New research from Commonwealth Bank shows that gut instinct alone often isn't enough to stop a scam, even when something feels wrong — a finding with direct relevance to the deposits, settlement funds, and refinancing proceeds brokers handle every day.
Investment scams remain the costliest category by far: Australians reported $45.5 million in investment scam losses in the first quarter of 2026 alone, according to National Anti-Scam Centre data.
CommBank's own testing shows how easily these scams can slip through. Participants in its behavioural study correctly identified fake investment ads only 62% of the time, highlighting how convincing modern scams have become.
The regulatory response is intensifying — mandatory anti-scam obligations for banks, telcos, and major digital platforms under the Scams Prevention Framework took effect from 1 July. Brokers aren't directly designated in this first tranche, but the obligations now placed on their lender partners make scam awareness increasingly relevant to how they support clients.
The study, run by CommBank's Behavioural Science Centre of Excellence, surveyed 3,157 Australians and found that 30% of scam victims had an initial suspicion something was off, yet went ahead regardless.
According to CommBank's James Roberts (pictured), executive general manager for scams and fraud, this challenges the common assumption that victims are simply careless or poorly informed.
"Scams don't just work because people miss the warning signs – often people sense something is off, but the scam is designed to push them to act anyway," Roberts said.
He noted that fraudsters are increasingly targeting decision-making processes rather than relying purely on deception, adding that many scams "are designed to feel routine and legitimate, so people act without stopping to verify."
More than half of scam victims (56%) said the fraud succeeded because it appeared legitimate, often mimicking trusted brands and contact details, and, notably, 87% made no independent checks before the scam was discovered.
Roberts urged a straightforward defence: "Stopping to check should be routine. Taking a moment to check the details and talk to someone you trust – like a friend, family member, or by contacting the organisation using trusted details – can help stop a scam in its tracks."
For brokers, the takeaway is clear: encouraging clients to pause and independently verify payment instructions, particularly around settlement, could prevent costly losses.
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