Scams Awareness Week highlights progress & new cyber threats

As Scams Awareness Week approaches, experts are spotlighting both the progress and persistent challenges in the fight against online fraud affecting Australians and organisations across the country. While recent data points to a decline in reported scam losses, the landscape remains fraught with emerging technological risks and gaps in preparedness, industry leaders say.

The National Anti-Scam Centre has reported a 26 per cent reduction in reported losses due to scams. This figure is regarded as promising evidence of the collective impact made by government agencies, businesses, and individual vigilance in tackling digital fraud. However, cyber security specialists caution against complacency, arguing that fresh threats are rapidly evolving and require renewed focus from all stakeholders.

David Allott, Field Chief Information Security Officer for Asia-Pacific and Japan at Veeam, the global data resilience provider, warned, "Scams Awareness Week is a timely reminder that we all share the responsibility of protecting ourselves and organisations from scams and cyber threats." Allott cited research from Veeam's Data Resilience Maturity Model, showing significant gaps in organisations' ability to respond to cyber incidents. "Seventy-four per cent of organisations still fall short of best practices, with many operating at the lowest maturity levels. Alarmingly, over 30 per cent of CIOs in the least resilient organisations overestimate their data resilience capabilities, leaving them more exposed to scams and cyberattacks," he said.

One of the key driving forces behind this ongoing threat is the growing sophistication of cybercriminal activities. The use of artificial intelligence and large language models has led to a sharp increase in the quality and believability of phishing attempts, deepfake content, and other forms of deception. These capabilities make it more challenging for individuals and security systems to identify fraudulent communications and digital forgeries.

For businesses, the consequences of a successful scam or data breach can be severe, encompassing financial loss, operational interruption, and reputational damage. Allott encourages organisations and individuals alike to adopt more rigorous defences, including maintaining a zero-trust mindset, deploying multi-factor authentication, and remaining constantly alert to the hallmarks of digital scams. "Vigilance and preparation remain our best defences in an increasingly complex threat environment," he stressed.

Data resilience, in particular, has emerged as a crucial safeguard against scams and breaches. Allott advocates for the 3-2-1-1-0 backup rule, which ensures organisations have multiple backups – at least three copies of their data, on two different types of media, with one copy off-site, one copy immutable, and zero errors following verification. "By ensuring secure, reliable backups, organisations can quickly resume operations and individuals can recover lost data with minimal disruption," he explained.

The banking and payments sector has been another arena of intense innovation in scam prevention. Visa, one of the world's leading payment networks, continues to strengthen its defences through advanced fraud monitoring and payment tokenisation. A Visa representative commented that the company helps to educate consumers about recognising fraudulent behaviour online and staying protected as scam tactics adapt and multiply. Payment tokenisation – the process of replacing sensitive card details with unique digital tokens – is one of the methods used to safeguard cardholders from unauthorised transactions.

Industry observers note that collaborative efforts, combining technology, education, and policy, are required to keep ahead of cybercriminals. While monitoring and tokenisation systems provide a robust backstop for digital transactions, ongoing awareness campaigns and individual behaviour remain vital pillars of defence. "Continuing to educate the public and reinforce a culture of cyber vigilance is essential," said the Visa spokesperson.

The upcoming Scams Awareness Week seeks to equip individuals and businesses with the knowledge to spot scams and avoid falling victim, especially as criminals become more adept at exploiting people's trust. As artificial intelligence and other technologies continue to shift the fraud landscape, experts are urging everyone to stay alert and embrace the latest security best practices.