Cybercrime is evolving fast and brokers are prime targets. Awareness and education are key to protecting your business and your clients.
Brokers need to stay alert to protect their businesses, client information and professional reputation.
In Australia, a cyber-attack is reported every six minutes. NAB Group Economics research shows that around 3 in 10 Australian small and medium-sized businesses experience a breach during the life of their business.
For brokers, this is more than just a financial risk. Client loan information, business systems and staff details are all potential targets. Recognising these threats and their warning signs is essential to safeguarding both your business and your clients.
The new face of cybercrime
Criminals are deploying increasingly sophisticated tactics, such as clever phishing, invoice scams and remote access scams, targeting both individuals and businesses. Here are the common threats hitting small businesses – and brokers – every day:
Business email compromise
Business email compromise (BEC) is a type of cybercrime where attackers impersonate a legitimate employee, business partner, or vendor via email to deceive individuals into transferring money or sensitive information. BEC can lead to big financial losses and stolen information.
Invoice scams
Invoice scams are particularly on the rise, often targeting small to medium businesses in industries with high-value transactions, such as real estate and construction. Scamwatch data shows this was the most reported type of scam affecting small businesses in 2024. Criminals may alter bank account details on legitimate invoices, often after compromising an email account, leading to potentially devastating financial losses.
Remote access scams:
These are especially risky as they give criminals full, remote control of your devices to steal information, transfer funds, or lock files for ransom. The attack typically begins with an unexpected call, text, or pop-up (often claiming to be your bank or telco). You might be asked to install software to “fix” a problem or transfer money to a so-called “safe” account – these are actions your bank would never request.
How to spot trouble early
As small-business operators handling sensitive financial information, brokers are prime targets. Understanding what early warning signs look like can help you act before damage is done.
Watch out for:
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Unexpected client or lender requests: Emails that appear to come from trusted contacts asking for urgent payments, updated account details, or document access.
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Unusual digital activity: Logins from unfamiliar locations or devices, or settings in your email being changed without your knowledge.
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Too-good-to-be-true offers: Requests that feel rushed, or claims that your account is “at risk” and needs immediate action.
If something feels off, pause before acting - take a moment to stop, check and protect.
Simple steps to protect your business:
For brokers, protecting your business also means protecting your clients. These simple actions can go a long way:
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Empower your team: Your employees are the first line of defence. Teach them to recognise and know what to do with suspicious emails, text messages and phone calls.
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Strengthen your passwords: Use unique passphrases with a mix of words, numbers and symbols; and do not use the same password across accounts.
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Change your cyber culture: Increase awareness about fraudulent tactics by sharing examples of phishing emails or fake invoices with your team.
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Check your email settings: Check your email account settings for any auto-forward rules that you didn’t set up yourself, as this can be a sign that emails are being forwarded to another account.
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Use multi-factor authentication (MFA): This adds a critical extra layer of security for your email and banking systems.
Keeping brokers one step ahead
Cyber threats aren’t going away but staying informed makes all the difference. For brokers, ongoing awareness helps protect not just your systems, but your clients’ trust and your business reputation.
NAB’s Business Security Hub,provides practical tools, checklists and insights to help brokers recognise emerging scams, strengthen their defences and support their clients.
Throughout Cyber Security Awareness Month, NAB is offering online sessions to help business owners stay safe online. These sessions will cover real-world warning signs, protection strategies, and how NAB is working to safeguard customers.
Register now: 2025 Cyber Security Awareness Month - NAB
3 https://www.scamwatch.gov.au/system/files/targeting-scams-report-2024.pdf, Page 30
