Most of us have had one by now: a text about a parcel we never ordered, a call from “the bank” about suspicious activity, or an investment offer that sounds just a bit too good. Scams are costing Australians more than ever. According to the National Anti-Scam Centre, Australians lost $2.18 billion to scams in 2025, up 7.8% on the year before.
Older Australians carry more than their share of that. People aged 65 and over make up around 17% of the population, but they accounted for 26.5% of scam losses in 2025. That’s not because they’re more gullible. It’s because a lifetime of savings makes them a bigger target.
With plenty of retirees and pre-retirees across Newcastle, Lake Macquarie and the Hunter, it’s a conversation worth having at your own kitchen table. Here’s what to watch for, and how to protect yourself and the people you love.
Know the scams doing the most damage
Investment scams cost Australians $837.7 million in 2025, more than any other type by a country mile. They tend to look professional: term deposits with unusually good rates, cryptocurrency platforms or share trading apps, often backed by a slick website and a fake celebrity endorsement. The “returns” grow nicely on screen, right up until you try to withdraw them.
The other big ones are:
- payment redirection scams, where a fake email from your builder, conveyancer or accountant asks you to pay into “updated” bank details
- romance scams, where a new online relationship eventually turns to money
- phishing messages pretending to be your bank, myGov or Australia Post
- remote access scams, where a caller posing as Telstra or your bank talks you into installing software on your computer
Scammers are getting smarter, too. Artificial intelligence can now clone a voice from a short audio clip, so a panicked call that sounds exactly like your grandchild may not be what it seems.
Learn the red flags
Whatever form a scam takes, the warning signs are remarkably consistent.
Pressure to act now. “Act today or you’ll lose the opportunity” is a scammer’s line, not a bank’s. Legitimate organisations give you time to think.
A request to keep it quiet. Being told not to tell your family, your bank or your adviser.
Unusual ways to pay. Gift cards, cryptocurrency or a transfer to a “safe account”. Your bank will never ask you to move money to keep it safe.
Returns that seem too good to be true. If someone is offering a guaranteed 12% with no risk, it’s worth asking why they need your money at all.
Contact out of the blue. A call, text or email you weren’t expecting, however official it looks.
Not every unexpected call is a scam, of course. But a genuine organisation won’t mind you hanging up and calling back to check.
Build a few simple habits
The good news? A handful of fairly boring habits stop most scams in their tracks.
Call back on a number you trust. Hang up and ring the organisation on the number from its official website or your statement, never the one you were given.
Don’t click links in texts or emails. Log in through the app or website you normally use instead.
Check the name before you pay. When you pay someone via PayID, make sure the name that comes up matches who you think you’re paying.
Agree on a family code word. It’s a simple way to check an urgent call from a relative is genuine.
Get a second opinion before you invest. Before any money goes into an investment opportunity, run it past a licensed adviser. It’s part of the everyday wealth creation conversations we have with clients.
If something does go wrong, contact your bank straight away, then report it to Scamwatch. Speed matters, and there’s no shame in it. Scammers do this for a living, and they’re good at it.
Understand elder financial abuse
Not all financial exploitation comes from strangers. Elder financial abuse is when an older person’s money or assets are misused by someone they know and trust, and the numbers suggest it’s far from rare.
Almost one in six Australians aged 65 and over (14.8%) experienced some form of elder abuse in the past year, according to the Australian Institute of Family Studies, yet only around a third of them sought help. For financial abuse specifically, adult children are the largest single group responsible (33%).
Closer to home, financial abuse was the second most common allegation in reports about older people made to the NSW Ageing and Disability Commission between 2020 and 2023 (28.8%), mostly involving adult children or other family members. The most common forms were financial exploitation (38.7%), such as money “borrowed” and never repaid or pressure to sign over property or go guarantor on a loan, misuse of a power of attorney (19.1%), and outright theft (17.9%).
Of course, most families who help manage an older relative’s money do it with care. Getting the paperwork right protects everyone: a properly drafted power of attorney, a clear record of any money lent or given within the family, and a will that reflects current wishes. That way there’s no confusion down the track, and the family members doing the right thing are protected too.
Watch for the warning signs in someone you love
If you’re worried about a parent or older friend, look out for:
- unpaid bills, despite enough income to cover them
- money or valuables going missing
- sudden changes to a will or power of attorney
- a new “friend” or relative taking a strong interest in their finances
- secrecy or anxiety about money
- growing isolation from other family and friends
If you notice these signs, start with a gentle conversation. Free help is available through 1800ELDERHelp (1800 353 374), and the NSW Ageing and Disability Abuse Helpline (1800 628 221) covers the Hunter.
Keep a trusted adviser in the loop
Having an independent professional who knows your situation makes it much harder for anyone, whether a scammer or an opportunistic relative, to get between you and your money. Getting into the habit of saying “I’ll just run that past my adviser” buys you time, and time is the one thing a scammer can’t afford to give you.
Good structures help too. A plan that keeps you in control of your own finances for as long as possible makes it much harder for anyone to take advantage.
This is the sort of thing we cover with clients across Newcastle and the Hunter as part of our retirement planning and financial planning conversations.
Talk to Virtuous Wealth
If you’d like a second opinion on an investment offer, a hand tightening up the structures around your finances, or someone to talk to about an older family member, we’d love to help. Get in touch with our Newcastle team to book a no-obligation conversation.
This article provides general information only and does not take into account your personal objectives, financial situation or needs. Before acting on any information, you should consider its appropriateness, having regard to your own circumstances, and seek personal financial advice from a licensed adviser.
