As business owners we need to be alert to the threat of Business Email Compromise (BEC) and not just here in Australia
What is BEC – Business Email Compromise?
BEC is a fraud technique used worldwide by offenders to redirect legitimate fund transfers to alternative accounts i.e. get you to pay money to them instead of paying to your suppliers or even to team members.
Most commonly, offenders will intercept legitimate emails or invoices from known transaction partners and change banking details to include fraudulent payment information.
The victim (business owner) will unsuspectingly transfer funds to the offender – not the person or business you intended.
BEC often goes unnoticed until the intended recipient of the funds enquires about the missing payment, or the victim becomes aware that the funds have been deposited incorrectly.
How prevalent is this type of fraud?
In a 12 month period more than 3300 incidents were reported in Australia and more than half resulted in financial loss to the business
Are you hyper vigilant when it comes to emails making requests to change banking & payment information?
Just last week I received an email from one of my suppliers asking me to change their banking information. I sent an email to my contact at the company to check if this was legitimate – and YES it was.
To find out more about BEC read the full report from Australian Federal Police click here
If you want to chat to me about this, email me email@example.com and let me know what’s happening in your business. Alternately call your accountant or lawyer or the Australian Federal Police if you feel you have been a victim of this type of fraud
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