Fraud Underbelly: Australia’s Digital Boom—A Fraudster’s Goldmine?

This report discusses Australia’s growing exposure to cyber-fraud and the new Scam Prevention legislation, advocating a cyber-fusion model that unites cybersecurity, fraud, and compliance teams with regulators and law enforcement. It recommends measures to counter AI-enabled fraud—such as deepfake-assisted KYC bypass, scam-call induced push-payment fraud, and mule account activity—alongside data sharing, device telemetry, and user education. The document emphasizes pragmatic, incremental progress toward stronger defenses and continuous learning to improve trust and safety across the digital economy.