By Andrew Bell
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17 Jun, 2019
Unfortunately scammers in the digital age are becoming even more sophisticated in their attempts to get your small or medium enterprise business to hand over money or steal valuable information. The Australian Competition and Consumer Commission (ACCC) reported that in 2017, Australian business lost $4.7 million as a result of a scam, with smaller business being specifically targeted (ACCC, 24th May 2018). Online scams targeting SME businesses include: • Malware and ransomware – where scammers send emails, social media messages or file downloads like videos, files or games imbedded with a link to take you to a fake website. Scammers uses the links to infect your computer or network with software that can block access to your computer and demands a ‘ransom’ be paid. They might install software to watch what you are doing or steal your personal information and commit a fraudulent crime. • Phishing - this typically involves a scammer impersonating a bank, service provider, or government agency via email, text or voice calls. They usually alert you to a fake problem like ‘unusual activity on your credit card’ and ask you to verify who you are with your bank details. They will then use this information to steal money or commit other fraudulent crimes. • false billing – there are a number of types of false billing scams which send an unsolicited invoice for payment, renewal notice or subscription which you have not requested. There are also incidents where scammers impersonate your suppliers claiming “they have changed back accounts”. The good news is that you can take preventative action to protect your business from scams. 1. Awareness – be aware and alert. Know that scammers are out there actively targeting your business. Educate your employees and Subscribe to the ACCC Scamwatch radar alerts . 2. Keep your business information secure – never provide your information to anybody you don’t know or trust. look at using a NGFW and anti-virus endpoint protection keep your applications and software versions up to date encrypt your wireless network always use password protection, use strong passwords Back up your data Do not open or click on suspicious emails, texts or attachments –sometimes the fakes are very good. Learn how to spot a phishing email Know who your’e dealing with - never provide your information to anybody you don’t know or trust. Do your own research. Check out ASIC’s list of companies you should not deal with Learn how we can help protect your business from scams.