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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Businesses lose $128m to this email scam

By Cameron Micallef

June 10 2021
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Businesses lose $128m to this email scam

By Cameron Micallef
June 10 2021

Australian businesses are being warned to remain vigilant, with a payment redirection email scam costing them $128 million in 2020.

Businesses lose $128m to this email scam

By Cameron Micallef

June 10 2021
Share

Australian businesses are being warned to remain vigilant, with a payment redirection email scam costing them $128 million in 2020.

The ACCC’s Scamwatch has shown that Australian businesses were duped out of millions through payment redirection scams.

False billing scams were the most common by businesses, making up three-quarters of all losses businesses endured.

There was a range of false billing scams, but it was a specific type of fake billing scam, called payment redirection scams or business email compromise scams, that hit small businesses hardest.

In these scams, the cyber criminal will pretend to be a business or an employee and request an upcoming payment to be directed to a fraudulent bank account.

These scams have resulted in $14 million in losses and reported by 1,300 businesses.

“Small and micro businesses made most of the reports to Scamwatch and experienced an increase in losses in 2020, although larger businesses reported the highest losses,” ACCC deputy chair Mick Keogh said.

Scamwatch also observed a new type of scam in 2020 that targeted farmers looking for a good deal on tractors and farm machinery.

Scammers advertised equipment at prices well below market value, and told farmers that they couldn’t view the tractors prior to purchase due to government restrictions from the pandemic.

“One thing we know about scammers is that they will take advantage of a crisis,” Mr Keogh continued.

Businesses were also targeted by health and medical scams in 2020.

About half of the $3.9 million in total losses reported to health and medical scams were from businesses, as they attempted to procure personal protective equipment for their staff to comply with government guidelines during the pandemic.

Other scam types that impacted businesses throughout the year included phishing, identity theft and hacking scams.

“It is so important for businesses to stay informed about scams so they can protect themselves,” Mr Keogh said.

Businesses urged to come forward

Businesses can also report a scam to ReportCyber, which is run by the Australian Cyber Security Centre and passes reports to law enforcement agencies for assessment and intelligence purposes.

Businesses that have been scammed should contact their bank as soon as possible. If the scam occurred on a platform such as Facebook, contact them directly to report it.

Top 5 scams by losses as reported by businesses in 2020 (Scamwatch data only)

Scam category	Reported losses 2020
False billing	$13,509,327
Health & medical product scams	$2,053,745
Investment scams	$1,674,473
Online shopping scams	$496,947
Classified scams	$200,911

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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