Talking about cybersecurity can feel as common as being asked to complete a survey, but unfortunately, the threat isn’t going away. In fact, it’s evolving fast.
Many of our financial planning peers and their clients have already been impacted. Today’s scams are not just emails riddled with typos. Criminal groups are running sophisticated operations: researching their targets, creating convincing websites, designing polished emails, and even setting up real call centres. They use carefully crafted scripts that include authentic-sounding bank employee names and client-specific details scraped from online sources.
Here’s what’s trending in 2025 and how to protect yourself.
1. Phishing: Still the #1 Infiltration Method
Phishing remains the primary way cybercriminals gain access to accounts, devices, and identities. This is not just limited to suspicious emails anymore—texts, social DMs, and even fake customer service calls are in the mix.
Real example: One scam targeted a financial client by sending an email that mirrored their bank’s branding perfectly, complete with links to a cloned website. It looked real—but clicking the link gave hackers full access to the user’s credentials.
- MiQ Tip: If you receive unsolicited contact, even if it sounds urgent, don’t click or engage. Ask for a reference number and call the organisation directly using a number you find yourself, not one they give you.
2. AI-Powered Impersonation Scams Are Surging
Scammers are now using artificial intelligence to make their impersonation attempts frighteningly real.
From deepfakes to voice cloning, these attacks are highly personalised and emotionally manipulative. In one recent “HK transfer” scam, a client received a video call from someone who looked and sounded exactly like a bank employee claiming urgent action was required to stop a fraudulent international transfer. But the video was a deepfake, and the call was part of a wider social engineering attack.
- MiQ Tip: If someone on a call is pressuring you to act quickly, pause. Ask questions. End the call and ring your bank back using a number you find independently, notifying them on what has occurred.
3. Hackers Who Steal, Then Sell
It’s important to understand that the person hacking your data isn’t always the one who wants to use it. Many are middlemen stealing large volumes of personal data, then selling it to other criminals who’ll use it later.
The Qantas breach earlier this year is a perfect example. While no financial data was stolen, customer contact details and loyalty data were. That information can be used to create tailored phishing messages or sold in bulk to scammers targeting high-net-worth or vulnerable individuals.
- MiQ Tip: Stay alert even if your financial accounts aren’t directly impacted. Scammers can still use your email, mobile number, or even flight history to create convincing impersonations.
Cyber Safety Tips for Older Australians
Older Australians are disproportionately targeted by cybercriminals. The reasons are simple: they’re seen as trusting, less digitally fluent, and more likely to respond to official-sounding communication.
1. Don’t act on urgency
If someone says you must act immediately or you’ll lose access to your accounts, take a breath. Large institutions rarely move fast, and legitimate staff won’t pressure you.
2. Don’t click, don’t chat
If someone reaches out unexpectedly, don’t click anything, and don’t continue the conversation. Ask for a reference number, then find a publicly listed number for the company and call them yourself.
3. Never give out codes
If anyone, especially someone claiming to be from a “fraud team”, asks for a code from your banking app, do not provide it. This is a huge red flag.
4. Be suspicious of ‘fraud department’ calls
Some of the most successful scams involve people pretending to be from a bank’s fraud team, claiming to help you stop a fake transaction. Don’t trust the call—hang up and verify independently.
5. Ask for help
It’s smart, not silly, to double check. If you’re unsure whether something is legitimate, call us. As your holistic financial advisers, we’re here to protect and grow your wealth, not just in markets, but in your digital life too.
If in doubt, call MIQ directly. We’re here to help assess whether something is legitimate or not.
Final Thoughts
The cyber landscape is changing rapidly from old-school phishing to deepfake videos, artificial intelligence and resale of personal data. But the fundamentals of protecting yourself remain the same:
- Pause before acting
- Don’t trust unsolicited contact
- Use verified contact numbers
- Never share banking app codes
- When in doubt— ask your adviser
These attacks are getting smarter, but so can we. Stay informed. Stay cautious. And remember, you don’t have to navigate this alone; we’re always here to help.
This article contains general information about cybersecurity. It does not consider an individual’s personal circumstances and therefore before relying on any content, you should ensure that you have obtained individual personal advice from a licenced Financial Adviser.
