As cybercrime continues to evolve, one concerning trend impacting CDF clients is the rise of Invoice Fraud, also known as Invoice Hacking or Invoice Redirection.
Invoice Fraud occurs when cybercriminals impersonate legitimate businesses and suppliers, intercepting emails containing invoices. These criminals send altered emails with invoices bearing their own bank account details, tricking recipients into making payments to fraudulent accounts.
The impact of Invoice Fraud has been significant. Since the Covid-19 pandemic, Scamwatch has reported that Australia’s small businesses suffered losses of $14 million due to Invoice Fraud scams.
What makes Invoice Fraud particularly challenging to detect is its sophisticated nature, as there may be no obvious signs of a scam. Unlike traditional email scams, these fraudulent invoices often do not contain spelling mistakes or fake email addresses that would raise suspicions. Victims may remain unaware of the deception until weeks later when the genuine supplier contacts them to request payment, by which time their money has already been lost to cybercriminals.
How to protect your business
1. Always verify changes
When you receive requests to alter bank account details, email addresses, or payment information, take the time to verify these changes over the phone, using a contact number you already know or from the supplier’s official website. Avoid using the contact information provided in the invoice, as it could be fraudulent. Human interaction during verification can minimize the risk of falling victim to invoice hacking.
2. Exercise caution and diligence
Avoid rushing or being pressured into making payments quickly; instead, carry out due diligence by double-checking the legitimacy and accuracy of the provided account details.
3. Review email addresses
Closely scrutinize any change requests to ensure they are not spoof emails. Look for any anomalies or inconsistencies in the email addresses, font or language, which could be indicative of fraudulent activity.
More information
Australian Government – Australian Cyber Security Centre www.cyber.gov.au
Australian Competition and Consumer Commission (ACCC) – Scamwatch www.scamwatch.gov.au
We’re here to help
Cyber-scams will always be prevalent in the online world; but by working together we can help detect and prevent suspicious activity.
If you think you’ve been a victim of a scam or are worried about the security of your CDF accounts, contact us today.
Contact us Phone: 02 6239 9870 | Email: cdf@cg.org.au