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INDUSTRY NEWS
AVOIDING BUSINESS EMAIL COMPROMISE SCAMS The Australian Cyber Security Centre is warning of “a significant increase” in the threat level from business email compromise (BEC) scams. Over 4,250 BEC scams were reported in 2019-20, amounting to the theft of over $142 million. “BEC scams occur when a hacker gains access to a business’ email accounts, or ‘spoof’ a business’s email so their emails appear to come from the company,” according to Scamwatch.
“Scammers intercept legitimate invoices and change the details to include fraudulent payment information...” “The hacker then sends emails to customers claiming that the business’s banking details have changed and
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that future invoices should be paid to a new account. These emails look legitimate as they come from one of a business’s official email accounts. Payments then start to flow into the hacker’s account. “In other variations of the scam, the hacker will send an email internally to a business’s accounts team, pretending to be the CEO, asking for funds to be urgently transferred to an off-shore account. Hackers can also request salary or rental payments be directed to a new account.”
REAL LIFE EXAMPLES The ABC highlighted a sting that cost one construction company $51,000, which it thought was paying to a contractor. Criminals use a wide range of techniques in their search for a weak link. While these include email, instant message, SMS and social media tactics, they also employ old fashioned methods to supplement the scam. “Scammers intercept legitimate invoices and change the details to include fraudulent payment information,” ACCC Deputy Chair Mick Keogh said. “Another technique used by scammers is to impersonate
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