Small businesses urged to verify payments as scammers exploit emails to divert funds
ANZ has issued a warning to Australian businesses and individuals to remain vigilant against a growing wave of business email compromise (BEC) and fake invoice scams, also known as payment redirection fraud.
The bank said cybercriminals are increasingly targeting small and medium-sized enterprises (SMEs), which often lack the complex security systems of larger organisations. Once access is gained to a company’s internal emails, scammers may alter invoice payment details, redirecting funds to fraudulent accounts.
According to the Australian Cyber Security Centre’s latest Annual Cyber Threat Report, BEC scams cost Australian organisations nearly $84 million in the 2023–24 financial year. The bulk of these incidents were reported by small businesses.
Australian banks have stepped up efforts to fight financial fraud. In 2023, the Australian Banking Association and the Customer Owned Banking Association signed the Scam-Safe Accord. The initiative aims to raise security standards and enhance protections for consumers.
“Scams remain an ongoing challenge for Australians, with cybercriminals increasingly adopting sophisticated practices such as BEC and fake invoice scams to exploit consumers,” said Ruth Talalla, scams portfolio lead at ANZ.
“We encourage business owners and individuals to be on high alert and double check all details before making any payments. If you receive an unusual or unexpected payment request, notice updated details on an invoice, or are making a payment to a new account, it’s important to verify the details directly with the legitimate company or person before sending funds.”
ANZ advised businesses to adopt strict verification processes for payment details and to educate staff about common scam tactics to minimise exposure to fraud.
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