If you think you’ve fallen victim to a scam, acting quickly is the best way to protect your money. Here is a step-by-step guide on what to do, and how to spot the latest tactics being used to target your wallet.
What to do if you’ve been scammed
If you’ve lost money or shared personal details with a scammer, don't wait. Follow these four steps immediately:
- Call your bank: This is the most critical step. If you act fast, your bank may be able to freeze your account or even reverse a transaction before the money disappears for good.
- Secure your identity: Scammers often want your data as much as your cash. Contact IDCARE—Australia’s national identity support service—to help secure your personal information.
- Report it to Scamwatch: Reporting your experience to the ACCC via Scamwatch helps authorities track and shut down scam networks
- Lock your accounts: Change your passwords for any compromised accounts and turn on Two-Factor authentication. This adds an extra layer of security that makes it much harder for scammers to get back in.
What are the chances of getting your money back?
The reality is that recovering lost funds can be a challenge. It often comes down to how you paid:
- Credit cards: You may be able to lodge a ‘chargeback’ if you paid for goods or services that never arrived.
- Bank transfers: These are harder to reverse. Once the money hits the scammer’s account, they typically move it quickly to avoid detection.
- Authorised vs Unauthorised: It is generally easier to recover money if a scammer hacked your account (unauthorised). If you were tricked into sending the money yourself (authorised), it is much more difficult, but still worth reporting to your bank immediately.
The $2 billion problem: 2025 scam trends
Scams are becoming more sophisticated. The Australian Competition and Consumer Commission (ACCC) recently revealed that while fewer Australians reported scams in 2025 (down 2.7%), the total amount lost jumped by 7.8% to a staggering $2.18 billion. This suggests scammers are stealing larger amounts from fewer people.
They’re also becoming more creative, using AI and social media to con people into handing over their money.
The following five scam types accounted for 60% of all losses last year:
- Investment: Fake insurers or financial advisors stealing money and personal data. Investment scams made up $837.7m in stolen funds last year.
- Payment redirection: Hacked emails tricking you into sending a payment to a false account. Payment redirection scams made up $166.8m of the total scam losses last year.
- Romance: Faking a relationship to gain your trust before asking for money or gifts. $139.9m was lost due to romance scams in 2025.
- Phishing: Fake emails or texts used to steal personal information or passwords. Phishing scams made up $97.6m in losses throughout 2025.
- Remote access: Trickery used to gain control of your computer or phone. $69.9m was lost to remote access scams last year.
How to spot a scam
Scammers prey on your emotions by using fear, pressure, or trust. If you receive an unexpected request for money or data, take a breath. No legitimate business or government agency will pressure you to act instantly or pay in unusual ways (like gift cards or crypto). When in doubt, hang up and call the company back using a number found on their official website.
What to look out for:
Urgent messages: Text, emails calls that pressure you into paying immediately or within a short deadline.
Requests for control: Someone asking you to download software that will give them access to your computer or phone.
Unsolicited calls: Banks and government departments, like the ATO or Centrelink, will typically email you instead of calling.
Dodgy links: Carefully check URLs sent to you via text or email before clicking. If it looks like a jumble of random letters or doesn't match the official website exactly, steer clear.
