The industry speaks: National Scam Awareness Week 2024

The theme of this year’s National Scam Awareness Week is “Share a story. Stop a scam” – here are some stories from a selection of expert commentators to protect yourself and your customers.

Sam Salehi
Managing director for Qualys Australia and New Zealand

With AI and deepfakes enabling increasingly convincing scams – from fake job ads and celebrity-driven investment schemes to bogus event tickets – we’re entering a zero-trust world where it’s essential to question every request for personal details or money. Consumers must stay vigilant and follow best practices to minimise their cyber risk.

Increasingly, businesses are prime targets due to their vast collections of personally identifiable information and have a critical responsibility to safeguard this data. With scams being so convincing, it isn’t a matter of if they or their customers fall foul, but when. Implementing robust security measures and ensuring ongoing education isn’t just a priority – it’s a necessity to protect both their customers and their own operations.

Nam Lam
Managing director ANZ at SailPoint

Initiatives like National Scam Awareness Week are especially important as education and prevention is critical to combating increasingly sophisticated scams. But while educating individuals to spot and report scams is essential, we must also recognise that even the most vigilant among us can fall prey to evolving threats. While we need to ensure individuals understand and implement measures to mitigate their own risks, organisations play a critical role in protecting consumers and their personal data.

Embracing a modern cyber security architecture and robust identity security measures is the strongest defence mechanism for CISOs, who most often hold the burden of blame when a breach (inevitably) occurs. Cyber security is a team sport; it touches every individual and is equally the responsibility of all leaders across an organisation. By fostering a collaborative approach and investing in advanced identity security capabilities, we can protect digital identities, build resilience against scams, and safeguard both consumers and businesses alike.

Adhil Badat
Chief operating officer at Rackspace Technology

According to an ACCC report, $477 million was lost in 2023 to scams in Australia, leaving millions of Australians vulnerable to fraud and underscoring the urgent need for stronger defence mechanisms. As cyber threats become increasingly sophisticated, traditional security measures often fall short.

Implementing cloud technology offers a superior solution for companies and consumers by enabling real-time monitoring, enhanced threat detection, and advanced data protection measures. Cloud platforms provide a robust framework for securing sensitive data through encryption and consistent monitoring, which are essential characteristics in a time when cyber criminals seem to always be one step ahead.

Additionally, cloud solutions enable financial institutions to adapt to regulatory changes while maintaining compliance without compromising security. The cloud’s flexibility ensures that security patches and updates are deployed swiftly, closing vulnerabilities before scammers can exploit them.

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In a rapidly evolving cyber landscape, where inaction can cost billions, cloud integration is becoming essential to protect the data and privacy of Australians and businesses. Companies should take time during this Scams Awareness Week to review their security measures and educate staff on security protocols to strengthen their defences.

David Marsh
Principal payments industry consultant at Endava

From a payments technology perspective, we are seeing greater use of artificial intelligence to identify potential threats, as it becomes increasingly difficult to use traditional methods in a world of instant payments. Additionally, emerging developments in digital identity offer promising ways to minimise the proliferation of sensitive data at risk of compromise.

Yet, it’s important to recognise that bad actors are also leveraging modern AI technology; and they have form on changing attack vectors to identify and exploit weak spots. To effectively counter these evolving threats, organisations must adopt a multifaceted approach to fraud and scam prevention – one that covers all customer touchpoints, whether online, over the phone, or in person. By refining strategies across these various interactions, organisations can better protect themselves and their customers from evolving threats.

Andrew Black
Managing director at ConnectID

In 2023 alone, Australians lost $2.7 billion to scams (ACCC Jan-Dec report 2023), highlighting the urgent need for better protection. Digital identity solutions are becoming a crucial tool in this fight, helping to combat scams and identity theft. While no single solution can completely eliminate fraud, opting for digital identity can reduce the risk and impact of data breaches for individuals and businesses.

A significant advantage of digital identity solutions is their ability to reduce the oversharing of data, minimising the amount of personal information floating around. By enabling individuals to confirm their identity without sharing entire identity documents, these solutions minimise sensitive data exchanged to only what is essential. This approach reduces the amount of data at risk if there is a compromise. Verifying identities with minimal data sharing not only increases security but [also] enhances trust in the process.

However, even with these advancements, fraud can still occur, making cross-industry collaboration essential to create support systems for those affected. For example, IDCARE, Australia’s leading identity and cyber support service, offers crucial guidance to scam victims, helping them recover and understand how to secure their information against future threats. Partnering with organisations like IDCARE makes for a strong industry stance to support those affected, raising awareness, and fostering a safer and more trusted online environment. Ultimately, addressing fraud and scams requires a shared commitment, where everyone plays a part in driving meaningful change.

