Staying safe online:
What you need to know about AI scams

couple looking at how to identify AI scams

 Last updated: 16 October 2025 |  Estimated read time: 3 Minutes

We live more of our lives online than ever before – from banking and borrowing to chatting with friends and family. But as technology gets smarter, so do the scams.

AI-powered scams are becoming more convincing, more personalised and harder to spot. That’s why it’s important to stay informed and know what to look out for.

What makes AI scams different

Dodgy spelling and suspicious links haven’t disappeared - they’re still out there. But now, scammers have added a new layer of complexity: AI-powered deception. These scams are more convincing, more personalised, and harder to spot.

Here’s what we’re seeing:

  • Voice cloning: scammers can replicate a broker’s or client’s voice with just a few seconds of audio
  • Deepfake videos: fake video calls or ID verifications that look real enough to fool even the cautious
  • Hyper-personalised phishing emails: AI can generate emails that sound like your bank, aggregator or even a colleague, using publicly available data

These scams feel authentic, which makes them more dangerous.

The numbers tell the story

AI scams aren’t just a future threat. They’re happening now.

  • Australians lost $945 million to investment scams in 2024, many using AI-generated content and fake trading bots¹
  • Phishing scams caused $19.5 million in losses in 2025, often involving impersonation and crypto fraud²
  • ASIC is shutting down around 130 scam websites every week, including deepfake investment platforms and fake broker portals¹
  • Scam losses via social media increased by 30%, affecting over 3,300 Australians in early 2025³

How to protect yourself

You don’t need to be a tech expert to stay safe. Here are a few simple steps that can make a big difference:

Pause and double-check

If something feels off, like a sudden account change or urgent payment request, verify it through a second channel. A quick phone call can make all the difference.

Spot the red flags

Watch out for:

  • Unexpected urgency
  • Unusual payment instructions
  • Small details that don’t feel right

Strengthen your digital hygiene

  •  Use Multi-Factor Authentication (MFA) wherever possible
  • Keep your passwords strong and unique
  • Update your devices and apps regularly
  • Be mindful of what you share online

Reach out if you’re unsure

If something doesn’t feel right, talk to your broker or lender. At Pepper Money, we’re here to help and we’re investing in stronger cyber protections to keep you safe.

Final thought

AI scams are evolving, but so is our ability to protect ourselves. With a little awareness and a few smart habits, you can stay one step ahead and keep your financial journey safe and secure.

Sources:

1 ASIC steps up action to protect consumers from online investment scams

2 ACCC: National Anti-Scam Centre calls for continued action

3 ACCC: National Anti-Scam Centre calls for stronger business role to disrupt scams

Steve Meek - Pepper Money Chief Information Officer

Contributor | Steve Meek, Chief Information Officer

Steve joined Pepper Money in 2021 as Chief Information Officer. With over 20 years of diverse experience, he specialises in leveraging technology to drive business growth, enhance operational performance, improve customer experience, and foster innovation. Read more.

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