Government Cracks Down on Scams: What You Need to Know

The Australian Competition and Consumer Commission’s (ACCC) National Anti-Scam Centre (NASC) has issued critical warnings for small business owners about the increasing threat of scams. With Australians losing $2.74 billion to scams in 2023, it’s essential for businesses to remain vigilant and proactive in protecting themselves from fraud.

Understanding the Threat

The NASC has highlighted concerns over scams exploiting recent cybersecurity and outage incidents. It is forecasted that scammers will use these events to create a false sense of urgency, tricking individuals into downloading software or granting remote access to their systems.

In light of the increasing scam activity, the Australian Taxation Office (ATO) is reducing the number of SMS messages sent to taxpayers. This measure aims to help distinguish between legitimate notifications and fraudulent messages, particularly during the tax season when scam activity often spikes.

Steps to Take If You Receive Suspicious Communications

To protect your business:

1. Verify Identity: Always check the identity of anyone contacting you. Use independently sourced contact details to confirm with your IT support or financial institution.
2. Avoid Rushing: Do not hurry to download software or provide personal or financial information. Take time to verify the legitimacy of the communication.
3. Report Suspicious Activity: If you suspect a scam, contact your bank immediately and report the incident to Scamwatch.

Staying Safe Online

To strengthen your business’s security, consider these strategies:

1. Communicate with Your Team: Regularly train employees on recognising scams and implementing effective cyber security practices.
2. Use Secure Communication Channels: Employ official methods for financial transactions and handling sensitive information.
3. Stay Informed: Keep up with updates from the ACCC and the ATO on potential scams and best protection practices.