Kate Musgrove
Managing director, APAC, at Bazaarvoice

In today’s digital marketplace, where online reviews and purchasing decisions hinge on trust, maintaining authenticity is more critical than ever. While consumers tend to believe what they read, the increasing prevalence of fake reviews and online scams threatens this trust. Fortunately, new technologies are emerging that can verify and safeguard online interactions, providing a robust defence against fraud.

Advanced AI-driven fraud detection systems are increasingly being integrated into platforms to verify the authenticity of reviews and online content. These technologies can identify and block fraudulent activities, such as fake reviews and deceptive practices, before they reach the consumer. By filtering out illegitimate content, these tools ensure that what consumers see is a true reflection of genuine experiences.

Looking ahead, as these technologies continue to evolve, they will play an even greater role in preventing scams and fraud. By creating a more secure and transparent online environment, consumers can trust that the information they rely on is accurate and authentic. This not only enhances the shopping experience but also strengthens the relationship between consumers, brands and retailers, ensuring long-term trust in the digital marketplace.

Steve Bray
Head of Australia and New Zealand at Cloudflare

With the rise of automated attacks, such as credential stuffing and phishing, businesses must deploy sophisticated tools to identify and block malicious bots. These bots are often used to exploit vulnerabilities, steal sensitive information, and commit fraudulent transactions, leading to significant financial losses and reputational damage. As such, effective bot management is increasingly crucial in the battle against fraud and scams.

By employing advanced techniques like behavioural analysis and real-time monitoring, organisations can differentiate between legitimate users and harmful bots. This allows them to proactively prevent fraudulent activities, ensuring that only genuine transactions are processed. In addition to protecting financial transactions, robust bot management also helps in safeguarding personal data, reducing the risk of identity theft and other forms of online fraud.

Integrating solutions like these into a broader fraud prevention strategy enhances overall security by allowing businesses to respond quickly to emerging threats, minimising the impact of scams and fraud on both the organisation and its customers. This proactive approach not only protects against immediate threats but also builds long-term resilience against the evolving landscape of digital fraud.

Shaq Johnson
Head of customer protection at ANZ

Scams are a widespread issue and a scourge on the community. At ANZ, and across the banking sector, we continue to invest in prevention and protection measures to help keep our customers safe from cyber crime.

The measures we’ve implemented are having an impact – but while it’s an encouraging sign, there is more to do, including a continued focus on education to inform people about how criminal syndicates are targeting their victims, changing methodology, and what to look out for.”

Criminals used to rob bank branches, but increasingly, they scam customers. The landscape has evolved significantly as perpetrators become increasingly sophisticated, with complex scams that will often involve more than one victim.

Scammers take advantage of the fact that victims feel ashamed and don’t want to talk about their experience, but awareness is a critical defence in the fight against scams. By sharing stories and experiences, we not only raise awareness but also empower the community with the knowledge to recognise and avoid fraudulent schemes.

Steve Stavridis
Regional Vice President, APAC SMB Sales, at OpenText

In a world where our digital footprint is larger than ever, safeguarding against fraud and scams has become
more crucial than ever, for both businesses and consumers. As online interactions increase, so does the
sophistication of fraudulent schemes, making it essential for organisations to stay vigilant. The increasing
focus requires the need to quickly identify and respond to potential threats before they escalate into
significant breaches.

Advanced analytics and machine learning are critical tools in this battle, equipping companies with the
ability to identify unusual activities and patterns in real-time. Whether it’s spotting suspicious transactions or
identifying phishing attempts, these technologies allow organisations to stay one step ahead. Additionally,
secure identity management systems play a crucial role in safeguarding sensitive information by ensuring
that access is restricted solely to authorised users, providing an extra layer of protection against identity
theft and other forms of fraud. Moreover, security awareness training is a proven proactive strategy to
mitigate risky employee behaviours that can lead to security breaches, making it an indispensable practice
for any organisation.

By integrating these technologies, businesses can build a robust defence system that not only prevents
fraudulent activities but also creates a more secure environment for everyone involved. As cybercriminals
continue to devise new ways to exploit vulnerabilities, the role of cybersecurity in combating fraud and
scams has never been more essential. Proactively staying ahead of the curve ensures that transactions are
more secure and customers’ personal information remains protected.

David Hollingworth

David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.