However, while scam reporting may be down, job scams and phishing attacks have surged, with losses rising in sync, with artificial intelligence a key driver.

"AI tools allow fraudsters to generate highly convincing emails, invoices and messages that closely resemble legitimate business communications,” BizCover CISO Akshaye Kalkura said in an April 28 statement.

“That makes it harder for business owners and their employees to spot phishing attempts and increases the likelihood that a single message could lead to a costly mistake."

Despite fewer reports, phishing losses per incident more than doubled in 2025, rising 51.7 per cent from $209 in 2024 to $476 in 2025. Similarly, job and employment scams rose by 102.5 per cent, with losses growing by 81.5 per cent. False billing scams also hit hard, costing Australian businesses $23.6 million last year.

Online channels were the most likely to lead to financial compromise, with $130.4 million reported as lost via that contact method. Phone and email losses followed up, with $70.1 million and $54.6 million, respectively.

“Phishing attacks have evolved well beyond the generic spam emails people used to associate with scams,” Kalkura said.

“Today’s phishing campaigns are often highly targeted and designed to mimic legitimate communications from suppliers, banks or internal teams. When attackers gain access to credentials or payment systems, the financial impact can escalate quickly for small businesses.”

Kalkura said that the simplest measures are often the most effective at mitigating scam attempts.

“Staff training, using multi-factor authentication, and establishing clear procedures for payments or requests for information can all help lower exposure.”

You can read BizCover’s full report here.