Small business alert: scams are on the rise
A recent report released by the National Anti-Scam Centre shows scams losses overall are rising across Australia, and small businesses are a key target.
Scammers often target payments, invoices and bank details. They may pretend to be suppliers, banks or government agencies, and usually contact businesses by email or phone.
The report shows:
Small businesses made 2228 scam reports.
287 businesses lost money, adding up to $9.5 million.
Investment scams caused the biggest losses ($6.2 million).
False billing scams were the most common. These usually involve changes to bank details on legitimate invoices (payment redirection scams) or completely fake invoices.
Small businesses reported more scams and higher losses than larger businesses.
Scammers know small businesses are busy. They look for quick chances to trick you into paying money or sharing details. Even one pressured oversight can cost your business money. It can also disrupt your work.
Common scams to watch for
Payment redirection – fake emails asking you to change bank details.
Fake invoices – bills for things you did not order.
Email scams – messages that look real but are not.
Impersonation – scammers pretend to be a supplier, bank or government.
Simple ways to protect your business
Scammers rely on urgency and impersonation to catch businesses off guard. Take a moment before making any payments or sharing information.
Always verify changes to bank details by contacting the supplier using trusted contact details – not those provided in an email.
Avoid relying on email alone for payment requests, use multi-factor authentication, and make sure staff are trained to recognise scams.
Limiting who can approve payments can also reduce risk.
If you think you have been scammed, contact your bank straight away. You can also report it to Scamwatch.
Know the warning signs. Be alert to urgent payment requests, pressure to act quickly, unexpected invoices, or small changes in email addresses. These are common ways scammers use to get around normal checks.
If you’re unsure
Stop and check before you pay – most business losses happen after a payment is made to the wrong account.
Scamwatch has new, simple small business scams guidance to help keep your business safe.
