Australian businesses are being urged to remain vigilant as cyber criminals use artificial intelligence and legitimate digital platforms to make scams harder to detect.
Business email compromise, impersonation, investment and invoice payment redirection scams pose significant risks to organisations of all sizes, according to ANZ.
The Australian Signals Directorate’s Annual Cyber Threat Report 2024–25 found more than 84,700 cybercrime reports were submitted nationally during the financial year, with business email compromise and identity fraud among the leading cybercrimes affecting businesses.
ANZ general manager specialist sales Cosi De Angelis said criminals were impersonating banks and trusted suppliers, sending fraudulent invoices and pressuring business owners to act quickly.
“Business Email Compromise, payment redirection and impersonation scams remain among the most significant threats facing businesses today. Tactics such as impersonating banks and trusted suppliers, sending fake invoices, and creating a sense of urgency are all too common, as scammers prey on time-poor business owners.
“As AI evolves, criminals are adopting more sophisticated tactics to manipulate customers into approving payments.
“Financial crime is becoming harder to detect because it is often hidden within legitimate businesses, trusted relationships, and everyday transactions. In many cases, criminals are exploiting trust as effectively as they are technology.”
Stolen identities and money mule accounts have emerged as another significant threat identified by ANZ, with the bank observing coordinated criminal activity involving accounts opened using stolen identities.
These accounts have subsequently been used for scam activity, money mule operations, micro-laundering and moving scam proceeds through the financial system.
ANZ said it had continued strengthening its fraud and scam prevention capabilities through behavioural biometrics, fraud analytics and enhanced onboarding controls.
Between October 2025 and June 2026, ANZ customer scam losses fell by 24 per cent compared with the corresponding period a year earlier. The bank also prevented and recovered more than $100 million in scam and fraud-related funds during that period.
“Scam prevention isn’t only about stopping customers from sending money to criminals. It’s also about preventing criminals from establishing accounts that can receive and move scam proceeds in the first place,” De Angelis said.
With October marking Cyber Security Action Month, the bank encouraged businesses to review their security practices and ensure employees understood the warning signs of cyber-enabled fraud.
“Periods of increased transaction volumes and customer activity can create opportunities for cyber criminals to exploit rushed decision-making. As Black Friday and the festive season approach, now is a good time for businesses to review their cyber security controls and ensure employees understand the warning signs of scams.
“Technology will continue to evolve, but human judgement remains one of the strongest defences against scams. Recognising red flags such as unexpected changes to payment instructions, unusual requests, or pressure to act quickly can be the difference between stopping a scam and becoming a victim,” De Angelis said.
Businesses were advised to confirm changed supplier banking details by phone, require two authorisations for sensitive or large payments and ensure employees understood procedures for updating supplier information.
ANZ also reminded customers that banks would never ask them to disclose passwords, PINs, ANZ Shield Codes or one-time passcodes.
Click Here For The Original Source.
