As a business owner, you are regularly receiving emails, text messages and phone calls about payments, invoices, tax notices and account updates. Recently, a number of clients have forwarded suspicious messages to us asking, "Is this real?" Taking that extra step to check can prevent significant financial loss.
Financial scams are becoming increasingly convincing. Messages are often designed to look like they come from your bank, the ATO, suppliers, or even your accounting software. They may include logos, formal language and urgent requests. The intention is simple: to get you to click a link, transfer money or provide login details. Below are some of the most common types of financial scams we are seeing:
Fake tax notices:
Scammers send messages claiming you owe tax or penalties and must make immediate payment. Government agencies generally do not request payments through unexpected links or emails.
Invoice scams:
You receive an invoice for goods or services you have never ordered. The amount is often small enough to go unnoticed and may be paid without proper review.
Bank alert scams:
A message claims there is unusual activity on your account and asks you to click a link to confirm your details.
Payroll or vendor change requests:
An email appears to come from an employee or supplier requesting updated bank details. If processed without verification, payments can be redirected to fraudulent accounts.
Here is how to protect your business:
Urgency is a warning sign. Scammers rely on pressure and quick decisions, so take time to assess any unexpected request.
Verify independently. Avoid clicking links in suspicious messages. Instead, access your accounts through official websites or contact the organisation directly using known details.
Check email addresses carefully. Look for small spelling differences or unusual domains.
Confirm changes to payment details. Always verify bank detail changes with employees or suppliers using a trusted phone number.
Limit system access. Ensure only authorised team members have access to your banking and accounting platforms.
Scams are more than just an inconvenience. They can directly affect your cash flow, operations and financial stability. Staying cautious and taking simple verification steps can help protect your business from unnecessary risk.
If you are unsure about a message, payment request or anything within your accounts, the CSCG team is here to help. Contact us on 9974 8333 or visit www.cscg.com.au for guidance and support.