FRAUDSTERS are using a variety of different measures to target businesses. Credit: iStock
FRAUDSTERS are using a variety of different measures to target businesses. Credit: iStock

SCAM ALERT: Business scams on the rise

NORTHERN RIVERS businesses should be on alert for any suspicious emails after business scams topped the ACCC's Targeting Scams report.

According to the report, business scams cost businesses $132 million dollars in losses, which was the highest loss of all scam types.

The Northern Rivers has a vibrant small business community and small business was among the hardest losing on average $11,000 dollars but in some cases up to $200,000 dollars.

ACCC Deputy Chair Mick Keogh said that the potential impacts of these scams should not be understated.

"These combined losses from the ACCC, other government agencies and the big four banks show how financially harmful these scams can be," Mr Keogh said.

Mr Keogh said the fraudsters used a variety of different measures to target businesses.

"Scammers intercept legitimate invoices and change the details to include fraudulent payment information. The recipient will pay the invoice as normal and not realise they have been scammed."

"Another technique used by scammers is to impersonate the CEO of a company and request staff transfer funds to them for a variety of reasons, such as to purchase gift cards as a surprise for other staff."

Mr Keogh suggested that businesses should protect their online and software security to ensure they are best protected against business scams.

"Scammers are increasingly using email scams to target businesses of all sizes. It is important to have strong processes in place for verifying and paying accounts and businesses should ensure their systems have up-to-date antivirus software," Mr Keogh said.

For more information on scams or to report a potential scam, see www.scamwatch.gov.au.


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