ANZ warns Australian businesses about AI scams, what should businesses watch for?
Synopsis
ANZ is urging Australian businesses to stay alert as AI makes scams and fraud harder to detect.
Key highlights
- AI is making business scams more realistic in Australia.
- Invoices, impersonation and payment redirection are top dangers.
- ANZ says customer scam losses fell 24% from October 2025 to June 2026.
- More than $100 million from scams and fraud were prevented or discovered.
- Businesses are being encouraged to bolster payment checks and employee vigilance.
What happened?
As scams become more sophisticated, fueled by the rise of AI and other digital tools, ANZ is urging Australian business to keep eyes open and wallets closed. Business Email Compromise (BEC), fake invoice scams, impersonation and payment redirection fraud pose a threat to organizations of all sizes.
The nation’s Annual Cyber Threat Report 2024-25 for FY25 by The Australian Signals Directorate, shows over 84700 cybercrime reports in Australia were found, and BEC and identity fraud were two of the most common businesses being targeted by its cybersecurity body.
Scammers are obtaining identity to authorize and use these purchases in fake accounts. Furthermore, ANZ also observed a greater number of stolen identity and “mule” accounts being arranged by scammers through the employment of false identities and with the intention of laundering money within the banking system.
Why it matters
The threat is no longer limited to only fake e-mailers. Scammers take advantage of trusted suppliers, existing business relationships and even legitimate platforms to disguise payment requests as genuine. The bank says businesses should be alert to sudden changes in payment information, unusual demands and act quickly.
The bank also said customer fraud losses fell by 24 per cent between October 2025 and June 2026, while scam and fraud-related funds of more than $100 million were blocked or recovered.
What founders can learn
Cybersecurity is not just a technology issue for early-stage founders. This is also about people and process.
As businesses grow, more employees, suppliers and payment processes create more opportunities for criminals to exploit trust. There are basic steps to avoid it, two authorisations for payments and confirming banking details by phone, can help.
The lesson is clear: when possible, ensure that security is integrated into daily business processes before the problem arises.
What founders can do now
Verify payment changes:
If suppliers provide any new or changed bank details, always double-check with them via phone prior to making payment.
Add a second check:
Make two people check and approve large and unusual payments first.
Train your team:
Train employees about the warning signs, such as urgent requests, unusual payment instructions and sudden messages.
The question for businesses
As AI makes scams more convincing, can human judgement still stay one step ahead?
Source: ANZ
At Inspirepreneurs Magazine, covering entrepreneurship, business failures, and the human stories behind the world's most ambitious founders. She writes at the intersection of strategy and storytelling.
