ANZ warns customers to be vigilant to business email compromise and fake invoice scams

ANZ has urged customers to be on alert for the warning signs of business email compromise (BEC) and fake invoice scams, also known as payment redirection scams, as cybercriminals look to take advantage of businesses and individuals by exploiting vulnerabilities in email systems and financial processes.

Small and medium sized businesses are the most common targets for cybercriminals running payment redirection scams, as their technology infrastructure is typically less complicated to infiltrate than larger corporations. Once scammers have hacked into a business’s internal system, they can update invoice payment details and ask for payments to be sent to a new or updated bank account.

ANZ Scams Portfolio Lead, Ruth Talalla said, ‘Scams remain an ongoing challenge for Australians, with cybercriminals increasingly adopting sophisticated practices such as BEC and fake invoice scams to exploit consumers.’