Australian banks are facing an unprecedented surge in financial scams and cyber threats. With over half of Australians reporting that they have been targeted by scam attacks, and the Australian Signals Directorate noting a 23% rise in cyber incidents in 2022-23, the stakes have never been higher. Email scams, financial fraud, password theft, and identity theft are now common experiences, particularly among those in precarious financial situations. As digital banking becomes the norm, the challenge for banks is not just to keep pace with evolving threats, but to deliver proactive, personalized protection and support that meets rising customer expectations.
Trust is the bedrock of banking. Australians continue to view their banks as secure and responsible, but this confidence is under pressure. Nearly all Australians (98%) expect their bank to offer meaningful support if they fall victim to a scam, yet only 35% of scam victims found their bank to be "completely helpful." Slow response times and a lack of personalized care are common pain points, especially during the emotionally charged aftermath of a scam. Customers are not just looking for reimbursement—they want reassurance, accountability, and a sense that their bank is truly on their side.
Artificial intelligence (AI) and data analytics are transforming the way banks detect, prevent, and respond to scams. AI enables banks to analyze vast amounts of data in real time, identifying suspicious patterns and intervening before harm is done. However, this technological leap comes with its own set of challenges. While 74% of Australians expect personalized services from their banks, 96% express concerns about AI—chiefly around the loss of human interaction, data privacy, and the risk of impersonal service. The paradox is clear: customers want the speed and precision of AI, but not at the expense of empathy and trust.
To close the trust gap and deliver on customer expectations, Australian banks must adopt a holistic, customer-centric approach to AI-enabled scam prevention and support. Here’s how:
Trust is not a given—it must be earned and maintained. For AI-enabled scam prevention to succeed, banks must be transparent about their use of technology, safeguard customer data, and communicate openly about both the benefits and limitations of AI. Education is critical: customers who understand how their data is used and how AI protects them are more likely to feel confident and engaged. By demystifying AI and making it a visible part of the customer experience, banks can turn a source of anxiety into a pillar of trust.
Australian banks stand at a crossroads. The future of scam prevention lies in blending the speed and scale of AI with the empathy and reassurance of human support. By leveraging data responsibly, automating where it adds value, and always keeping the customer at the center, banks can close the trust gap and set a new standard for security in digital banking. The opportunity is clear: to not only protect customers from harm, but to build deeper, more resilient relationships in an increasingly digital world.
Ready to redefine scam prevention and support in your bank? Publicis Sapient partners with leading financial institutions to design and implement AI-powered, customer-centric security solutions that deliver real results. Let’s build a safer, more trusted future for Australian banking—together.