### Beware of Fake Business Invoice Scams: Protect Your Finances
Australians are being urged to remain vigilant against a rising threat: fake business invoice scams. These scams are increasingly sophisticated, making it crucial for individuals and businesses to be aware of the tactics scammers use and how to protect themselves.
#### **How the Scam Works**
Scammers typically pose as legitimate businesses and send out fake invoices with altered payment details. These emails often look genuine because the scammer may have hacked into the business’s email system or is sophisticated enough to impersonate the email address accurately. To increase their legitimacy, these fake invoices may include logos and Australian Business Numbers (ABNs).
What’s particularly deceptive is that these scams can be hard to detect. In some cases, scammers are able to intercept genuine email exchanges or respond convincingly to any questions about the payment details, making the fake invoices seem even more credible.
#### **How to Spot the Scam**
One of the key steps you can take to detect a fake invoice is to check the payment details directly with the issuing business before making any payments. Be especially cautious if you notice any discrepancies in the banking or payment details compared to those you’ve used in past transactions.
Here’s a practical example to understand the severity: A couple recently lost over $800,000 when a scammer pretending to be their solicitor provided false payment details during a property purchase. This example underscores the importance of vigilance when handling large financial transactions.
#### **Protect Yourself**
**STOP**: Before acting on any invoice received via email, take a moment to pause and verify the details directly with the business. Do not rush into making payments.
**THINK**: Reflect on whether you are certain about the identity of the person you are communicating with. Always question any anomalies, no matter how minor they may seem.
**PROTECT**: If something feels amiss, act swiftly. Contact your bank immediately if you have shared financial information or transferred money. The sooner you report a potential scam, the better your chances of mitigating any financial damage.
#### **Additional Information**
Be mindful that scammers may also use technology to make their calls or texts seem legitimate. Therefore, it’s essential always to ask yourself, “who’s really there?” Independently verify contact details, especially if you receive an unexpected communication that asks for payment or sensitive information.
If you suspect that you’ve been targeted or have fallen victim to a scam, report it to Scamwatch and contact your bank immediately. Your prompt action can help prevent further financial loss and aid in catching the scammers.
Stay informed and stay safe. By taking these precautions, you can help protect yourself and your finances from increasingly sophisticated scams.
