Record $2 billion losses for Australians to scams

Latest data from ACCC’s Scamwatch shows Australians have lost a record amount of over $2 billion to scams in 2021.

Payment redirection, or business email compromise, impacted businesses the most with combined losses of $227 million in 2021.

In a payment redirection scam, scammers impersonate a business or its employees via email and request an upcoming payment be redirected to a fraudulent account.

Australian businesses reported a $6.7 million loss to false billing scams, with a median loss of $4,200. For small businesses, the median loss was $8,000.

The second highest loss were investment scams with over $5 million reported lost and a median of almost $40,000.

In 2021, the ACCC increased its work with government agencies, domestic and international law enforcement, and major banks and telecommunications providers to share intelligence, disrupt scams and raise awareness in the community.

Protecting yourself from false billing scams

1. Never agree to any business proposal on the phone: always ask for an offer in writing.
2. Always check that goods or services were both ordered and delivered before paying an invoice, and always read the fine print carefully.
3. Try to limit the number of people in your business who are authorised to make orders or pay invoices.
4. If you notice a supplier’s usual bank account details have changed, call them to confirm.