AI-powered scams in the sights of banks 

This Scams Awareness Week, banks are urging Australians to remain alert to emerging scam threats, from criminals using AI to replicate the voice of people you trust through to deepfake videos of celebrities endorsing investment opportunities.   

AI scams to be on the lookout for:

• AI voice cloning of someone you know trying to convince you to transfer money to them.
• Deepfake videos that impersonate celebrities in videos to lure victims into dodgy investment schemes.
• AI generated phishing scams using highly convincing and personalised messages, emails, texts, or websites that mimic trusted brands or your bank.

ABA CEO Simon Birmingham said the ever-increasing use of AI highlights the evolving and extreme lengths scammers are now deploying to steal your money.   

“Unfortunately, we live in a world where advances in AI‑generated video and audio make it possible for criminals to impersonate celebrities, your friends, family members or even your bank,” ABA CEO Simon Birmingham said.   

“From fake investment ads by celebrities to voice clones asking for help, AI scams are becoming more targeted, sophisticated and emotionally manipulative.   

“While AI is a powerful tool for banks and law enforcement to combat scams, it has also become the new weapon of choice for scammers. AI scams sound real, look real, and feel real. That’s what makes them so dangerous.  

“Banks will continue to fight back by using AI to detect and shut down scams so as to protect people’s money, however customer vigilance is still the best form of defence.   

“In this age of AI-powered scams, no matter how real it looks or sounds, always stop, check, and protect yourself.”  

Tips to beat AI scams:   

• Verify identities – be wary of familiar voices if they are coming from an unknown number. End the call and call them back on a known number.
• Consider pausing before responding to emotional or urgent calls – even if the voice seems familiar.  
• Be wary of celebrity endorsements – if a famous face is pushing an investment, be sceptical.  
• Never invest based on a video advertisement alone – research the platform or opportunity thoroughly before acting. 
• Don’t trust emails or messages from your bank asking for personal information – banks will never ask you for PINs or passwords on email or text. 

Find out more about the protection’s banks are putting in place to help prevent scams: https://www.ausbanking.org.au/scam-safe-accord/.