3 common business scams and how to spot them

If you run a business, you need to be aware of scam risks. Scams are getting more advanced and are targeting Australian businesses in more ways than ever. Scamwatch data shows that small and micro businesses lost $13.7 million to scams in 2022.

At Bendigo Bank, we’re here to help keep you and your business safe from scams and to help you to identify when something isn’t right.

Here are three common business scams to watch out for:

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.

To avoid being scammed, always verify payments by logging into your account via the provider’s website or app directly. Never make payments by clicking links in emails or texts.

Business identity theft

Scammers hack into business email servers, systems and databases to fraudulently act on behalf of the 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 secure, ensure 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.

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