Fraud Archives - SmartCompany

Small business narrowly avoids losing $940,000 in payment redirection scam

David Adams — Mon, 05 Aug 2024 02:07:09 +0000

An Australian small business narrowly avoided losing almost $940,000 to a single payment redirection scam, Bendigo Bank says, highlighting the importance of double-checking invoice details before firing off payment.

The post Small business narrowly avoids losing $940,000 in payment redirection scam appeared first on SmartCompany.

CrowdStrike and Microsoft outage sparks scam warnings from ACCC and the government

Tegan Jones — Mon, 22 Jul 2024 01:04:28 +0000

The ACCC's National Anti-Scam Centre has warned small businesses of scams in the wake of the global CrowdStrike and Microsoft outage.

The post CrowdStrike and Microsoft outage sparks scam warnings from ACCC and the government appeared first on SmartCompany.

ATO reducing tax refund SMS messages after scam onslaught

David Adams — Thu, 18 Jul 2024 01:33:46 +0000

The ATO will no longer send an SMS message to taxpayers to inform them their tax return has been processed, as the rising tide of fraudulent messages makes it difficult to discern real communications from costly scams.

The post ATO reducing tax refund SMS messages after scam onslaught appeared first on SmartCompany.

Stop, scammers time: SMEs warned as 90s tax time scams make a comeback

Eloise Keating — Tue, 11 Jun 2024 22:12:07 +0000

Cargo pants and bucket hats are not the only icons of the 90s that are making a comeback; even tax time scammers are recycling techniques from days gone by.

The post Stop, scammers time: SMEs warned as 90s tax time scams make a comeback appeared first on SmartCompany.

Scammers target Aussies looking for side hustles in cost of living crisis

Poppy Johnston — Tue, 21 May 2024 23:37:49 +0000

Money lost to scams is tracking in the right direction even as fraudsters prey on the cost of living crisis to target people looking for side hustles.

The post Scammers target Aussies looking for side hustles in cost of living crisis appeared first on SmartCompany.

What the government can do to stop Australians from losing $5,200 a minute to scams

Peter Martin — Wed, 01 May 2024 23:50:18 +0000

In Australia in 2022, only 13% of attempted scam payments were stopped by banks before they took place. Once scammed, only 2% to 5% of losses (depending on the bank) were reimbursed or compensated.

The post What the government can do to stop Australians from losing $5,200 a minute to scams appeared first on SmartCompany.

Friendly fraud: Aussie business owner reveals how fraudulent chargebacks are “killing” SMEs

Morganne Kopittke — Wed, 01 May 2024 02:01:39 +0000

The founder Desiderate Jewellery says fraudulent chargebacks are “killing” small businesses at a time when many are already hurting, with her family-owned business already losing $5,000 to chargebacks this year alone.

The post Friendly fraud: Aussie business owner reveals how fraudulent chargebacks are “killing” SMEs appeared first on SmartCompany.

Australians lose $2.74 billion to scams, social media fraud up 17%

Holly Hales — Mon, 29 Apr 2024 00:35:57 +0000

While scam losses originating from a phone call or text message decreased by 18%, and 6% respectively, scams originating on social media increased by 17%.

The post Australians lose $2.74 billion to scams, social media fraud up 17% appeared first on SmartCompany.

ATO issues new false invoice warning to businesses scamming the tax system

David Adams — Mon, 08 Apr 2024 02:25:49 +0000

The Australian Taxation Office has dodgy invoicing in its crosshairs, warning businesses that the Serious Financial Crimes Taskforce is ready and able to take action.

The post ATO issues new false invoice warning to businesses scamming the tax system appeared first on SmartCompany.

GST reviews to work deductions: Five takeaways for SMEs from ATO commissioner’s final speech

David Adams — Thu, 22 Feb 2024 04:54:18 +0000

The entire 70-minute address is available for viewing online, but SmartCompany has highlighted five of the key points for small businesses.

The post GST reviews to work deductions: Five takeaways for SMEs from ATO commissioner’s final speech appeared first on SmartCompany.