Protect Your Business From Cyber Scams

Cybercriminals are targeting small businesses with business email compromise scams. They send fraudulent emails posing as a legitimate business contact or staff member.

They typically request a change in bank account details for a deposit, wages or invoice payment. Victims then unknowingly send money to the cybercriminal.

These fraudulent emails may come from hacked email accounts, or cybercriminals might register domain names that are similar to legitimate companies.

You can protect yourself, and the reputation of your business, by taking a few simple steps:

• Verify payment details. If you hold sensitive financial records, ensure you confirm the identity of anyone who requests changes to their information.
• Alert your staff. Train your employees to identify suspicious requests or emails that may link to fake websites built to capture passwords.
• Secure your email account. Use multi-factor authentication or, if this is not possible, a strong unique passphrase that would be difficult to hack.

Source: ATO