Anyone can be targeted: why intelligent people still fall for scams

They erode trust, create stress and often leave victims carrying a shameful burden.

In 2025, Australians reported more than $2.18 billion in scam losses, with almost half a million scam reports made across the country, according to the National Anti-Scam Centre.  

Their recent report shows that investment scams caused the greatest financial harm, accounting for $837.7 million in losses, followed by payment redirection, romance, phishing and remote access scams.  

The report also found that older Australians accounted for 26.5% of losses reported to Scamwatch, despite making up around 17% of the population.  

Scams often work by creating urgency, fear or trust. To protect yourself, slow down, stop the conversation, verify the request independently and never share your banking login details, passwords, one-time codes or remote access with anyone.

First Nations communities and culturally and linguistically diverse communities reported higher median losses when scams occurred.

For Gabby, a member of Bank Australia's customer safety team, those figures underline a simple but important truth: scams can happen to anyone.

"Scammers exploit the good in us," she says.  

"A lot of people are very trusting of others and if someone is telling you that they are trying to help you, it is expected that the person is not trying to deceive you."

That trust is often carefully cultivated before any attempt is made to steal money or personal information.

"Scammers do this by often starting the scam by helping you with your computer, helping you invest money or posing as a loved one asking for help," she says.

While scam techniques continue to evolve, Gabby believes awareness remains one of the most effective defences.

"Detecting that a request is a scam is the first step in preventing it from succeeding.  

"Sharing stories about scams and staying up to date on scam trends is one of the best ways to disrupt them."

Why smart, cautious people can still fall for scams

One of the biggest myths about scams is that they only affect people who are careless or uninformed; the reality is very different.

"We live busy lives and being non-attentive is one of the main states of mind that scammers exploit," says Gabby.

"Scammers hope that your focus is elsewhere and will apply pressure for payments to be made."

Senior customer safety team member Kristy agrees.

"Scams are becoming more and more sophisticated. Individuals are leading busy lives and are easily distracted."

Fear and trust are two of the emotions scammers most commonly exploit.

"Trust: scammers purport to be from trusted organisations offering help," says Kristy.

"Fear: if you don't act now, this will be the consequence."

How scammers use timing, fear and pressure

Customer safety team member Alex says fear is used in almost every type of scam.

"Fear of losing money and fear that someone has access to your accounts or personal information can cause people to act in ways they normally wouldn't."

Investment scams often rely on fear of missing out.

People may believe they are missing an opportunity involving cryptocurrency, artificial intelligence or another investment trend and make decisions they would normally question.

Jo Mansfield says timing is often just as important as emotion.

"It's all about the moment.

"Scammers catch us when we're expecting a parcel, our computer isn't working properly, we've driven through a toll road or we're distracted by other things happening in our lives.

"They prey on our natural instinct to trust."

Romance and investment scams can be especially effective because they tap into hope.

"What if this is it? The dream has come true.

"Everyone is susceptible to scammers unfortunately."

Real examples of bank impersonation scams

One bank impersonation scam has stayed with customer safety team member Alex because it took multiple teams and several days to convince a customer they were being scammed.

The customer received an automated call claiming there was fraud on their Visa debit card.

After pressing an option to reject the payment, they were connected to someone claiming to work for Bank Australia.

The caller said there was internal fraud occurring at the bank and instructed the customer to move their money into "safe accounts".

The customer made an initial payment while speaking with the scammer.

They were coached on what to say if questioned by the bank.

Several more transfers followed.

When Bank Australia received information that one of the receiving accounts was being reviewed for fraudulent activity, teams moved quickly.

Customer Protection, Customer Care and Contact Centre staff spoke with the customer over multiple days.

Despite repeated warnings, the customer remained convinced the scammer was helping them.

It was only after attending a branch and speaking with staff face to face that they accepted they had been targeted by a scam.

The case highlights how persuasive bank impersonation scams can be once trust has been established.

Fake loan scams on social media

Kristy says Bank Australia is also seeing customers targeted through fake interest-free loan offers on social media.

"The bank is currently seeing members respond to a Facebook post purporting to be a charity offering interest-free loans."

Victims are often asked to provide ID, pension details and myGov credentials.

The scam then escalates.

"The scammers are then requesting victims open an account to receive the loan deposit and are asked to provide the account login credentials once established.

"The scammers are then operating the account as a mule account."

Kristy says customers should never give another person access to their banking credentials.

Law enforcement impersonation scams

Another case involved a customer who believed they were speaking with the Australian Federal Police.

The scammers claimed they were helping cryptocurrency investors secure funds following a security breach.

The customer was given a cyber report reference number and transferred to a fake specialist.

"The scammer attempted to get the member to transfer their funds to another platform, which luckily our member did not proceed with and instead terminated the call."

Common scams Bank Australia is seeing in 2026

According to Alex, remote access scams remain one of the most common scam types Bank Australia is seeing.

These scams often begin with someone claiming to be helping fix a technical problem, protect an account or prevent fraud.

Once access is granted, scammers can monitor activity, guide customers through transactions or take control of accounts.

Alex says remote access software is often not the scam itself.

It's the tool scammers use to make their story more convincing.

How to protect yourself from scams

End the conversation

"Go with your gut," says Kristy.

"If something seems off, ask questions.

"Could this be a scam?

"End the conversation until you can perform independent due diligence."

Alex agrees.

"Nothing is gained from speaking to scammers.

"The less time you spend speaking to one, the better."

Verify independently

Impersonation scams remain one of the most common threats.

"ATO, PayPal, law enforcement, banks. Customers should always independently verify the caller or email prior to engagement," says Kristy.

"If it is a call, hang up and call back using the organisation's official phone number."

Lock cards and reduce limits

If customers think they may be dealing with a scam, Alex recommends locking cards through the Bank Australia app and lowering payment limits where possible while seeking help.

Stay informed

"Sharing stories on scams that are occurring and staying up to date on scam trends is the main way to disrupt the scam from occurring," says Gabby.

Stay curious and sceptical

"Having the mindset that you would not be scammed only hinders your ability to protect yourself from scams," says Gabby.

"Being curious and sceptical are more beneficial in preventing yourself from being scammed."

What to do if you think you’ve been scammed

If you think you’ve shared personal information, banking details or money with a scammer, act quickly. Early action may help reduce further harm, even when money cannot always be recovered.

• Contact Bank Australia immediately using trusted contact details, such as the number listed on our official website or in the Bank Australia app.

• Lock your card in the Bank Australia app if your card details may be at risk.

• Lower payment limits where possible while you work out what has happened.

• Change any passwords that may have been shared or exposed.

• Do not continue speaking with the suspected scammer, even if they claim they are helping you.

• Report the scam to Scamwatch or ReportCyber where appropriate.

• Tell someone you trust, especially if you feel embarrassed, pressured or unsure what to do next.

Why talking openly about scams helps protect others

For Bank Australia's scam specialists, one of the biggest barriers to prevention is silence.

"People being embarrassed and not talking about scams hinders warning others of the scam and preventing them from falling victim," says Gabby.

Kristy says talking openly about scams helps others recognise warning signs.

"Scams should not be viewed as a source of embarrassment, as anyone can be targeted regardless of their age, background or experience."

Alex agrees.

"There is no shame in talking about scams.

"Nobody is perfect and nobody knows everything.

"Scammers are constantly adapting their tactics and targeting different people in different ways."

If a friend or family member may be involved in a scam, he recommends approaching them without judgement.

"Keep an open mind and express your concerns."

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