According to the ACCC, small and medium businesses reported losses of $128 million due to these scams in 2020 alone. It’s important to note that these attacks don’t target your systems directly but rather those of your suppliers. This makes your cyber security measures less effective in this context since the breach occurs elsewhere.

What Can You Do to Protect Your Business?

1. Verify Invoice Changes: Implement a process to manually verify any changes to invoice details, such as new bank account numbers, before making payments.
   
   
2. Secure Storage of Bank Details: Store bank details in your accounting system and business banking portal rather than relying on details provided in invoices.
   
   
3. Protect Your Systems: Ensure your own systems are secure to avoid becoming a link in the chain of such scams. Use multi-factor authentication for your email accounts and secure your accounting systems.
   
   
4. Communicate Payment Policies: Clearly communicate your payment process to clients and suppliers. Include a note in your email footer or on your invoices stating that you will never change payment details via email or invoice, but only through a formal letter.

By following these steps, you can reduce the risk of falling victim to invoice redirection scams. If you need assistance in setting up cyber security for your business, contact us!