There’s a stubborn idea that scam victims are lonely, confused people who’ll believe anything. It’s wrong, and it’s dangerous, because it makes the rest of us think we’re safe. Today’s scams are polished, patient and personal. They target people who are careful with money, because careful people tend to have money.
Older Australians feel this more than anyone. According to the National Anti-Scam Centre, people aged 65 and over make up around 17 per cent of the population but accounted for about 26.5 per cent of the money reported lost to Scamwatch in 2025, roughly $88.8 million. Investment scams caused the biggest losses in that age group.
Here’s what the scams look like now, and the small habits that stop most of them.
1. The fake investment that looks completely real
This is the big one. It often starts with an ad on Facebook, YouTube or a news-style website featuring a well-known Australian, a TV presenter or business figure, apparently recommending a new investment platform. The videos are increasingly made with AI and can be very convincing.
You click, leave your number, and a friendly “account manager” calls. They’re professional and patient. They show you a slick dashboard where your small first investment grows nicely. They encourage you to put in more. When you try to withdraw, there are suddenly fees, taxes or “verification” costs to pay first.
The habit that stops it: before investing a cent, check the company on the Moneysmart investor alert list and look it up on ASIC’s professional register. No genuine celebrity is personally recommending a trading platform in a social media ad.
2. “This is your bank’s fraud team”
You get a call, or a text that appears in the same thread as your bank’s real messages. Someone says there’s suspicious activity on your account. They already know your name and some of your details. To protect your money, they say, you need to move it to a “safe account”, read out a code that’s just been sent to your phone, or install an app so they can help.
Every step feels like the bank protecting you. In fact, you’re giving a criminal access to your account.
The habit that stops it: your bank will never ask you to move money to a safe account, give them a one-time code, or install remote access software. Hang up, then call the number on the back of your card or on the bank’s official website. Don’t use a number from the call or text.
3. The urgent text from a “family member”
“Hi Mum, I dropped my phone in the toilet, this is my new number.” What follows is a request for money to cover a bill, a new phone or an emergency. Some scammers now use AI to clone a voice from a few seconds of video posted online, so the call can sound exactly like your grandson.
The habit that stops it: agree on a family code word that anyone asking for money in a hurry has to know. Or simply ring the person on the number you already have for them. Real emergencies survive a two-minute phone call.
4. Toll, parcel and government texts
Messages claiming you have an unpaid road toll, a parcel waiting for redelivery, a tax refund, or a problem with your myGov account are some of the most common scams reported. They link to fake websites that look almost identical to the real thing and ask for card details or your myGov login.
The habit that stops it: don’t click links in unexpected texts or emails. If you’re worried, go to the official website or app by typing the address yourself. Services Australia and the ATO say they won’t send you a text or email with a link to log in to myGov.
5. Romance that’s never quite real
Romance scams can run for months. The person is attentive, warm and always has a reason they can’t video call or meet. Eventually there’s a crisis: a medical bill, a stuck inheritance, a ticket to come and see you. Victims often lose not only money but a relationship that felt like the most important thing in their life.
The habit that stops it: never send money, gift cards or cryptocurrency to someone you haven’t met in person. If a friend or relative tells you about a new online partner who needs money, take it seriously, and be kind about it. Shame keeps people silent.
What’s changed, and what hasn’t
In 2025 the federal government passed the Scams Prevention Framework, which puts legal obligations on banks, telcos and digital platforms to detect, disrupt and respond to scams. Banks have also added warnings, payee name checks and delays on unusual payments. Reported losses have fallen from their 2022 peak.
But the scams themselves keep adapting. AI has made fake videos, voices and messages cheaper to produce and harder to spot. The most reliable protection is still the oldest one: slow down. Almost every scam relies on urgency. If someone is pushing you to act right now, that’s your signal to stop.
If it’s already happened
- Call your bank immediately. The sooner they know, the better the chance of stopping or recovering a payment.
- Report it to Scamwatch. Reports help authorities warn others and shut down scam operations.
- Contact IDCARE on 1800 595 160 if your personal details have been stolen. It’s a free, not-for-profit identity support service.
- Tell someone you trust. Scammers often come back pretending to be “recovery services” offering to get your money back for a fee. Having another person in the loop makes that much harder.
Being scammed isn’t a sign of foolishness. These operations are run like businesses, with scripts, training and targets. Talking about it openly, at home, at the club and over the back fence, is one of the best ways to take their power away.
FAQ
What are the most common scams targeting older Australians?
Investment scams cause the biggest losses for people over 65, followed by bank impersonation, family emergency texts, fake toll and government messages, and romance scams.
Will my bank ever ask me to move money to a safe account?
No. A genuine bank will never ask you to transfer money to a “safe account”, share a one-time code, or install remote access software.
Who should I contact if I’ve been scammed?
Contact your bank first, then report the scam to Scamwatch. If your identity documents or personal details have been stolen, call IDCARE on 1800 595 160.
Can AI be used to fake a family member’s voice?
Yes. Scammers can clone a voice from short clips posted online. Agree on a family code word, or hang up and call the person back on a number you already know.
