Bankwest has reported a 57% fall in scam losses in FY25, with new banking technology helping customers block fraud attempts.
However, the bank warns scammers are adapting their strategies to target different generations with increasingly sophisticated methods.
The latest Bankwest scam data, released for Scams Awareness Week, shows phishing remains the most common scam type, making up 54% of all cases.
Relationship scams surged 110% to account for 9% of cases, while investment scams continue to be a major risk for those aged 55-64, where they represent 47% of cases.
Younger Australians are less exposed to scams overall, representing just 6% of total cases, but phishing dominates their experience. Among 18-24-year-olds, phishing accounted for 77% of losses, up from 49% last year.
By age group, the top scam exposures were:
Phishing scams: Peaking at 77% in the 18-24 bracket.
Investment scams: Highest among 55- to 64-year-olds (47%) and 65+ (29%).
Relationship scams: Most common among 45- to 64-year-olds.
Other scam methods flagged by Bankwest include payment redirection scams, where criminals impersonate businesses or settlement agents to reroute funds, and remote access scams, where victims are tricked into handing over control of their device.
Threat and penalty scams, unexpected money offers, and job scams – often involving fake roles that turn victims into money mules – also remain active risks for customers.
Bankwest introduced a range of new tools over the past year to help customers combat scams:
NameCheck, added to the Bankwest App and Online Banking in June 2024, has been used more than 2 million times and led to over 250,000 click-backs, contributing to a 35% fall in payment redirection scams.
Check-it, launched in November, sends digital alerts about potentially suspicious transactions. More than 42,000 alerts have been generated.
Virtual cards, allowing customers to create unique temporary card details, have been generated over 53,000 times for safer purchases.
Philippa Costanzo (pictured), Bankwest head of customer trust and security, said protecting customers is a core part of the bank’s digital-first strategy.
“Bankwest data shows scammers use targeted strategies for different generations but those 55+ remain heavily targeted, accounting for two thirds of cases, so please talk to your loved ones about staying safe,” Costanzo said in a media release.
“The sharp rise in relationship scams is also deeply concerning, as it’s clear scammers are increasingly exploiting emotional vulnerabilities among all Australians, even in the 25-34 age bracket.”
“The theme for Scams Awareness Week is ‘stop, check, and protect’ and Australians are advised to pause before taking action, verify with a trusted contact, and reach out to their bank to safeguard their finances.”
For mortgage brokers, these findings underline how scams and fraud protection affect client savings, deposits, and borrowing capacity. Lower scam exposure can reduce financial disruption for borrowers and help preserve serviceability, while stronger protections from banks may give clients greater confidence in using digital banking.
Given that settlement agencies and property transactions are common targets for payment redirection scams, brokers have a role in reminding clients to double-check payment details and stay alert to suspicious communications.
With older Australians most heavily targeted, it also underscores the need for brokers to support intergenerational conversations around financial safety.
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