Cyber Vigilance – Protecting Yourself, Your Family, And Your Business

Australians are constantly warned about scams, online fraud, and cyber-attacks — from government TV ads and news stories to alerts from banks and regulators. Yet, despite the steady drumbeat of warnings, the threat is only growing.

The numbers are sobering.

In December 2024, the ACCC’s Scamwatch reported more than $318 million in losses from 249,448 scam complaints. This is an ongoing arms race, with scammers becoming more sophisticated every year.

Even the ACCC itself has been impersonated. The consumer watchdog recently warned Australians to be on alert after reports of scammers spoofing its official phone numbers to steal personal information. There is a clear warning about this issue on the ACCC’s Scamwatch website advising visitors “if you receive a call claiming to be from the ACCC asking for personal information, do not provide this information and hang up”.

The ATO has seen a similar surge. In July 2025, during the peak tax return period, impersonation scams spiked by 150% year-on-year — most of them delivered via email.

And the threat isn’t limited to phone calls and emails. Deepfake technology is now being used to promote fake investment opportunities, with convincing video and voice imitations of celebrities such as Eddie McGuire, David Koch, and Hugh Jackman.

How Australians were scammed in 2024

The ACCC reports email as the most common scam delivery method, followed by text messages. The biggest financial losses came from:

• Investment scams – $192+ million lost
• Romance & dating scams – $23.5 million lost
• Phishing scams – $20+ million lost

Other common scams included false billing, threats and extortion, employment fraud, identity theft, IT support scams, fake inheritances, and classified ad scams.

Men lost more than women — $117 million vs $72.7 million — and those aged 65+ were hit hardest financially.

Rising threats for SME’s.

Small and medium-sized businesses face unique risks. Increased reliance on technology, personal devices for work, remote arrangements, online payments, and lack of cybersecurity training have made many SMEs easy targets.

Phishing remains a top threat — criminals send emails that appear legitimate but are designed to steal sensitive information. Too often, SMEs view cyber-attacks as an IT issue when in fact they are a core business risk.

Red flags & best practices

Whether you’re protecting your household or your business, the following steps can reduce your risk:

1. Never give money or personal details to anyone you’re unsure about.
2. Use two-factor authentication wherever possible.
3. Verify opportunities that seem “too good to be true.”
4. SMEs should embed cybersecurity requirements into supplier contracts.
5. Keep software and systems updated with latest vendor patches.
6. Back up your data and store copies offline to guard against ransomware.
7. Know who to contact – bank, accountant, regulators – if something happens.
8. Consider cyber insurance where appropriate.
9. Invest in training for yourself and your team.

What to do if you have been scammed

1. Act quickly – contact your bank or credit card provider – they often have dedicated numbers for fraud issues.
2. Report the scam scamwatch.gov.au/report-a-scam and warn others about the scam.
3. Get support – contact your accountant for financial advice and reach out to family and friends for emotional support.
4. Watch out for follow-up scams
5. Educate yourself, your family and or your business, go to the Australian Signals Directorate for comprehensive advice and regular updates Homepage | Cyber.gov.au
6. Lastly, if you receive an unexpected call or email from the ATO or ACCC, or any other “official agency”, contact Bentleys.

We’re here to help.

If you need any further information on this matter, please contact your Bentleys advisor today. We’re here to help you get where you want to be.

Disclaimer: This information is general in nature and should not be relied on as advice. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs and seek professional advice before making any decisions based on this information.