(Source: Getty)

Australian businesses lost $128 million by falling victim to fake payment emails last year as the financial damage of scams .

False billing scams were the most common scam reported by small businesses, with this scam making up three quarters of all losses to businesses.

But it was a specific type of fake billing scam, called payment redirection scams or business email compromise scams, that hit small businesses hardest.

In these scams, the cyber-criminal will pretend to be a business or an employee and request an upcoming payment to be directed to a fraudulent bank account.

These scams have resulted in $14 million in losses and reported by 1,300 businesses.

The damage of this type of scam has nearly tripled since 2019, where only 900 businesses reported it and losses were at $5 million at the time.

, capitalising on heightened emotions and high demand for essential products or services, such as .

“One thing we know about scammers is that they…

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