Scammers evolve their methods constantly and may have information about you and your business that makes them sound genuine. So how can you guard against scams and boost your security?
Defending your business is easier than you think
Every person working in a small business should be aware they are prime targets for scammers. Over 2022 small and micro businesses lost $13.7 million to scams, up 95% on 2021. The biggest contributor to these losses were payment redirection scams, also known as business email compromise. More broadly, there was a 73% increase in scam losses by Australian businesses last year, totalling $23.2 million.
Scammers are constantly changing their tactics to get under your guard – for example, CommBank business customers are reporting a recent shift from business email compromise scams to phone based and remote access scams. But although the scams are becoming more sophisticated, take these three steps to stay CommBank Safe:
- When you get an unusual call or text, stop and think. Real organisations won’t put you under pressure to act instantly.
- Contact the organisation the message claims to be from or check with someone you trust.
- If it’s not who it claims to be, block the texter, delete the email or hang up on the caller. Change your passwords.
CallerCheck
- If you are suspicious of a caller and want to verify that you are talking with CommBank, you can use This can be used to verify calls we make to you as well as calls you make to us as.
- You’ll need to have version 4.37 or newer of the CommBank app installed. If you don’t have this version, we’ll use the standard identification process.
- Log into the CommBank app and follow the prompts to verify the call.
Seven ways to boost your cybersecurity
Three in five Australians say that in 2022 they were the victim of a scam or knew someone who was, according to CommBank research. On average, Australians say they receive 4.98 scam calls/emails/SMS/social media messages each week.
That’s why it’s important to keep your business on top of developments in cyber security – so that if you do let your guard down, there’s enough protection in place to defend you. There are nine ways you can protect your business:
- Never provide your password or one time codes to anyone, even someone saying they’re the bank.
- If you receive an email or invoice requesting a payment to a new bank account number, check with the other party using a known phone number.
- Send and receive payments securely with PayID.
- Set up multi factor identification on devices.
- Ensure your work-from-home staff are safely set up.
- Select strong, unique passwords for your accounts.
- Think before clicking on any links or email attachments.
- Review who has authority on your business accounts.
- Learn how to spot a scam.
We’re helping you stay CommBank Safe
- 24/7 monitoring: Our monitoring system runs around the clock looking for suspicious transactions and activity across your accounts.
- Latest AI technology: Our ‘protect, detect, and resolve’ machine learning approach is designed to identify irregularities and scammers. It shuts down activity not authorised by you or your team.
- Two-way push notifications: Live and unique CommBank app notifications offer security alerts about transactions that appear suspicious.
- 100% security guarantee: Our 100% security guarantee protects you from unauthorised transactions on personal and business accounts when you take the necessary steps to stay safe online.
Things you should know
This article is intended to provide general information of an education nature. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider its’ appropriateness to your circumstances. Interest rate information and predictions are subject to change depending on economic market fluctuations and conditions. Commonwealth Bank of Australia ABN 48123 123 124.
