How scammers are stealing fortunes from older Australians

Thirty-six older Australians surveyed say they lost more than $50,000 to scams this year - life-changing sums for people often living on pensions or retirement savings.

That figure represents just 3% of the 1,200 Australians over 50 surveyed by research commissioned by Australian Seniors. Most scam losses (58%) reported were under $1,000.

But experts say the small group suffering catastrophic losses should set off alarm bells for policymakers and families alike.

"These statistics are not surprising, but they are very concerning," says Lennon Chang, associate professor of cyber risk and policy at Deakin University. "Many people at this age can't recover financially, and for some, going back to work simply isn't an option."

Overall, more than four in five older Australians say they have encountered or fallen victim to a scam, while 22% report losing money. At the same time, 83% say it has become harder to trust news and information compared with just two years ago, Australian Seniors' Scams Report 2025 found.

Taken together, the findings point to a growing financial risk for older Australians - one being accelerated by artificial intelligence, emotional manipulation and a collapse in digital trust.

How are scams targeting older Australians?

Nearly two-thirds of older Australians believe they were targeted by a scam in the past year alone.

Phone calls and emails remain the most common entry points, followed by text messages posing as parcel deliveries, unpaid bills or trusted organisations.

Almost half of respondents reported receiving parcel delivery scams, while impersonation and overdue payment scams were also widespread.

Overall, 84% say they have encountered or fallen victim to a scam at some point in their lives. For many, the exposure is so frequent it fades into background noise, until money is lost.

"One successful scam doesn't need to target thousands of people," Chang says. "It just needs to hit the right person, with the right message, at the right moment."

AI has shifted the balance in scammers' favour

While the delivery methods may feel familiar, artificial intelligence is changing the game behind the scenes.

"AI and deepfake technology are now used by cybercriminals to make scams look more real," Chang says. "We're seeing AI-generated voices mimicking loved ones, hyper-realistic phishing emails, and fabricated images or videos designed to pressure people into acting quickly."

One in four seniors say they have encountered an AI-related scam, most commonly AI-generated phishing emails, followed by finance scams and deepfake content.

The challenge is no longer just exposure, but detection. Nearly 40% of older Australians say they have seen AI-generated images, videos or articles they initially believed were real. Another 31% are unsure, suggesting the true figure may be higher.

More than half believe all forms of AI-generated content are equally hard to spot. Voice cloning is a particular concern, with 42% lacking confidence in their ability to tell whether a voice over the phone is real or AI-generated.

Almost nine in 10 say they feel left behind when it comes to understanding AI and its risks.

"In the past, scams like virtual kidnapping relied on background noise and panic," Chang says. "Now scammers can create messages, images or even videos using AI, making the scenario far more convincing."

And it's not just older Australians at risk.

"This affects everyone online," he says. "We've already seen tech-savvy people, including those working in IT, fall for these scams."

The emotional toll is often overlooked

Beyond financial losses, the constant threat of scams is taking a psychological toll.

More than four in five seniors say they worry about scams, and nearly one in three say they are very concerned.

Among those who have encountered or fallen victim to scams, almost half report feeling less safe and secure, while more than a third say they have become increasingly cautious online.

Despite the scale of the problem, reporting remains patchy. About 16% of victims did not report the incident to any organisation. Among those who did, most contacted their bank, while fewer reached out to Scamwatch or police.

"Shame is a big reason people don't report," Chang says. "Many don't want to be seen as stupid or greedy. Others think reporting won't help, or they simply don't know where to go."

The consequences can extend far beyond money.

"There's often a serious psychological toll after being scammed," he says. "Society still tends to blame victims, and that can push people into isolation. In the worst cases, people lose their entire super or pension and feel they have no way back."

Why reporting still matters

Chang stresses that reporting scams is critical, even if money cannot be recovered.

"It might not get your money back, but it helps authorities and banks understand how scams are evolving," he says. "That information makes it harder for criminals to keep operating."

Banks, he adds, can sometimes intervene if contacted quickly.

"If money has been transferred, call your bank immediately," he says. "There is often a short window where transactions can be stopped or reversed. The faster you act, the better your chances."

What actually reduces your risk

While no strategy is foolproof, Chang says a handful of habits consistently reduce harm.

Slow down. Urgency is the scammer's most powerful tool.

Verify independently. Never use links or phone numbers provided in unverified messages.

Bring in a second voice. A family member, friend or bank can help break emotional pressure.

Act fast. If you've been scammed, contact your bank immediately.

Report. Explain your situation to:

• Scamwatch
• Local police
• ReportCyber (for cyber-related scams)

Most importantly, Chang says, remove blame from the equation.

"Being scammed isn't about being foolish or greedy," Chang says. "It's psychological manipulation, and anyone can fall for it."

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