ANZ has advised its customers to stay vigilant against business email compromise (BEC) and fake invoice scams. Cybercriminals are increasingly targeting small and medium-sized businesses, exploiting their less complex technology infrastructure to hack systems and alter invoice details, redirecting payments to fraudulent accounts.
A recent report from the Federal Government highlighted that BEC scams resulted in almost $84 million in self-reported losses during the 2023-2024 financial year in Australia. The majority of these reports came from small businesses.
Ruth Talalla, ANZ Scams Portfolio Lead, expressed concern over the rising sophistication of these scams, stating: “Scams remain an ongoing challenge for Australians, with cybercriminals increasingly adopting sophisticated practices such as BEC and fake invoice scams to exploit consumers. We encourage business owners and individuals to be on high alert and double-check all details before making any payments. If you receive an unusual or unexpected payment request, notice updated details on an invoice, or are making a payment to a new account, it’s important to verify the details directly with the legitimate company or person before sending funds.”
Customers are advised to look out for unexpected contact methods, modified payment details on invoices, suspicious email domains, poorly written text, and missing or faked email signatures. ANZ provides tips on how to avoid falling for these scams, such as verifying new or updated account details independently and using secure payment methods like PayID.
ANZ’s customer protection teams operate around the clock. Customers who suspect they are victims of a scam should contact ANZ immediately. More information on protecting oneself from scams is available on ANZ's website.
ANZ has launched the Scam Safe series to keep the community informed about evolving cyber threats and fraud issues. The initiative aims to educate customers on being wary, protecting personal information, and paying attention to details.