Small businesses are facing increased risks from scammers who use sophisticated tactics to steal money and sensitive information. With rising inflation, higher operating costs, and a surge in company insolvencies, the Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) are urging businesses to stay vigilant.

In 2023, Australian businesses reported nearly 5,000 scams, resulting in $29.5 million in losses—most of which impacted small and micro businesses. Here’s what you need to know to protect your business.

Top Scams Targeting Small Businesses

1. False Billing Scams

These scams involve fake invoices for goods or services that were never ordered. Scammers may contact you via email or phone, urging immediate payment.

How to Protect Your Business:

• Double-check invoices with trusted suppliers.
• Verify payment details directly with the business.
• Avoid paying invoices without confirming their legitimacy.

2. Investment Scams

Scammers pose as financial professionals offering high-return investments. They may use fake company names and impressive marketing materials.

How to Protect Your Business:

• Be cautious of unsolicited investment offers.
• Verify the company on ASIC’s Investor Alert List.
• Seek advice from a trusted financial adviser before investing.

3. Remote Access Scams

Scammers claim there’s a problem with your computer or internet and request remote access. Once in, they can steal your data and access bank accounts.

How to Protect Your Business:

• Never provide remote access to unsolicited callers.
• Verify issues with your IT provider or service directly.

Other Scams to Watch For

• Payment Redirection Scams: Scammers impersonate a supplier and request payments to a fraudulent account.
• Phishing Scams: Fake emails or messages trick you into clicking malicious links that steal sensitive information.
• Business Impersonation Scams: Scammers create fake websites that mimic well-known brands, damaging your reputation and trust.
• ASIC Impersonation: Fraudsters claiming to be from ASIC may request fees or personal details. Always verify emails directly with ASIC.

What To Do If You’re Scammed

1. Stop Contact: Immediately cease all communication with the scammer.
2. Contact Your Bank: Ask to halt any suspicious transactions.
3. Report It:
   • Report the scam to Scamwatch to alert others.
   • Notify ASIC if the scam involves financial misconduct.
4. Warn Others: Inform your staff, customers, and suppliers.

Quick Tips for Staying Safe

• STOP: Don’t act on suspicious emails, texts, or social media messages.
• CHECK: Verify payment requests and supplier details independently.
• PROTECT: Act fast if you think you’ve been compromised. Contact your bank and report the incident.

For more information and to access tools to protect your business, visit:

• ASIC’s Scam Prevention Resources
• ACCC’s Scamwatch
• You can report scams to ReportCyber.

Stay informed and stay safe!