One prevalent tactic is Business Email Compromise (BEC), where cybercriminals infiltrate email systems to manipulate invoice payment details, redirecting funds to fraudulent accounts. According to the Australian Signals Directorate, BEC scams accounted for over $84 million in losses in 2024, representing 13% of reported cybercrime incidents.
ANZ underscores that scammers often impersonate banks or financial institutions, exploiting the high volume of digital communications to deceive businesses. The bank advises verifying any requests for sensitive information or changes to payment details through direct contact with known representatives.
Between October 2024 and June 2025, ANZ successfully prevented and recovered over $100 million in scam and fraud-related funds, demonstrating its commitment to protecting clients. The bank recommends the following measures for businesses:
- Implement multi-factor authentication for all financial transactions.
- Regularly update and patch software to address security vulnerabilities.
- Educate employees on recognizing and reporting suspicious communications.
- Establish clear protocols for verifying changes to payment instructions.
By adopting these practices, businesses can enhance their defenses against the increasing sophistication of cyber threats targeting the financial sector.
Published: Thursday 25th December, 2025
Please Note: If this information affects you or is relevant to your circumstances, seek advice from a licensed professional.
