Scams steal $2.7 billion in one year<\/a><\/p>\nThe number of scams reported by Australians has hit a new record high, even though the amount lost has declined.<\/p>\n
“In the beginning, it was, ‘Oh, Mr Lisle, this is a terrible thing. It’s very disappointing. Of course, we’re going to stand behind you. We have insurance’ and then they started back-pedalling,” he said.<\/p>\n
“I feel quite betrayed.”<\/p>\n
Mr Lisle alleged Burrell Stockbroking failed to follow industry best practice.<\/p>\n
Before the scam emails, Mr Lisle had changed his bank details in person at the firm’s office.<\/p>\n
But this time, he claims the firm never spoke with him to confirm the share sales or the new bank account \u2014 a violation of advice from the corporate watchdog ASIC.<\/p>\n
“I assumed that they would follow ASIC protocols and that they could be trusted; that turns out not to be the case, and I’m quite gobsmacked about that,” he said.<\/p>\n
Six months earlier, the regulator had warned firms to lift their game after noticing an alarming seven-fold increase in share sale fraud over the previous four years.<\/p>\n
ASIC has not revealed the total losses over those four years, citing confidentiality.<\/p>\n
Police investigating<\/p>\n
Mr Lisle also questioned whether Burrell made other mistakes, such as not using payee confirmation technology to ensure the new bank account was in his name before the money was paid.<\/p>\n
While the bank was able to recover $28,000, Mr Lisle remains substantially out of pocket after incurring legal fees to try to force Burrell to replace his stock portfolio and cover his expenses.<\/p>\n
Burrell agreed to buy back all Mr Lisle’s shares and pay his legal fees following the publication of a News Corp story, but he has yet to receive either.<\/p>\n
NSW Police is investigating but has yet to identify those responsible.<\/p>\n
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Bevan Lisle had to take legal action to try to recover his share portfolio. (ABC News: Billy Cooper)<\/p>\n
Burrell Stockbroking criticised Mr Lisle for using a Hotmail account, saying it was unsafe.<\/p>\n
However, Mr Lisle said there was no evidence the email account had been compromised.<\/p>\n
Burrell Stockbroking did not answer questions about whether it used payee confirmation technology or why it hadn’t spoken to Mr Lisle by phone before selling the shares and making the payment.<\/p>\n
Financial hardship resources:<\/p>\n
In a statement, the firm maintained it had “robust procedures” that had never previously failed.<\/p>\n
“They include requiring signatures on instructions as was supplied in Mr Lisle’s case,” it said.<\/p>\n
“The instructions had intimate and detailed knowledge of our client’s portfolio.<\/p>\n
“We are shocked that he has been exposed to an apparent scam and continue to work with him to recover his losses.”<\/p>\n
Burrell insisted it had made unsuccessful attempts to contact Mr Lisle by phone; however, he said those calls were only made after the shares had been sold.<\/p>\n
The firm also said it had commissioned an internal audit of its procedures.<\/p>\n
Scams increasingly sophisticated![\"A](\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/03\/63a144c3427b4815d3870e12f94f147e.jpeg\")
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Catriona Lowe says the world faces increasing sophistication in scam activity.<\/p>\n
Deputy Chair of the ACCC, Catriona Lowe, said more needed to be done.<\/p>\n
“Scams are often described as a ‘wicked problem’ because they are complex, fast-evolving, and resistant to simple solutions,” she said.<\/p>\n
“As Australia and indeed the world faces increasing sophistication in scam activity through Artificial Intelligence (AI) and the industrialisation of criminal syndicates through scam compounds, it is clear more needs to be done, quickly and at scale.<\/p>\n
“Gone are the days when scams were relatively unsophisticated and pretty easy to spot. These days, they can be very slick, very convincing.”<\/p>\n
The consumer watchdog is also seeing examples where AI is used to make a romance or investment scam seem all the more convincing.<\/p>\n
“They can create fake voices \u2026 they can create fake videos that appear very convincing and are completely fabricated, they can engage in video discussions.”<\/p>\n
The National Anti-Scam Centre found the following combined losses for 2025, broken down by category:<\/p>\n
Scam categoryScamwatchReport CyberAFCXASICIDCAREAdjustmentsTotal 2025% Change from 2024Total 2024Investment$172.2m$357.8m$190.9m$64m$284m$231.1m$837.7m-11.4%$945mPayment redirection$12.2m$114.7m$41.1mN\/A$11.6m$12.8m$166.8m9.3%$152.6mRomance$28.7m$44.9m$50.9mN\/A$69.7m$53.3m$139.9m-10.8%$156.8mPhishing$31.1mN\/A$47.4mN\/A$102.3m$83.2m$97.6m15.5%$84.5mRemote access$4.8mN\/A$64.3mN\/A$4.4m$3.6m$69.9m-34.1%$106mOther$85.9m$256.8m$447.6m$71m$64.9m$54.1m$872.1m49.8%$582.3m<\/p>\n
In 2023, there was widespread alarm when scam losses reached a record high of $3.1 billion for the previous year, prompting calls for dramatic improvements in consumer protections.<\/p>\n
The Albanese government promised world-first changes, passing new laws last February that made tech giants, telcos and the sending and receiving banks liable to repay victims.<\/p>\n
They will face stiff penalties of up to $50 million once the laws are in place.<\/p>\n
Under the changes social media companies will be required to verify advertisers, banks must confirm the identity of payees, and telcos must detect and stop scam texts and calls.<\/p>\n
However, mandatory codes for each sector have not been implemented, and it is unclear when they’ll be in place, frustrating victims and consumer groups who want reimbursement and penalties in place immediately.<\/p>\n
The consumer watchdog is also keen to see the Scam Prevention Framework brought into effect.<\/p>\n
“There’s been a good deal of activity at the start of 2026 in terms of the code provisions and also the instrument to designate the regulated sectors, which we’re expecting to be banks, telcos and digital platforms,” Ms Lowe said.<\/p>\n
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Consumer Action Law Centre CEO Stephanie Tonkin said ordinary people continued to bear the financial pain of scams. (ABC News: Patrick Stone)<\/p>\n
Stephanie Tonkin, CEO of the Consumer Action Law Centre, said the reforms were “gathering dust,” while ordinary people continued to bear the financial pain after losing “life-changing amounts”.<\/p>\n
“Why is the government dragging its feet when so much is at stake? The status quo on scams is totally unacceptable,” she said.<\/p>\n
“Assistant Treasurer Daniel Mulino needs to tell the community when the Scam Prevention Framework will cover these channels.”<\/p>\n
Ms Tonkin is also critical of the decision to leave out other areas regularly targeted by financial crime, such as the $4.5 trillion superannuation sector, as well as dating platforms, online marketplaces, and other sectors.<\/p>\n
Mr Lisle expressed frustration about being left to fight for compensation alone, calling on the Albanese Government to implement scam laws as soon as possible.<\/p>\n
“It’s very frustrating, and it causes a lot of unnecessary anxiety,” he said.<\/p>\n
“One phone call and this scam would never have happened.<\/p>\n
“One phone call and that $50,000 would not have been stolen.”<\/p>\n
The Assistant Treasurer has been contacted for a response.<\/p>\n
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