Payment redirection scams cost Australian businesses $128 million in 2020

 Payment redirection scams cost Australian businesses $128 million in 2020

Payment redirection scams were the most financially damaging scams for Australian businesses in 2020 according to the ACCC’s latest Targeting Scams report. Combined losses reported to Scamwatch, other government agencies, banks and payment platforms totalled $128 million in 2020.

Reports to Scamwatch show that Australian businesses lost $18 million to scams in 2020, a 260 per cent increase on losses reported in 2019.

“Small and micro businesses made most of the reports to Scamwatch and experienced an increase in losses in 2020, although larger businesses reported the highest losses,” ACCC Deputy Chair Mick Keogh said.

Based on Scamwatch data alone, false billing scams were the most commonly reported scam by businesses and accounted for three quarters of total losses to businesses. Small and micro businesses accounted for almost 60 per cent of these false billing reports.

There are a range of false billing scams, but the most…

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