National Australia Bank (NAB) has identified artificial intelligence (AI)-driven scams and new iterations of cryptocurrency investment fraud as major threats to watch in 2025. NAB Group investigations executive Chris Sheehan- a former Australian Federal Police executive, has described the ever-changing nature of scams as a pressing concern. “We’ve identified five scams to watch based on trends we’re seeing, what we hear from customers, and societal issues,” said Sheehan. “Every Australian needs to know about these scams so they can recognise the red flags and protect themselves and their loved ones in 2025.

”Sheehan pointed to recurring warning signs shared by many scams, including a sense of urgency. “Criminals create urgency to act quickly,” he said. “It could be creating FOMO (fear of missing out) that resold concert tickets will go quickly, that you’ll miss the next big crypto investment opportunity, or that there’s a problem with your bank account, and you need to move your money elsewhere.”Another hallmark of scams is unexpected contact.“For example, an out-of-the-blue phone call from an ‘internet provider’ to fix your connection,” Sheehan said.

AI technology is amplifying the sophistication of scams, according to Sheehan.“Criminals are using AI to create deepfake videos impersonating high-profile Australians and generate images used in sextortion schemes,” he said. “Three seconds of audio from a video or a voicemail or an image from social media is enough for criminals to get to work.” Despite the rising sophistication of scams, NAB reported progress in reducing customer losses.

Contact your bank immediately if you think you’ve been scammed, and be safe wherever you are on the internet or digital technology.

Source: MPA magazine article authored by Rommel Lontayao