Can you spot an AI-powered scam?
AI-driven scams are becoming harder to spot — and small businesses are more exposed than they think
Artificial intelligence is rapidly changing the fraud landscape, and recent research suggests many small business owners may be overestimating their ability to identify sophisticated scams.
A survey conducted by Commonwealth Bank found that while many business owners felt reasonably confident they could recognise a deepfake scam, the average success rate was just 42%. This confidence gap highlights a growing risk for businesses as scammers increasingly use AI to imitate suppliers, executives and even government authorities.
Alarmingly, fewer than half of small business owners surveyed were familiar with deepfake scams at all. Despite email being the most common attack method, only just over half had confirmed their supplier payment details in the past six months — leaving a significant vulnerability in day-to-day accounts payable processes.
Impersonation scams on the rise
Payment fraud specialists are seeing a sharp increase in impersonation tactics. These often involve criminals posing as trusted suppliers or senior executives, requesting urgent changes to payment details or approvals for unusual transactions. In many cases, fraudsters gain access to legitimate employee email accounts, making the requests appear authentic.
Email remains a preferred channel for scammers, largely because it is widely used but inherently insecure. Combined with AI-generated invoices, voice cloning and realistic messaging, these scams are becoming increasingly difficult to detect — particularly for time-poor business owners.
What businesses should be doing now
As AI continues to supercharge scam activity, awareness and process discipline are critical. Simple safeguards can significantly reduce risk, including:
Stopping when a request looks unusual or differs from past communications
Checking payment detail changes using a verified phone number — not the contact details in the email
Rejecting requests that feel rushed, unexpected or inconsistent
Regularly verifying supplier details, separating payment approval duties, and educating staff on emerging scam techniques are no longer optional — they are essential risk management practices.
Awareness is your first line of defence
AI-enabled fraud isn’t a future problem — it’s already here. Open conversations, ongoing education and strong internal controls remain the most effective ways for businesses to protect themselves against increasingly convincing scams.
See the detailed article here How good are Australians at spotting an AI-powered deepfake scam?
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Accumulate Accountants + Business Advisors is a consulting firm located in Perth, Western Australia that provides a range of successful businesses with strategic business advice, accounting and taxation services.
www.accumulateperth.com
info@accumulateperth.com
(08) 9364 4204
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