Scammers are more convincing than ever, employing increasingly sophisticated tactics to target brokers and borrowers, according to new warnings.
Lenders and industry bodies are urging brokers and borrowers to remain vigilant against scams during the busy holiday period.
Brokers are increasingly encountering fraudulent activity, with an Equifax survey earlier this year showing that three-quarters have been impacted by scams or fraud.
The risk typically escalates over the holiday period, when scam activity tends to spike.
Matt Hannan, HSBC Australia’s head of fraud, said scammers are aware that borrowers are busy during this time of year, making them prime targets for fraud.
“We want customers to enjoy the festive season and ensure they remain scam aware,” he said.
“That’s why we are sharing some of the most common scams affecting Australians and a few that we are seeing on the rise.”
According to HSBC Australia, common scams that typically impact borrowers include phishing emails, bank impersonation scams, investment scams, and year-end “bonus” opportunities, as well as charity and holiday donation scams.
Calls for vigilance were echoed by major National Australia Bank (NAB) earlier this year ahead of the Black Friday sales, with Chris Sheehan, NAB executive group investigations, saying criminals exploited the fact people were busy, time-poor, and stressed.
“They impersonate large, well-known brands, launch imitation websites, send out millions of phishing messages and ramp up their volume of social media posts designed to catch people out,” he said.
“These are not small-time crooks, these are global organised crime groups that are run like a business and they know this is their peak period.”
Sheehan said scammer tactics continue to evolve every year.
“Criminals will quickly move to scams impersonating delivery and postal services. These often involve a text message or email claiming your parcel couldn’t be delivered and asking you to click a link to update your details,” Sheehan said.
“These grubs won’t stop and are working around the clock to launch new methods to scam people, so it’s important to be alert and aware of the red flags to help you avoid being duped.”
The Customer Owned Banking Association (COBA) has also urged brokers and borrowers to be vigilant.
Martin Latimer, the industry body’s head of financial crimes and cyber resilience, said scammers often create a sense of urgency to prompt action.
“Scammers often use tactics like creating a sense of urgency to get customers to make immediate decisions and payments. Knowing that pressured shoppers are less likely to spot a scam, criminals deliberately target events like Boxing Day sales,” Latimer said.
He also urged borrowers to be on guard against phishing scams, which are increasingly used to steal personal and financial information.
“A common phishing tactic is a scammer sending an email or text message about a sale or delivery, urging you to click on a link. These links then lead to fake websites or download malware onto your device,” he added.
“Never open attachments from unknown senders, as they may contain malware. Instead, always go directly to the retailer’s official website.”
Ben Young, head of fraud prevention at major bank Westpac, said scammers sense an opportunity over the festive season as consumers increase their spending.
“Things sell out over Christmas and there’s always some last-minute deal that people rush into buying, so we do observe a significant increase in activity and warn people to be wary,” he saifd.
“Attack rates become higher, and people may let their guard down making them more vulnerable to a business impersonation or even a bank impersonation scam.”
Young also wanted scammers are increasingly using aritificl intelligence (AI).
“Social media remains a key battleground for scammers as it gives them an easy way to reach people with low or no content moderation,” he added.
“We’re doing everything we can to detect and prevent scams but we can’t fight this alone and as scams evolve, they need to be shut down at the source.”
Scam activity on the rise
Scam activity is accelerating across the financial services sector, as brokers increasingly find themselves on the frontline of fraud prevention.
Earlier this year, banks and regulators urged brokers and consumers to be vigilant after the Australian Securities and Investments Commission (ASIC) revealed it had shut down more than 330 investment scam websites in 2025 – a 25 per cent year-on-year increase.
In response, the Mortgage & Finance Association of Australia (MFAA) also launched What to do if you’ve been scammed, a member guide designed to help brokers identify, report, and respond to common threats, including payment redirection fraud, email interception, and impersonation scams.
[Related: Banks and trade bodies push scam awareness to fight fraudsters]
