Older Australians remain the most exposed group despite a significant drop in overall scam losses
Bankwest customer scam losses declined 43% in the 2026 financial year (FY26), even as phishing activity increased and accounted for more than half of all scam cases recorded by the bank during the period.
Phishing represented 52% of Bankwest scam cases in FY26, up 6% year on year, making it the leading scam type by exposure value across all age groups and the only category to grow in volume over the period. Buying and selling scams were the second-largest type by volume, accounting for 17% of cases — a category introduced as a separate classification in September 2025.
Customers aged 55 and over represented 71% of scam exposure value, with those aged 65 and above accounting for 51%. The 65-plus cohort saw their share of exposure value rise from 45% in FY25 to 51% in FY26. Across all age groups, phishing was the top exposure type, followed by investment and relationship scams for most demographics.
The data was released during Scams Awareness Week 2026, which runs from 24 to 28 August. Figures from the National Anti-Scam Centre's 2025 Targeting Scams Report showed Australians reported more than $2.18 billion in scam losses in 2025.
Small businesses and consumers are being urged to strengthen their defences against fraud as banking industry bodies intensify anti-scam messaging this week.
Remote access scams fell 4% year on year to represent 13% of FY26 volume, while investment scams dropped 25% to 10%. Relationship scams declined 18% to 7%, and business email compromise fell 30% to just 1% of volume.
A Bankwest survey of 1,000 Australians, conducted in July, found 69% were concerned that scams would become harder to detect due to artificial intelligence and deepfake technology. A further 55% reported trusting links in emails and text messages less than they previously did.
To address phishing risks, businesses are now required to register Sender IDs on SMS messages. Bankwest texts display "Bankwest" as the sender identity, while unregistered senders may appear as "Unverified".
"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," said Audrey Pajmon (pictured right), executive manager fraud and scams at Bankwest.
"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."
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