The advice is being highlighted as part of Scam Awareness Week that this year is focussing on small business as part of a joint venture with the Australian Banking Association, the Council of Small Business Organisations Australia (COSBOA) and Australian Small Business and Family Enterprise Ombudsman (ASBFEO).
Last year, Australians lost more than $850 million to scammers; payment redirection scams hit Australian businesses hard resulting in $128 million in losses.
Services such as PayID, BPay and e-invoicing will show to whom a business is paying before they pay, ensuring money is going to the intended account.
Scammers can compromise a business’ email by imitating an email account or website, known as “spoofing”, sending phishing emails or by using malicious software.
Anna Bligh, chief executive at the Australian Banking Association, said while data shows the number of scams continues to rapidly increase, there are some simple steps to ensure businesses and their customers are sending money to the correct account.
“Hundreds of millions of dollars are being lost to scammers every year across the world, however services in Australia such as PayID, BPay and e-invoicing can ensure anyone that they’re paying the correct person, before they send their money,” Ms Bligh said.
“PayID for example is a unique feature that will help prevent scams for individuals and businesses. Unlike paying to a BSB and account number, PayID gives the user the ability to confirm the name of the account holder before you transfer your funds.
“It’s easy to register and it’s easy to use. So far, there are more than 8 million PayID’s registered. These types [of] services are readily available for businesses, and I encourage each and every one of them across Australia to sign up and reduce the chances of being scammed.”
Alexi Boyd, CEO at COSBOA, said no matter how many staff a business has it is incredibly important to be aware of scams and cyber security.
“We know that many small business owners feel that they don’t have resources to carefully consider their cybersecurity. Their role in the supply chain with big business and increasing digital engagement with Government makes them vulnerable. Scammers take advantage of this,” she said.
“Using services such as two-step authentication, e-invoicing and double-checking the authenticity of webpage links are easy and simple steps to protect yourself from these very costly – and abhorrent – scams.”
