What are business email compromises?
Scammers will take advantage of businesses at busy times such as the end of financial year.
This may be in the form of false billing scams where scammers issue fake invoices to businesses for unwanted or unauthorised advertisements, products or services.
Scammers also send emails internally within a company, often to a company’s accounting department while pretending to be a senior executive. They’ll typically request an urgent transfer of funds in the hope this request won’t be questioned.
What to look out for
- Invoices with incorrect details, spelling mistakes or grammatical errors.
- Be especially wary of requests via email to transfer funds outside of your normal business process, even if the request appears to come from your CEO or senior manager.
How to protect yourself
- If you’re unsure if an email notification has come from a real sender, make sure you verify a change in BSB and account number verbally with the business prior to making payments.
- If you receive requests via email to transfer funds outside of your normal business process, even if the request appears to come from your CEO or senior manager, pause before responding. Confirm this request directly with the requestee before processing.
- If you receive a bill or invoice for a service you don’t recall requesting, do your own research by searching for the details of the business, and contact them directly to ask about the payment prior to transferring any funds.
- Make sure you complete regular software updates on your devices and ensure that anti-virus software installed is up to date.
- Activate two-factor authentication (2FA), as well as a strong password to protect the security of your email account. 2FA adds an extra layer of security, and stops scammers getting into your work account even if they guess or steal your password.