Scammers are posing as would-be saviours to drain accounts with one victim losing $350,000 in cryptocurrency in 18 hours.
A Joint Policing Cybercrime Centre (JPC) has drawn on banking data to reveal the tactics scammers are using; these range from trying to imitate the hold music used by banks to tag-team conversations that concurrently call banks and victims and bypasses security checks.
The victim who was drained of the cryptocurrency was duped after a scammer posed as the representative of a crypto ledger company to tell the victim that their ledger was compromised.
The JPC says the tactics of scammers posing as saviours is becoming increasingly common in policing and banking sectors.
In 2025, Australians reportedly lost $97.6 million to phishing scams (including bank impersonation, up from $84.5m reportedly lost the year before.
Phishing is when scammers impersonate trusted people or organisations, such as banks, financial advisors, CEOs or law enforcement, to deceive victims into handing over personal information.
Another method is remote access scams where a scammer, posing as technical support or cyber security, tricks the victim to download software that gives them full control of their device.
SCAMMERS ARE ‘TECH SMART’
AFP Detective Superintendent Marie Andersson says scammers are very tech savvy, adaptable and ruthless, particularly when it came to passing themselves off as helpful voices of authority.
“Scammers approach victims armed and ready using secure information such as their name, date of birth, account details, and bank balances, acquired through previous cyber-attacks or data breaches,” she says.
“This allows scammers to build trust and legitimacy with their victim and acquire additional information or access to complete their scam.
“We are also seeing scammers acquire this information in real-time by working in pairs. One scammer will contact a bank and pretend to be the victim while concurrently, another scammer calls the victim pretending to be a representative of the bank.
“Using information they gain through both conversations, they can then bypass security checks and create ‘proof’ that seems credible,” she says.
“We want to encourage victims to report these scams; remember scams can affect anyone and you should not feel shame or embarrassment about reporting it.”
Det-Supt Andersson says recognising the warning signs early and refusing to act under pressure is the best defence.
“Cold contact from a banking provider via call, text or email, combined with an extreme pressure to act quickly and hand over personal information, should be treated as a potential scam,” she says.
“Pause and consider the request. If in doubt, hang up and call the bank’s official phone number on their website, your bank card or app.”
She adds: “If you believe you have been targeted, contact your bank immediately so they can secure your accounts and change your online banking password.
“Never login via online banking links sent through email or text, or share your passcodes or passwords over email, text or phone.”
Commonwealth Bank Executive General Manager of Group Fraud and Scams, James Roberts, says impersonation scams are becoming more advanced as criminals use sophisticated techniques to appear legitimate.
“Scammers are getting better at sounding convincing but there are a few simple things to remember that can help keep you safe,” he says.
“Banks won’t rush you – we will never ask you to share passwords, PINs or one-time codes, or move money to a ‘safe account’.
“If you bank with us and get a call you’re unsure about, stop, hang up and contact your bank using the number on your card or message us securely in the app. Do not call back the number that contacted you or any number from a suspicious SMS or email.”
A national cybercrime awareness campaign (ClickFit: Impersonation Scams) is also running to help people build simple habits into their online routine to protect themselves.
There are six basic steps:
- Stop, think before you click.
- Check with official bank sources.
- Protect your codes and passwords.
- Never move money.
- Secure your accounts.
- Report immediately to bank.
Click here to watch their cybercrime prevention videos to protect yourself from cybercrime.
If there is an immediate threat to life or risk of harm, call 000.
If you are a victim of cybercrime, report it to police using Report Cyber.
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