Corporate regulator ASIC has issued a warning to small businesses to be on high alert for scams, especially as fraudulent activity is on the rise.
That’s after the latest Australian Competition and Consumer Commission Targeting Scams report, found that small businesses lost $17.3 million to scams in 2023 alone, with false billing, phishing, and investment scams being the most common.
ASIC said that scammers are becoming more sophisticated, using remote access and impersonating businesses to steal funds.
As such, business owners are urged to verify invoices, avoid giving remote access, and report suspicious activity to Scamwatch.
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