AI scam exploits outdated process to target Aussie savings, experts warn

Retiring Boomers selling off properties mean a lot of real estate wealth is set to change hands. A $3.5 trillion wave of Baby Boomer property wealth is being targeted by AI-powered scammers exploiting property settlement practices to drain Aussies’ life savings, cyber experts claim. Baby Boomers make up a quarter of the population and currently control 60 per cent of Australia’s $12 trillion residential property market, but are among the more vulnerable to scams. Over the next decade, millions will sell, downsize, or transfer family homes to fund retirement, aged care, and inheritance plans, with the total wealth transfer estimated to total at least $3.5 trillion, according to Australian Productivity Commission data Cybersecurity experts warn a collision between this massive property cash splash and AI technology has created a fertile climate for fraud – particularly settlement scams. These are scams where fraudsters trick victims into redirecting payments for property transactions into their accounts. It’s usually by impersonating real-life businesses that the victim had been dealing with, such as their solicitors or mortgage brokers. Scammers use AI to target buyers and seller in...