Tips for rural businesses to see through scams

Published: August 28, 2023

Scams are not new, but they are becoming far more sophisticated and have grown exponentially in recent years. They sound like the work of science fiction novelists. From impersonating loved ones and known business contacts to infiltrating existing text message threads to exploit trust.

According to NAB research, one in every three Australian small and medium-sized businesses (SMEs) has been the victim of a cyber-attack or data breach, with each losing an estimated $19,000.

Despite this, only four out of ten Australian SMEs believe they are very vigilant about cyber security. Only one out of every seven businesses provides training on scams and other cybersecurity risks.

A NAB business banker recently saved a business customer from losing $200,000 to a scammer impersonating an investment banker.

The scammer contacted the customer and offered an extremely high term deposit rate. The customer then called their NAB banker, requesting that they immediately terminate their existing term deposit and transfer $200,000 to the other bank.

Checks from their banker quickly revealed the scam. Despite being well educated and financially aware, this customer nearly fell victim to this scam.

What can businesses do to protect themselves from scams?

While technology can help businesses become more productive and profitable, it can also make you more vulnerable to cybercriminals looking to exploit it if it is not secure.

There are risk-mitigation strategies available:

Maintain separate mobile phones and computers for work and personal use to reduce your exposure to malware attacks, which 36% of SMEs surveyed said they had experienced.
Consider how you're protecting yourself - invest in tools to keep your business safe, such as Multi-Factor Authentication and up-to-date antivirus software. Customers can get anti-virus software from NAB.
When paying someone for the first time or if there is a change in account details, call and double-check payment details - this reduces the risk of business email compromise scams, including invoice scams.
Be wary of any message with a sense of urgency; scammers use these tactics to get you to act quickly and prey on people's weaknesses. If you're unsure whether a contact is legitimate, pause and call your banker - your money is safe in your account.

If your ever unsure about something, talk to your bank before making any decisions or transactions.

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