Last year, Australian businesses reported over $14 million in losses to Scamwatch due to payment redirection scams. This number is five times higher than in 2020.

In a payment redirection scam, also known as a business email compromise scam, scammers may impersonate a business or its executives via email and request a payment made to a fraudulent account.

These scams can take many forms. It may look like a regular invoice from your supplier but with an updated (fake) bank account or a landing page from a freight company asking you to create an account to track a shipment. Whatever the form, these modern cyber-attacks are carefully engineered, so they are harder to be identified.

If someone in your staff falls for one of these attempts, it can be difficult to recover money lost to a payment redirection scam, so prevention is crucial.

The best way to prevent is to detect.

A great way to protect your business from cyberattacks is to make sure your employees are aware of any forms of cybercrimes and are resilient against them.

Many service providers, including our partners Sophos and Microsoft, offer Phishing Training or Attack Simulation Programs to help companies facilitate a positive security awareness culture.

This cybersecurity training involves attack simulations and awareness training modules to educate and test employees’ responses to cybercrimes.

As IT advisors, we strongly encourage our clients to consider cybersecurity training for their employees. This awareness training will leave a powerful effect on an individual level so that good digital practice and behaviour can have a lasting impact.

Our team is available to give you more information about Cybersecurity Training. Send us a message – we would love to hear from you!