18 Dec 2024

A new era of cybercrime

Citi

How even the savviest internet users are being targeted by phishing scams and what you can do to stay safe online.

Estimated reading time

5 min

In this article

• Who’s at risk of being targeted by cybercrime?
• Deepfake scams: what are they and how are they being used?
• How to protect yourself against scams
• What to do if you’ve been targeted and where to get support
• How to stay informed about evolving cyber threats

In today’s hyper-connected world, Gen Z is more online than any other generation – and scammers know it. Phishing scams are the most common form of cybercrime, often resulting in financial losses and identity theft. Deepfake technology and evolving online habits are making scams more sophisticated by the minute. No matter how savvy you feel online, knowing how to spot a scam and protect yourself from cybercrime is an essential part of modern life.

Who’s at risk?

Anyone can be a target – and with increasingly sophisticated methods, anyone can become a victim of cybercrime. It may be true that the more time you spend online, the more vulnerable you are¹, but scams come in the form of phone calls and text messages too.

Young people are particularly good targets². Many have strong social media presences, gaps in cybersecurity knowledge, and a preference for speed and convenience over safety³.

Red flags to look for

Phishing scams usually have some tell-tale signs that can help you identify when you’re being targeted.

Look for:

• Requests to provide a One Time Pin you’ve received via text message
• Incorrect grammar and spelling (though this isn’t as prevalent as it used to be)
• Offers that seem too good to be true
• Messages that don’t use your name
• Emails or texts that appear to be from known brands but have a slightly different web address
• Claims that there’s an issue with your account or requests to update your details via a link
• Communications from Amazon, Google, Facebook, WhatsApp, Netflix and Apple – they’re some of the most impersonated brands⁴.

Can you spot a deepfake scam?

Some phishing tactics now use deepfake technology, which involves generating realistic (and extremely convincing) images, videos, or audio using Artificial Intelligence (AI). Here’s how scammers are using deepfakes:

• Attackers can create fake accounts, like LinkedIn profiles, to lure targets.
• Scammers use video deepfakes in virtual meetings to gain trust and trick victims into sharing sensitive information.
• Attackers can leave realistic voicemail messages or have live conversations using cloned voices⁵.

Don’t take the bait

Fortunately, there are ways to protect yourself from scams, even as they become more sophisticated. If you’re being asked for personal or financial information, or something doesn’t seem right, here’s what to do:

Other good practices for cyber safety include:

• Being wary of how much personal information you share online, for example on social media. Scammers can use your personal details to make phishing attempts more convincing.
• Enable multi-factor authentication and set strong, unique passwords.
• Use a credit card for online purchases – they often come with extra protection, and you may be able to get a chargeback from your bank.

If you’ve been targeted

Around a third of victims don’t report scams⁶, maybe due to inconvenience or embarrassment. But reporting is an important part of stopping the cycle and improving education. If you lose money to a phishing scam, contact your bank immediately and report the incident to ScamWatch.

And stay alert – you may also be targeted as part of a recovery scam. Be suspicious of any offer to recover your funds for an upfront fee.

Need support?

Scams can make you feel violated, angry and scared. If you've been impacted, you don’t have to handle it alone. Consider speaking to your GP, a trusted contact, or support services like ID Care, Lifeline, or the National Debt Helpline.

Stay informed

• Visit our Common Scams page for more information on how to stay safe.
• Sign up for the Australian Cyber Security Centre (ACSC) Alert Service to receive regular updates on scam trends.
• Check Scamwatch and the Australian Cyber Security Centre regularly.