ANZ Bank's Advisory on Escalating Sophisticated Scams Targeting Businesses

Cybercriminals are increasingly targeting small and medium-sized businesses with tactics such as business email compromise (BEC). This involves hackers infiltrating internal systems to alter invoice payment details, redirecting funds to accounts they control. According to the Australian Signals Directorate's latest Cyber Threat Trends report, BEC scams accounted for over $84 million in losses in 2024, representing 13% of the 87,400 reported cybercrime incidents.

ANZ's proactive measures have successfully prevented and recovered over $100 million in scam and fraud-related funds between October 2024 and June 2025. The bank advises businesses to remain cautious, especially when receiving unsolicited communications requesting sensitive information or changes to payment details.

For our audience of small business owners and individuals, this advisory underscores the critical need for robust cybersecurity practices. Implementing measures such as verifying payment details through direct communication channels, educating staff about phishing tactics, and utilizing secure financial platforms can significantly reduce the risk of falling victim to such scams.

Staying informed about emerging cyber threats and adopting proactive security measures are essential steps in protecting your business's financial health and maintaining trust with clients and partners.