Have you recently received an email from a supplier requesting payment of an invoice?
It’s good business practice to get in the habit of calling suppliers or known associates to verify BSB and Account number details prior to making a payment.
Scammers are getting smart and have started using various email scams to convince you to pay a fake or doctored invoice.
Some of these scams include;
- Posing as an executive staff member and directing you, via email, to make an urgent payment of an attached invoice.
- Adjusting the payment details on legitimate invoices so the money gets paid into the scammers account instead of your suppliers.
Over the course of this year, the Australian Cybercrime Online Reporting Network have reported that over $22.1m has been transferred from businesses to scammers accounts using some form of email scam.
Triggers to indicate the email may be a cyber scam
- BSB and Account details on the invoice are different to what’s in your system.
- Email address is slightly different to the normal address you have on file. An example may be that the ”.au” is missing from the end of the email.
- The invoice is not one that you are expecting.
Tips to avoid incurring financial loss to online scammers
- Always verbally check the BSB and Account number using a trusted phone number. Confirming a change via email is not a secure method of validation.
- If you don’t know what the invoice is for, call a colleague to verify.
As cyber crime becomes more common, it’s import to consider a cyber insurance policy as an important part of your business insurance program.