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The scam costing businesses thousands

A scam largely targeting small businesses is on the rise and police are urging you to take control and follow some simple steps to avoid falling victim.

The scam often starts with the small business being hacked. The offenders gain access to the company’s computer system after an employee inadvertently clicks on a link in an email or they take advantage of an access point made possible by lapsed or inadequate anti-virus software.

Now armed with their contact list, the offender masks themselves as a company known to the business and sends new bank detail information and an invoice for payment.

Most companies are unaware they have been scammed until they are contacted with overdue payment advice. Small businesses have reported losing up to $90,000 in this scam.

The best way to prevent yourself from this scam is to always make a follow up phone call when receiving notice of changes to bank account or payment details. A five minute phone conversation could prevent significant issues down the track.

Make sure you keep security, anti-virus and firewall software up to date and remind staff about email safety and the need for constant vigilance.

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