At DFK Everalls, we understand the importance of safeguarding your financial well-being. As scams become increasingly sophisticated, staying informed and vigilant is crucial. In 2023 alone, over 600,000 Australians reported scams, with losses exceeding $2.74 billion. Individuals planning their retirement, investors and business owners are particularly at risk, often targeted through too-good-to-be-true investment opportunities or fake fraud report calls.

Common Financial Scams Targeting Small Businesses and Investors

• Phony Invoices
  Scammers send fake invoices for products or services never ordered or received, hoping the invoice will be paid before the details are verified.
• Unordered Merchandise
  Scammers send unordered goods and then demand payment, claiming it was a legitimate order.
• Business Email Compromise (BEC)
  Scammers hack or spoof email accounts of executives or vendors to trick employees into transferring funds or sharing sensitive information. 
• Remote Access Scams
  Scammers pose as familiar organisations to convince people to share their screens and download remote access software, leading to data theft. Be wary of unsolicited calls requesting remote access. Verify the caller’s identity independently before proceeding.
• Tech Support Scams
  Scammers pose as IT support, claiming issues with your computer systems to get online access to your system and/or charging for unnecessary or non-existent services.
• Payment Redirection Scams
  Weak passwords can lead to compromised business email accounts, allowing scammers to redirect payments to their accounts. Always verify payment instructions directly with a known contact and avoid using contact details provided in suspicious emails.
• Directory Listing Scams
  Scammers offer to list your business in a directory for a fee, but the directory is often fake or has no value.
• Credit Card Processing Scams
  Scammers promise businesses lower rates for processing credit card transactions but use deceptive contracts with hidden fees.
• Loan Scams
  Fraudulent lenders offer loans with attractive terms but require upfront fees or personal information, which they then misuse.
• Investment and Crypto Scams
  In 2023, Australians lost $1.3 billion to investment scams. Scammers entice victims with low-risk, high-return offers. Victims often realise the scam only when they try to withdraw funds. To avoid this, always verify the company’s license with ASIC and independently confirm their contact details before engaging.
• Money Recovery Scams
  After falling victim to an investment scam, clients may be targeted by scammers promising to recover lost funds for a fee, often leading to further losses. Be cautious, especially if they’ve already been scammed. Verify the legitimacy of fund recovery services independently.

Simple steps to protect your business and investments

• Secure Communications: Use strong passwords and two-factor authentication to protect apps and email accounts.
• Stay Informed: Keep up-to-date with common scams and share this information with your team, clients and family.
• Train Employees: Educate your team on recognising scam tactics and encourage them to verify suspicious communications.
• Verify Invoices and Orders: Always double-check invoices and orders for legitimacy.

By staying vigilant and educating your team and clients, you can help protect your business and finances from sophisticated scams.