Bankwest scam losses fall by 57% as scammers change tactics.
- Bankwest recorded a 57% drop in customer scam losses in FY25, driven by new tech investment
- Bankwest data reveals scammers are using targeted scams strategies for different age groups
- Phishing and Investment scams remain a real threat, while Relationship scams have surged significantly.
New Bankwest scam data reveals how age groups are falling victim to different scam types and scammers are using targeted scam strategies in a bid to bypass technology investment in scams by banks.
The findings, compiled from Bankwest’s FY25 scam data, show Phishing is the most common scam type at 54% of all cases, while Relationship scams have surged by 110%, now representing 9% of scam cases.
Investment scams remain a key scam type, especially for those aged 55–64, accounting for 47% of cases.
Younger Australians (18–34) represent just 6% of total scam exposure, with Phishing dominating their experience of scams. Phishing represented 77% of losses for ages 18–24, up from 49% last year.
The top scam types by age group include:
- Phishing scams: Most prevalent among younger age groups, peaking at 77% in the 18–24 bracket
- Investment scams: Highest among 55–64-year-olds (47%) and 65+ (29%)
- Relationship scams: Most common among 45–64-year-olds.
The data has been released for Scams Awareness Week and highlights the role of new banking technology in tackling scams and the increasingly sophisticated tactics of scammers to target different age groups.
Bankwest has introduced new tools like NameCheck, Check-it and Virtual Cards to help customers better protect themselves from scams and fraud and recorded a 57% drop in customer scam losses in FY25.
In June 2024, Bankwest introduced NameCheck into the Bankwest App and Online Banking, helping customers to identify potential mismatches in recipient account details when making first-time payments.
More than 2 million NameCheck look ups by customers have led to over 250,000 click-backs to double check payment details. This contributed to a 35% reduction in Payment Redirection scam cases in FY25.
Check-it, launched in the Bankwest App in November, generates digital alerts to help customers review potentially suspicious transactions. Bankwest has sent 42,000 alerts to date.
Virtual cards, enabling customers to generate unique, temporary card details, has resulted in the generation of more than 53,000 cards by customers wanting more secure purchases.
Bankwest Head of Customer Trust and Security, Philippa Costanzo said: “Bankwest aspires to be Australia’s favourite digital bank and that includes developing tools to help customers better protect themselves.
“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.
“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.
Proportion of exposure value by age group
| 18 to 24 | 25 to 34 | 35 to 44 | 45 to 54 | 55 to 64 | 65+ | |
|---|---|---|---|---|---|---|
| FY24 | 1% | 4% | 9% | 13% | 30% | 43% |
| FY25 | 2% | 4% | 17% | 11% | 21% | 45% |
Top 10 scams by volume and percentage of total volume
FY25 (change from FY24)
| Scam type | % of total scams (FY24) | % of total scams (FY25) | Change in volume from FY24-FY25 |
|---|---|---|---|
| Payment Redirection | 1% | 1% | -35% |
| Phishing | 69% | 54% | -21% |
| Remote Access | 11% | 15% | -14% |
| Investment | 11% | 14% | -51% |
| Relationship | 3% | 9% | 110% |
| Threat/Penalty | >1% | 1% | -24% |
| Unexpected Money | >1% | 1% | -7% |
| Other | 4% | 5% | -22% |
| TOTAL | 100% | 100% |
Top 3 scam exposure value by age group FY25
| 18 to 24 | 25 to 34 | 35 to 44 | 45 to 54 | 55 to 64 | 65+ |
|---|---|---|---|---|---|
| Phishing 77% | Phishing 59% | Phishing 32% | Phishing 54% | Investment 47% | Phishing 31% |
| Threat/Penalty 12% | Investment 31% | Investment 25% | Investment 24% | Phishing 29% | Investment 29% |
| Investment 8% | Relationship 5% | Payment Redirection 20% | Relationship 14% | Relationship 12% | Remote Access 28% |
NB: Per centages refer to volume of scam type for corresponding age group’s overall exposure value.
Scams methods to be aware of
- Payment Redirection: a scammer impersonates a business (e.g. tradesperson or settlement agency) and tricks victims into transferring money to another bank account.
- Phishing: the sending of communications – usually email or SMS – purporting to be from reputable companies to induce individuals to reveal information and usually urge victims to click on links.
- Remote Access: scammers impersonate trusted entities – often a telecommunications company, bank, or IT organisation – to trick victims into granting them remote control over their device.
- Investment: cold calls from ‘investment managers’, or ads on social media offering a chance to make quick cash or high returns, often with a sense of urgency for a ‘once in a lifetime opportunity’.
- Relationship: the grooming of victims, often over long time periods, to gain trust, then financial gain under the guise of health issues, family problems, travel expenses or other personal issues.
- Threat/Penalty: the use of threats of harm, arrest, legal action, or other demands to force victims into handing over money or personal information and can include sexual extortion.
- Unexpected Money: scammers suggest victims are owed or entitled to money or winnings that they did not expect to receive but require a payment to gain access to the purported larger sum.
- Job scams: can involve fake roles that ask victims to move money, making them the money mule without knowing it. Be wary of any job offers involving use of a bank account.
Tips to stay scam safe
- Never share your two-factor authentication or SMS codes – even if the request looks like it’s from Bankwest or another bank.
- Delete suspicious calls, texts, emails or links – call the organisation using its official number.
- Don’t send money or share personal details with anyone who pressures you or contacts you unexpectedly.
- Push notifications can be enabled in your device settings to help you receive alerts about potential unusual account activity.
- Beware of giveaways or investment opportunities on social media: investments outside official financial channels can be fraught with danger.
- Don’t rush: always take time to check if text and email messages are legitimate, or the person calling seems genuine, as scams will often have a sense of urgency attached to them.
About Bankwest
Bankwest’s ambition is to be Australia’s favourite digital bank. Bankwest provides great value home lending and secure, easy, and effortless personal and everyday banking solutions for customers across Australia. We support customers in doing their banking in the ways that suit them, with innovative digital solutions, an Australia-based 24/7 Customer Engagement Centre, and a passionate broker community. Bankwest is a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit license 234945.