3 common business scams and how to spot them

Scammers are getting more advanced and are targeting Australian businesses in more ways than ever.

Scamwatch data shows that small and micro businesses lost $17.3 million to scams in 2022. If you run a business, you need to stay alert to scams, especially as we head into the holiday season.

At Bendigo Bank, we’re here to help you recognise when something isn’t right and help you keep your business safe from scams while you're preparing for a busy summer period.

Here are three common business scams to watch out for these holidays:

Invoice and billing scams

Australian businesses are being targeted with fraudulent emails requesting payment of bills and invoices. Scammers pretend to be from reputable organisations like telecommunications companies or domain name providers. ACCC reports that false billing scams cause the highest financial losses with businesses losing $11.8 million in 2023.

To protect yourself from being scammed, always verify payments by logging into your account via the provider’s website or app directly. Don’t share personal or business information or act on instructions that have come through a suspicious email, social media message or SMS. Never make payments by clicking links in emails or texts.

Business identity theft

Scammers can hack into business email servers, systems and databases to fraudulently act on behalf of a business. This type of scam can involve:

• Sending emails from your company’s real email addresses, requesting payments or transfers from clients and customers;
• Making applications for loans or credit in the business’ name;
• Using company credit cards to place orders for products and services.

To keep your personal and business information safe, make sure your security software is up to date and change secure passwords regularly. If you notice any unusual activity on your business banking accounts, contact your bank immediately.

Bank impersonation scams

Scammers may make contact pretending to be Bendigo Bank’s business banking department and try to access your accounts or personal information.

We will never ask you to transfer money, to access your e-banking remotely or ask you to provide a one-time passcode in relation to your e-banking. If you’re unsure if a request is legitimate, hang up and contact us directly via your local branch or the phone number listed on our website.

Cyber criminals don’t take holidays, so keep an eye out for red flags and stop, think and protect.

STOP – Don’t give money or personal information to anyone if unsure.
THINK – Ask yourself could the message or call be fake?
PROTECT – Act quickly if something feels wrong.

Visit our security page for more information and tips on keeping you and your business protected from scams.