Scam losses down 43% as Bankwest warns on phishing risks

Bankwest customer scam losses fell 43% in FY26ⁱ despite phishing scams increasing and remaining the most common scam type affecting all generations, with older Australians remaining the most targeted by scammers.

• Phishing accounted for 52% of all scam cases at Bankwest (up 6% year on year)
• Customers aged 55+ represented 71% of scam exposures
• Relationship and investment scams remained among the top exposure types across generations

The new Bankwest data released for Scams Awareness Week comes as Australians reported more than $2.18 billion in scam losses during 2025, according to the National Anti-Scam Centre's 2025 Targeting Scams Report.

Phishing accounted for 52% of Bankwest scam cases in FY26, making it the top scam type by exposure value across all demographics and the only scam type to increase by volume year on year.

To tackle phishing and help customers identify legitimate messages, businesses must now register Sender IDs on SMSs, with Bankwest texts displaying “Bankwest” and unregistered senders potentially appearing as “Unverified”.

Buying and selling scams made up 17% of all Bankwest scam cases, making the category the second-largest scam type by volume and more prevalent among younger demographics.

Related Bankwest research found 69% of respondentsⁱⁱ are concerned scams will become harder to detect because of AI and deepfake technology, while 55% trust clicking links in emails and text messages less than they previously did.

Bankwest continues to invest in technology including features such as NameCheck, CallerCheck, and Virtual Cards to help customers better protect themselves from the increasingly sophisticated tactics of scammers.

Comments attributable to Bankwest Executive Manager Fraud and Scams Audrey Pajmon

“Behind every scam is a human story and many successful scams continue to rely on psychology at their core, with scammers exploiting trust and creating a sense of urgency to pressure people into acting quickly.

“As scammers evolve the technology they use to deploy scams, we encourage customers to always stop before acting, check requests through a trusted source, and report suspicious activity as quickly as possible.

“The rules customers already know of ‘stop, check and reject’ still apply, even in a world of AI-generated scams, fake websites and increasingly convincing phishing attempts.

“Tackling scams requires a whole-of-ecosystem approach and meaningful progress depends on banks, telcos, digital platforms, government and consumers working together to prevent, detect, disrupt and respond to threats.

“Scams carry a real financial and emotional cost, and technology plays a critical role, but one conversation about scams could be enough to help someone recognise the warning signs before money or personal information is lost."

Note: Scams Awareness Week 2026 runs from Monday 24 August to Friday 28 August, with Bankwest activity focused on helping people recognise scam warning signs, share real stories and take simple steps to stay safe.