As we shut our doors on 2020 and open a new and cautiously optimistic one to 2021, it’s time to roll up our sleeves and get back to our businesses.
Yet with a new year, and new rollouts of software and technologies, comes more ways for hackers to do what they do best, disadvantaging their victims.
Today, your team of trusted Gold Coast Accountants are discussing business email compromise, more importantly what to do if it happens to you, and steps you can take to safeguard against these events.
Read on from Crest Accountants to find out more.
What does business email compromise mean?
Scams targeting businesses through email communications – that’s the rough definition of business email compromise. A cybercrime, this area of fraud attacks commercial, government and even non-profit organisations to achieve an outcome that will negatively impact the targeted entity.
Business email compromise can lead to personal and/or highly confidential information getting accessed by third parties, but most of the time it involves scamming companies of their money.
Did you know?
- Business email compromise scams cost Australian businesses $132 million in 2019 alone, making it the highest loss across all scam forms.
- Scammers intercept legitimate business emails and sneakily alter the details to include fraudulent information. This means recipients pay the invoice as normal, not even knowing they’ve been scammed.
It’s these sophisticated scams (the false billing email invoices) that catch many businesses off guard.
Thankfully, there’s steps you can take and tips you should be aware of, to safeguard you and your business from such malicious email attacks.
Let a Gold Coast business accountant walk you through it.
What can you do to protect your business from email compromise?
With the right processes in place and understanding of business email compromise, you can outsmart potential hackers with ease.
Here’s what you can do to protect your business against business email compromise:
- Ensure all your electronic systems have up-to-date anti-virus software and firewalls.
- Be vigilant for phishing (hackers posing as credible organisations): check spelling, domain names, exercise caution opening attachments, images and links and avoid providing personal information to unverified sources.
- Contact your supplier(s) directly via known phone number to verify any change of bank details.
- Consider an approval process that consists of multiple people for billings above a certain monetary threshold, and/or multi-factor authentication systems.
- Equip your staff and stakeholders with adequate cyber security skills so they remain on the lookout for suspicious signs such as: unexpected bank detail changes, urgent payment requests, and odd-looking domain names.
Gold Coast business accountants are here for you
We’re here to help in all things business accounting, business asset protection and so much more.
With the knowledge of business email compromise and tips above, we strongly hope you never fall victim to malicious business activity, instead proactively continuing what you do best.
Need help growing and protecting your business?
Contact Crest Accountants today for professional and personalised business accounting advice.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.