ASIC and ACCC’s National Anti-Scam Centre are warning businesses to stay alert as scams surge, with phishing, false billing, and extortion emails causing significant financial losses.
ASIC is warning small businesses to stay vigilant as scams continue to surge amid challenging economic conditions.
In 2023, reports of scams from businesses grew nearly 28% compared to 2022, with financial losses reaching $29.5 million.
Micro and small businesses bore the brunt, losing $17.3m. The biggest threats include false billing scams ($11.8m), investment scams ($6.2m), and remote access scams ($4.9m).
Phishing scams are increasingly targeting businesses, tricking owners into revealing personal and financial details through malicious emails and SMS.
ASIC warns companies to use anti-malware software, activate multi-factor authentication, and monitor brand impersonations online to maintain security.
The National Anti-Scam Centre, which recently warned about the rise in bank impersonation scams and fake loan schemes or charities, has identified a new bulk scam involving extortion emails.
Scammers send emails falsely claiming access to victims' webcams, demanding cryptocurrency payments to prevent the release of compromising content.
“The fictional threats combined with personal data are intended to terrify the individual reading it. It’s extortion and it’s a crime,” ACCC Deputy Chair Catriona Lowe (pictured above right) said.
Businesses and individuals are urged to “stop, check, protect”:
The National Anti-Scam Centre offers emotional support through services like BeyondBlue and Lifeline, and organisations like IDCARE provide free assistance in dealing with identity theft or cybercrime.
Businesses and consumers can stay updated on scams by visiting Scamwatch.gov.au and following Scamwatch on social media for alerts and prevention tips.
Read the ASIC announcement here. To read the NASC warning, click here.
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