Trust and assets on the line
The ACCC’s recent Targeting Scams report found that financial losses from fraud surpassed $2 billion in 2024. While that overall number was down from the year before, losses from one type of scam have jumped. Payment redirection scams - a scourge in the real estate industry that runs on high-value transactions - rose by 67% last year, costing businesses over $152 million1.
Payment redirection can involve Business Email Compromise or BEC. This is where scammers pose as company executives or trusted business partners, using fake email addresses to trick staff or clients into transferring money or sensitive information.
On the panel, James Roberts, CommBank’s General Manager of Fraud and Scam Strategy and Governance, outlined CommBank's strategy for preventing, detecting, and responding to external fraud and scams.
“Historically, fraudulent activities predominantly targeted the banks’ products and channels,” Roberts explained. “However, as financial institutions worldwide have collectively reinforced their security measures, syndicates have shifted their efforts to deceiving customers directly.”
He echoed the ACCC’s findings, noting that while scams are becoming more sophisticated with advanced technologies like generative AI, the main threats to real estate businesses remain Business Email Compromise scams (about 80% of observed threats) and other email phishing attacks.
Roberts noted the free Cyber Wardens course, an initiative created in partnership with CommBank, Telstra, and the Council of Small Business Organisations Australia (COSBOA) aims to uplift security skills in the sector.
According to Roberts, the banks must continue to fortify their own systems while also equipping customers with the knowledge and tools to navigate increasingly sophisticated scam threats.
He also emphasised the importance of cross industry collaboration, "Banks, government agencies, and customers must work together to enhance resilience. Ultimately, we are working towards creating a national layer of immunity to crime, which requires collaboration, government engagement, and legislative reform," Roberts said.
