Protecting your business from email scams

In today’s digital age, the threat of email scams targeting businesses is not only real but also on the rise. According to the Australian Competition and Consumer Commission (ACCC), in 2019 alone, Australian businesses reported staggering losses of $132 million attributed to business email compromise scams. This represented a jaw-dropping 120% increase in losses compared to the previous year. Clearly, email scams pose a significant risk to businesses, and it’s crucial for us at pay.com.au to highlight this to our customers and provide guidance on how to protect your business. 

The deceptive nature of email scams

A prevalent form of email scam involves cybercriminals gaining control of an organisation’s email accounts. Once inside, they engage in fraudulent activities such as sending counterfeit invoices, requesting unauthorised changes to bank account information, or tampering with incoming payment details. 

Something that can make these schemes trickier, is that these deceptive emails often seem to originate from contacts that the recipient knows and trusts, but whose email accounts have been compromised.

Taking control of your business’s security

In recent times, we’ve witnessed a concerning rise in email scams, posing a heightened risk to businesses like yours. As your partners in payment solutions, we believe it’s crucial to address this issue head-on and provide you with essential guidance to bolster your security. 

Exercising diligence with credentials and invoices

One of the key steps you can take to protect your business is to be diligent with your login credentials. Cybercriminals often gain access to email accounts through phishing emails—deceptive messages that appear trustworthy but contain malicious intent. To thwart these attempts, it’s vital that you safeguard your login information rigorously. 

However, email scams don’t stop at infiltrating your inbox; they extend to manipulating invoices and payment instructions. Criminals may intercept legitimate invoices and alter payment details, rerouting funds to their own accounts. To navigate this potential pitfall, we recommend adopting a proactive stance. Verify any changes to payment instructions with your suppliers, especially if these updates come via email. The best way to go about this is to initiate a verbal confirmation process with your supplier through a trusted phone line.

Your business’s security is paramount 

Safeguarding your business against email scams is a top priority for us. That’s why we’ve implemented protective measures whenever there are updates to supplier banking details. When such changes occur, rest assured you’ll receive an email notification to keep you informed. We encourage you to stay vigilant and reach out if you have any questions or concerns.
 
Being informed about the various tactics used by cybercriminals and implementing robust security measures can safeguard your company’s finances and reputation. Stay vigilant, educate your team about these threats, and together, we can ensure that your business remains secure in the digital realm.