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The ACCC’s ‘Scamwatch’ publication is calling on company’s to urgently review how they verify and pay accounts and invoices as reports of scams via compromised company email addresses have grown by one third so far this year.
Company email compromise scams occur when a bad actor or hacker gains access to a company’s email accounts or ‘spoof’ a company email so their emails appear to come from the company. The hacker then sends emails to customers claiming that the company’s banking details have changed and that future invoices should be paid to a new account. The emails look legitimate as they come from one of the company’s official email accounts.
Businesses and company’s have reported losses to these scams totalling $2.8 million so far in 2018. The average loss is nearly $30,000.
Effective management procedures can go a long way towards preventing scams, so all company’s should firstly be aware of the scam’s existence and educate their staff about them too. Ensure Antivirus and Firewalls are up to date. Company’s when being advised of a change of account details contact their supplier by other means, eg phone to ensure you are not communicating with the hacker.
This information was provided by Scamwatch.
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