This information was sourced from the ACCC website and is available to read in full here.
Small businesses with fewer than 20 staff were most likely to be targeted by scammers and accounted for more the 75% of reports to the ACCC. Businesses were most likely to be targeted with false billing scams (1819 reports) but investment, hacking and phishing scams also caused significant losses.
The increase in losses reported by Australian businesses was largely caused by sophisticated ‘business email compromise’ scams. These scams involve hacking of business email systems and impersonating the intended payment recipient.
Read the full report here to learn about the steps businesses should take to protect themselves.