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Cyber crime on the rise

Dec 16, 2021

Vehicle dealerships are not immune from the threats posed by cybercriminals.

One dealership fell victim to a scam when bank account details were changed for payment of a supplier’s invoice for more than $3 million.

It is vital to double-check invoices and account numbers before making any payments.

The Australian Competition and Consumer Commission’s latest report [PDF 2.35MB] on scams in 2020 shows $128 million was lost to business email compromise incidents (payment redirection scams).

The Australian Cyber Security Centre has sound advice to avoid getting caught in a business email compromise.

Ensure your team members are aware of these warning signs and report them immediately:

  • An unexpected change of bank details
  • An urgent payment request or threats of serious consequences if payment isn’t made
  • Unexpected payment requests from someone in authority, particularly if payment requests are unusual from that person
  • An email address that doesn’t look right, such as the domain name not exactly matching the supplier’s company name.

Ensure workers have clear guidance to verify account details and think critically before actioning unusual requests. Have a process to report threatening demands for immediate action, pressure for secrecy, or requests to circumvent protective business processes to the ACCC’s Scamwatch.

More information about invoice redirection fraud is available here.

If you would like to discuss cyber insurance, please contact your Insurance Adviser at Austbrokers Comsure on 1800 122 194.