The dollar amount being lost to scams has shrunk by a third as customers become more scam-aware and offshore scammer syndicates face more challenges when perpetuating attacks, according to Australia’s largest bank.
Investment scam losses, which have caused the greatest losses for customers, have also decreased, Roberts says, after CBAIt comes as consumers become more scam-aware, with a survey of 2047 people across Australia commissioned by CBA showing three quarters of respondents had become more concerned about scams over the past 12 months and eight in 10 people said they were confident in their ability to recognise and avoid scams.
As AI becomes increasingly advanced and prevalent, Roberts says the fight against scams is far from over.“Something I worry about continually is large-language models and the availability of AI in the market,” he says. “We’ve seen publications online suggesting that you only need three to five seconds of recorded voice content to entirely fake someone’s voice, so there’s really the potential for deep fakes.