In a release on their website, the bank said that scammers are using increasingly sophisticated threat vectors, making scams and fraud more hard to detect.
This includes impersonation, invoice and investment scams and Business Email Compromise (BEC).
“Business Email Compromise, payment redirection and impersonation scams remain among the most significant threats facing businesses today,” said ANZ general manager of specialist sales, Cosi De Angelis.
“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.”
De Angelis says that AI is empowering threat actors, making them more difficult to detect, particularly when most victims are individuals who may find it harder to spot scams.
“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.”
One threat ANZ noted to be significant was the emergence of using stolen identities and mule accounts. It said it had observed coordinated criminal activity where bank accounts were opened using stolen identities, which were then used for scams, money muling, micro-laundering and for moving scam profits.
However, ANZ reported that its customer scam losses fell 24 per cent between October 2025 and June 2026, and that it prevented and recovered over $100 million in scam and fraud-related funds during that same 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 added.
ANZ has said that as Black Friday and holiday events approach, businesses and individuals should remain vigilant. This means never sharing passwords, PINs or any banking information, using verification methods like 2-factor authentication, use phone confirmation rather than email when receiving changed bank details and ensuring staff are knowledgeable of good cyber practice and policy.
“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,” said De Angelis.
“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.”
This story was originally published by Cyber Daily's sister publication, Banking Daily.
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