Payment redirection scams cost Australian businesses $14 million - ACCC Scamwatch

 

Australian businesses reported over $14 million in losses to Scamwatch due to payment redirection scams last year, and average losses so far in 2021 are more than five times higher compared to average losses in the same period last year. Total losses are much higher as these scams are reported to a range of different organisations. In a payment redirection scam, also known as business email compromise scams, scammers impersonate a business or its employees via email and request that money, which usually is owed to the legitimate business, is sent to a fraudulent account. “Payment redirection scams impact businesses across many industries, including real estate, construction, law, recruitment, and universities,” ACCC Deputy Chair Delia Rickard said. “Scammers tend to target new or junior employees, or even volunteers, as they are less likely to be familiar with their employer’s finance processes or the types of requests to expect from their supervisors.” “We recommend organisations ensure their staff are well trained in the company’s payment processes and remain aware of payment redirection scams,” Ms Rickard said. Payment redirection scams can take several different forms. In some instances, scammers hack into a legitimate email account and pose as the business, by intercepting legitimate invoices and amending the bank details before releasing emails to the intended recipients. In one instance, a victim lost $16,500 in a single transaction after a scammer used a staff member’s email address to send an invoice to a customer with ‘updated bank details’, redirecting the payment to the scammer’s personal bank account. Other times, payment redirection is done by spoofing, when scammers impersonate CEOs or other senior managers using a registered email address that is very similar to that of the genuine email address. The scammer will then request that staff transfer funds to them or make a payment to a third party on behalf of the business. Scamwatch has also received reports of scammers posing as staff members, where they request the employee’s salary be paid into the scammer’s bank account. “An increasing number of reports are coming from sports and community clubs which reported more than $55,000 in losses to payment redirection scams last year. It is likely we will see similar figures this year, with $18,000 already reported lost so far in 2021,” Ms Rickard said. Scammers posed as the president or treasurer and requested staff to action payments for ‘equipment’ or other business needs, but the money went straight into the scammer’s bank account. Other businesses or individuals have also inadvertently paid a scammer as a result of a payment redirection scam. “It can be difficult to recover money lost to a payment redirection scam, so prevention is really important,” Ms Rickard said. “Don’t deviate from your organisation’s payment procedure, even if the request you have received appears to come from your CEO or a senior manager.” “If you have received a request that creates a sense of urgency, don’t rush. Take the time to consider and check whether an email is real, including by looking carefully at the sender’s email address, before acting on instructions,” Ms Rickard said. “Whenever there is a request to change payment details, always check with the organisation using stored contact details, rather than those in the requesting communication.” If you have been the victim of a scam, contact your bank as soon as possible and contact the platform on which you were scammed to inform them of the circumstances. To report a cyber crime visit the business reporting page at cyber.gov.au.   @scamwatch_gov Follow us on Twitter    Report a scam Report a scam on our website Click here for the previous post

How we regulate the water businesses - NSW IPART

 

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Staying COVID-19 Safe in the Shoalhaven - Shoalhaven City Council - Media Release

31 July 2020

Shoalhaven City Council is reminding Shoalhaven

residents, visitors and business owners to follow

NSW public health guidelines in order to reduce the

risk of COVID-19 spread in the Shoalhaven. 

Business owners can provide an added level of 

reassurance to the community by registering their 

business as a COVID Safe business.

In addition to NSW public health advice around 

physical distancing, self-isolation and quarantine, 4 

square metre rule, restrictions on gathering and 

movement and hygiene and safety practices; 

becoming a COVID safe business helps to promote 

the health and safety of business owners, their staff 

and customers against the spread of COVID-19.

Mayor Amanda Findley was happy to see many 

non-mandatory businesses registering as a COVID 

Safe business in the Shoalhaven.

“Whilst it is mandatory for hospitality businesses, all 

businesses can register as a COVID Safe business 

to protect their staff and customers. Registering 

your business as COVID Safe also allows 

customers to identify businesses which have a 

COVID-19 Safety Plan in place and have registered 

with the NSW Government as a COVID Safe 

business.”

“Registering your business is quite simple and can 

be done in a three-step process. First step is to 

create a COVID-19 Safety plan, with industry-

specific guidance available. Step two is to register 

as a COVID Safe business which can be done 

online. Step three is to show the community that 

you are COVID Safe, which includes following your 

COVID Safety plan, displaying signage and 

ensuring you have your COVID Safety plan 

available on the premises.”

“When a business registers as a COVID Safe 

business, it offers a reassurance to customers and 

the general community that the appropriate 

guidelines and procedures are in place to keep us 

all safe. This allows our local businesses to 

continue operating in a safe and appropriate 

manner and gives the community a sense of 

normality and security.”

“Customers also have their role to play in ensuring 

the safety of themselves and others. Following

public health guidelines is a joint responsibility and 

we should all take responsibility for our individual 

actions in this time of high personal health 

vigilance.” Mayor Findley said.

Under the Public Health Order it is mandatory for 

some types of business to complete a COVID-19 

Safety Plan and register as a COVID Safe 

business. For other types of business it is 

mandatory to have a COVID-19 Safety Plan, and 

optional to register.

Any business found in breach of the Public Health 

Orders could face a penalty of up to $55,000 and a 

further $27,500 penalty may apply for each day an 

offence continues. On-the-spot fines can also be 

issued.

To register as a COVID Safe business, 

visit www.nsw.gov.au/covid-19/covid-safe-

businesses.

In Your Neighbourhood - Shoalhaven City Council

Click here for This weeks details :

• COVID-19 Restrictions Easing
• Wheelbarrow Road Works Update
• Reopening Advice for Food Businesses
• COVID Kindness Cards
• Major Commission Awarded
• Mobile library Community Survey
• Australia's biggest Morning Tea- Cancer Council