Finance

Australian businesses reported an astonishing $23.2 million in scam losses across 2022, with new data from the ACCC showing small firms are persistently vulnerable to email compromise and false billing scams.

Two years after launch, the eInvoicing system had only reached 25,000 of Australia's estimated 2.5 million businesses.

Professional accounting groups are optimistic the ATO will continue to refine its new tax agent-linking system, after industry representatives said its six-step registration process could pose a significant challenge to small business clients.

There are few fraud victims while markets are green, but during a global economic downturn, misdeeds and subterfuge rise to the surface.

The Australian fashion label is urging customers not to be fooled by illegitimate scam websites pretending to sell genuine Gorman products.

With Australians facing a hefty $4 billion scam bill this year, small businesses across the country are being urged to learn the tricks of the trade and arm themselves against scammers.

ASIC has revealed its enforcement priorities with suspicious crypto companies, investment scams and greenwashing at the top of its hit list.

The research found the largest amount stolen by an employee was $27.4 million, with six cases involving at least $10 million being misappropriated.

It is "critical" for small businesses to protect their payments with Australia's new eInvoicing protocol, Minister for Financial Services and Assistant Treasurer Stephen Jones says.

There were 228 reports of imposter bond scams between January and June, compared with 82 reports in the same period last year, Scamwatch revealed on Wednesday.

In an email to customers on Monday, Afterpay said it was “aware of recent increases in fraudulent phishing text and email activity” across the industry.

ACCC boss Gina Cass-Gottlieb has outlined her favoured approach for reducing the ‘financial and emotional devastation’ that scammers cause Australians.