Business Email Compromise (BEC) was the most prevalent security threat in Australia in 2019, accounting for 23.6% of global attempts and placing Australia in the top two countries with the most attempted attacks.
They caused the highest losses across all scam types in 2019, costing $132 million, according to the ACCC’s Targeting Scams report.
Scammers intercept legitimate invoices and change the details to include fraudulent payment information. The recipient will pay the invoice as normal and not realize they have been scammed. Other scams reported by businesses include online shopping scams where the business attempts to buy equipment online and the product never arrives.
Small and micro businesses reported more scams than medium and large-sized businesses. The average loss was $11,000, but some businesses lost up to $200,000.
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