ANZ warns businesses of AI scams & impersonation fraud

ANZ has warned businesses about a rise in AI-enabled scams, impersonation fraud and identity theft, with Business Email Compromise and payment redirection scams among the most significant risks.

Cyber scams are becoming harder to detect as criminals impersonate trusted brands, compromise suppliers and use legitimate digital platforms alongside AI-based deception techniques. ANZ also highlighted the use of stolen identities and mule accounts as a growing concern for businesses handling payments and onboarding customers or suppliers.

The warning comes as organisations prepare for heavier trading volumes and faster decision-making during major retail periods, conditions that can create openings for fraudsters to exploit rushed approvals and weakened controls.

Data from the Australian Signals Directorate's Annual Cyber Threat Report 2024-25 shows more than 84,700 cybercrime reports were submitted nationally during FY25, with Business Email Compromise and identity fraud among the top reported cybercrimes affecting businesses.

Cosi De Angelis, General Manager, Specialist Sales at ANZ, said scammers continue to target routine business activity.

"Business Email Compromise, payment redirection and impersonation scams remain among the most significant threats facing businesses today. Tactics such as impersonating banks and trusted suppliers, sending fake invoices and creating a sense of urgency are all too common, as scammers prey on time-poor business owners.

"As AI evolves, criminals are adopting more sophisticated tactics to manipulate customers into approving payments.

"Financial crime is becoming harder to detect because it is often hidden within legitimate businesses, trusted relationships and everyday transactions. In many cases, criminals are exploiting trust as effectively as they are technology."

Changing methods

One of the more significant threats ANZ has identified involves accounts opened with stolen identities and later used in scam activity, money mule operations, micro-laundering and the movement of criminal proceeds through the financial system.

This reflects a shift from stopping a single suspicious payment to disrupting the accounts and networks used to receive and move funds. Criminals are increasingly embedding their activity within ordinary commercial relationships, making detection more difficult for businesses and financial institutions.

ANZ said it has strengthened fraud and scam prevention measures through behavioural biometrics, fraud analytics and tighter onboarding controls. Between October 2025 and June 2026, customer scam losses fell 24 per cent from a year earlier, while the bank prevented and recovered more than $100 million in scam- and fraud-related funds.

"Scam prevention isn't only about stopping customers from sending money to criminals. It's also about preventing criminals from establishing accounts that can receive and move scam proceeds in the first place," De Angelis said.

Seasonal pressure

ANZ also linked the warning to periods when businesses process higher transaction volumes and take on new customers, suppliers or temporary staff. These periods can weaken routine checks if employees are under pressure to act quickly.

The bank urged businesses to confirm changes in banking details by phone rather than email, especially when a supplier requests a new account for payment or when a business is paying a supplier for the first time. It also recommended dual authorisation for payments, particularly for large, sensitive or urgent transactions.

Staff should be alert to unexpected changes to payment instructions, unusual requests and attempts to create urgency. ANZ also reminded customers that banks do not ask for passwords, PINs, shield codes or one-time passcodes, and that any such request should be treated as a warning sign.

ANZ has also expanded customer education through cyber security resources, webinars and payment controls aimed at higher-risk transactions. Employee awareness remains central to reducing losses from scams that rely on impersonation and social engineering rather than direct technical compromise.

"Periods of increased transaction volumes and customer activity can create opportunities for cyber criminals to exploit rushed decision-making. As Black Friday and the festive season approach, now is a good time for businesses to review their cyber security controls and ensure employees understand the warning signs of scams.

"Technology will continue to evolve, but human judgement remains one of the strongest defences against scams. Recognising red flags such as unexpected changes to payment instructions, unusual requests or pressure to act quickly can be the difference between stopping a scam and becoming a victim," De Angelis said.