A new sophisticated scam targets Australian businesses: what to look out for

An article from the ABC details a shocking new scam that is targetting Australian business owners. Business email comprimise scams cost Australians millions of dollars each year and this new scam is causing business owners, like the example in the story, to unknowingly transfer funds directly into the scammers banking account.

This particular scam had scammers gained acccess to the email account of a contractor and managed to change the banking details on an invoice before the email arrived in the receiving inbox. Unwittingly, the payer did not flag the change and sent through tens of thousands to the wrong bank account.

To avoid situations like this, the Australian Financial Complaints Authority recommends that business owners take care to double-check invoices and check with the supplier to confirm any changes before transferring large sums of money. We also recommend that our business clients do what they can to ensure their cyber secturity systems are up to date and include features like two-factor authentication.

Mobile security & management, of both company-owned devices or ‘bring your own devivce’ should be toward the top of the list in ways you can strengthen your chain of defenses and protect your valuable business data. Even small weaknesses in your chain of security defenses could be detrimental and costly to your business. If your security needs an update, speak to one of our mobile specialists at RMT about a bespoke solution to protect your business from malicious activity by calling 1300 832 804 or booking an obligation-free consult here: https://outlook.office365.com/owa/calendar/RMT1@rmt.net.au/bookings/. 

 

Recent Articles

Covid-19 Update: Changes to Roberts & Morrow Office Entry

14th October 2021

14 October 2021 Relevant for NSW ONLY - The requirements set out in this communication are subject to change. With the... Read More

Medium and emerging private groups ATO program

08th October 2021

1 October 2021 The ATO continues to run the medium and emerging private groups program under the umbrella of the... Read More

Self education expense threshold to be removed

08th October 2021

29 September 2021 The $250 non-deductible threshold for self-education expenses could soon be a thing of the past. The government... Read More

NSW JobSaver to end 30 November – IS YOUR BUSINESS READY?

08th October 2021

8 October 2021 When NSW reaches the 80% double vaccination rate, which is likely to be in October 2021, the... Read More