Investment scams, romance scams and phishing scams were responsible for the bulk of the money lost.

So, what are they?

Deepfakes and ‘nudifying’ images

NAB recommends that people approach investment opportunities backed by high-profile figures with scepticism and avoid clicking on ads on social media or sponsored search listings for investment opportunities.

Cryptocurrency scams

NAB said people can avoid these scams by verifying that the cryptocurrency exchange they’re looking to use is registered with the Australian Transaction Reports and Analysis Centre and the person they’re talking to has an Australian Financial Services license.

Bucket list scams

New visa requirements for travel, such as the new Electronic Travel Authorisation Australians need to enter the UK may also be targeted for scams.

Remote access scams

Scamwatch recommends that people protect themselves by never giving an unsolicited caller remote access to your computer, and never giving personal, credit card, or online account details over the phone unless you made the call or the phone number is a trusted source.

Phishing scams

Kanhere said AI has made phishing emails more sophisticated and allowed criminals to draft “nicely worded emails” without spelling and grammar errors, so people have to be more vigilant when opening messages.

The red flags to pay attention to

NAB said that while scams are constantly changing, there are common red flags that Australians should pay attention to, including unexpected contact through phone calls, text messages, or messaging apps, a sense of urgency to make a payment, requests to transfer money to a ‘safe’ account and consequences if you don’t take action.