammers convinced victims to grant remote access to their devices, resulting in data breaches and financial theft.
Emerging Scams to Watch for in 2025
- AI-Driven Impersonation Scams: Advancements in artificial intelligence enable scammers to create convincing deep fake audio and video, impersonating trusted individuals or organisations to deceive victims.
- Cryptocurrency Investment Scams: Fraudulent platforms promise high returns on cryptocurrency investments, luring individuals into transferring funds that are never recovered.
- Bucket List Scams: Capitalising on desires for unique experiences, scammers offer fake tickets or packages for major events, such as concerts or travel, leading to financial loss and disappointment.
- Advanced Phishing Attacks: Sophisticated phishing emails and messages appear legitimate, often mimicking trusted institutions, to steal personal and financial information.
- Mule Account Schemes: Criminals recruit individuals to receive and transfer illicit funds through their bank accounts, often under the guise of legitimate job offers, implicating them in money laundering activities.
Protective Measures
- Verify Communications: Always confirm the legitimacy of unsolicited messages or calls by contacting the organisation directly using official channels.
- Be Cautious with Personal Information: Share personal and financial details only on secure platforms and when absolutely necessary.
- Stay Informed: Regularly update yourself on common scams by visiting reputable sources such as the Australian Competition and Consumer Commission’s Scam watch website. scamwatch.gov.au
- Report Suspicious Activity: If you encounter or fall victim to a scam, report it promptly to authorities to help prevent others from being targeted.
By staying vigilant and informed, we can collectively reduce the impact of scams and protect our community.
If you have any concerns or need assistance regarding potential scams, please do not hesitate to contact us on (07) 4052 0800.
Renee Francis
SMSF Client Manager
