Leave The World Behind – Cyberattacks & Scams

With some high profile cyberattacks and deepfake scams back in the media, ASIC has recently issued a public warning that scammers are impersonating the regulator using fake text messages that appear to come from ‘ASIC’. These texts use what’s called an alpha tag – a label that looks official but is being manipulated to trick people into handing over personal and financial details.

Digital engagement is core to how our members operate, whether through account alerts, repayment reminders, or verification messages. But the more familiar these channels become, the easier they are for scammers to exploit.

In February 2025, the Scams Prevention Framework became law. While it currently applies to banks, telcos and digital platforms, it is structured to expand. Future sectors could include superannuation, payments, and other financial firms—particularly where scam activity is high or existing defences are thin.

The framework introduces six core obligations: prevent, detect, report, disrupt, respond and govern. It requires organisations to have the systems, processes and governance in place to identify scam activity and take action.

I suggest you read AFIA Associate Member Gaden’s analysis… it’s worth reviewing how your business handles cyber-fraud and scams risks today. Are your SMS messages clearly identifiable and secure? Are customers receiving guidance about how to spot a cyber-fraud or scam? Are your teams equipped to detect and escalate unusual activity? If a cyber or scam issues arises, does your business know how to respond?