Bond investment and business email compromise (BEC) scams on the rise, bank says
ANZ is encouraging customers to be vigilant when transacting online, in response to a mounting number of sophisticated bond investment and business email compromise (BEC) scams.
The bank said that in the past two weeks, it has prevented and recovered more than $3.2 million from being transferred to online criminals from personal or business accounts in these types of scams.
In bond investment scams, online criminals typically impersonate well-known Australian organisations and financial institutions to trick people into investing in fake bond offerings. Once received, the funds are often filtered through trading platforms and often onto cryptocurrency, making them difficult to recover.
In the case of BEC scams, scammers pose as a trusted supplier or vendor to target businesses. They typically send their target an invoice from a supplier whose email address has been compromised advising their bank details have changed and requesting future payments be paid into a different, fraudulent bank account.
There are also BEC scammers who send an email to a company’s accounts team using a compromised email account, posing as a senior executive, and requesting the urgent transfer of funds. Some also request recurring salary or rental payments be directed to a new account.
“We are seeing a significant increase in scams of this nature and encourage Australians to be very cautious when presented with any investment opportunity, or requests to make payments to a different bank account,” said Shaq Johnson (pictured above), ANZ head of customer protection.
“Often, when we speak to customers who have been caught up in BEC or bond investment scams, they genuinely believe the person or vendor they have been communicating with is legitimate.
“This often requires a deeper conversation and education from our end to enable them to understand the sophistication and tactics of these criminals.”
The bank offered some tips on how customers can protect their businesses from bond and business email compromise scams:
- Ensure you have a process in place to identify and action suspicious emails, texts, or phone calls.
- Pause before responding to any request for money online, no matter how frequent or ordinary the transaction. If something doesn’t seem right, or is unexpected, question it.
- Use the contact details on official company websites to verify any communications from company employees, vendors, or suppliers.
- Activate two-factor authentication as well as a strong password to protect the security of your, and your businesses email accounts.
For more information on bond and business email compromise scams, visit the ANZ website and ACCC ScamWatch.
Customers who believe they may have been a victim of a scam should contact the bank immediately, on 13 33 50 or visit http://www.anz.com.au/security/report-fraud/ for more information.
For more information on the types of scams and how to protect yourself visit http://www.anz.com.au/security/types-of-scams.
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