Why smart people fall for scams

Marina Karpathios
10:00am June 23 2026

“A scam is really a breach of your mind,” says Westpac Head of Scam and Fraud Prevention, Ben Young (left) in conversation with Sylvia Jeffreys (right) of The Pay Off podcast as they chat through the latest scam trends and tricks. 

A text about your tax return. A too-good investment opportunity. A call from your kid asking for a quick transfer.

 

None of it is random. Westpac Head of Scam and Fraud Prevention, Ben Young, puts it bluntly, “there is a scam for everyone.”

 

Speaking to host Sylvia Jeffreys of The Pay Off podcast, Young says scams follow behaviour, weaponising what feels familiar. 

 

“Scammers are pretty seasonal. They like to pick up whatever’s flavour of the month,” Young explains.

 

Take tax time, which sees a surge in MyGov impersonations, often targeting those who are unsure what legitimate communication looks like. 

 

“There’s some new terrain for people to navigate,” he says. “And scammers love people that aren’t familiar with process.”

 

The lifecycle of a scam

 

Investment scams now account for the largest losses. Often borne from an internet search and fuelled by social media, they range from crypto to fake term deposits and comparison sites. 

 

“You might get on the internet and start googling your way through financial advice,” Young says. “And there are scams that will pop up when you do that.”

 

From there, targeted ads ensue. The orchestrated tactic results in an illusion of choice.

 

“You have this veneer that you believe you’re making a choice, but you’re not,” he says. “The magician’s got one card that he’s edging you towards.

 

“A scam is really a breach of your mind. It’s a transaction you willingly make, which is what makes it so much harder to stop.”

 

Romance scams remain among the most emotionally complex, but they too have evolved.

 

“The big change over the last few years is that they’ve started to blend with investment scams,” Young says.

 

“Instead of asking for help, scammers now position themselves as wealthy and offer to help you invest.”

 

Framing it as an opportunity, rather than a request, ups the ante.

 

Under the guise of investing in your own future, “people are prepared to part with a lot more money,” says Young.

 

Such scammers are happy to bide their time, playing the long game to build the illusion of trust. Banks can detect unusual activity, but stopping a scam often comes down to a difficult conversation.

 

“By the time [the bank] speaks to someone, the scammer may have built that relationship over months. We’re stepping in during a ten-minute call,” he explains. 

 

Even with this unfair advantage, Young believes one telltale sign dismantles the facade. 

 

“If someone tells you to misrepresent a payment to your bank, they are scamming you. There is no legitimate reason to do that.”

 

Deep(fake) waters

 

Technology is raising the stakes again. Deepfakes can now replicate voices and faces with disarming accuracy.

 

“Photos… even video doesn’t prove anything anymore,” Young concedes.

When visuals can’t be trusted, judgement supersedes. 

 

“You have to fall back on just, does this make any sense… is this credible as something I would need to do.”

 

Banks are investing heavily to detect and stop scams. Most scams are stopped before money moves. When something does get through, response time is critical.

 

“Call your bank first. Every minute counts,” Young says.

 

The ‘lucky country’ catch-22

 

Australia is an attractive target, and not only because of wealth.

“Australians are wealthy and we have huge reserves in things like superannuation,” Young says. “We’re very digitally active.”

 

This, combined with a high-trust, easy-going culture, makes Australians an easier target.

 

“It’s a very high trust environment… and so Australians get a little bit complacent.”

 

Defences are improving - banks, telcos and platforms laser focused on protection. But the first call, and often the most important one, still rests with the individual.

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