November 16, 2021

Aussie businesses take $128m hit from payment redirection scams

Payment redirection scams were the most financially damaging scams for Australian businesses in 2020, with combined losses reported to Scamwatch, other government agencies, banks and payment platforms totalling $128 million in 2020. Scamwatch data also showed that Australian businesses lost $18 million to scams in 2020, a 260% increase on losses reported in 2019.

Scamwatch data revealed that false billing scams were the most commonly reported scan by businesses, accounting for three-quarters of total losses to businesses. Small and micro businesses accounted for almost 60% of these false billing reports. While a range of false billing scams exists, the most common type identified by the ACCC’s latest Targeting Scams report was payment redirection scams, also known as business email compromise (BEC) scams, with 1300 reports and $14 million in losses. This is a marked increase…

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