Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Watchdog warns of scammers targeting SMEs

scam online  x scam online  x
Emma Ryan 4 minute read

The Australian Competition and Consumer Commission has warned small businesses about online scammers, after a WA brokerage opened up about its own recent fraud experience.

ACCC deputy chairman Dr Michael Shaper, said the amount of scams reported has jumped nationwide, with research suggesting that SMEs are more likely to fall victim to scammers than general members of the public.

“[The issue] is right across the country and pretty evenly spread by state and territory,” he said.

“In 2011, we were getting less than 200 reports from small businesses but last calendar year, we had more than 4,500.”

Advertisement
Advertisement

Mr Schaper said defrauding cases are common in this space, due to the majority of businesses electing to go online.

“Businesses are encouraged to go online because the costs are much cheaper, you reach the customers and it’s convenient,” he said.

“However, the online environment also provides a very fertile field for scammers, much more so than the old, pre-internet age or far more manual tools.”

Mr Schaper said there are a few things that small businesses can do to decrease the risks.

“One of the things we recommend is that you have more than one person paying the bills, or at least a second person running an eye over them,” he said.

PROMOTED CONTENT


“The second thing goes without saying. Keep your IT, even the basic protection, up-to-date, have a hard-copy backup [of transactions] and keep it visibly separate.

“If there’s any requests to change a customer’s details pick up the phone and talk to them first – it’s all simple but necessary things.”

[Related: Online scammers defraud brokerage]

Watchdog warns of scammers targeting SMEs
scam online  x
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

scam online  x

 

more from the adviser
handshake news Ex-broker head to lead MyState banking

A former broker head has returned to MyState Bank to tackle turna...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...