Scammers threaten Australian business development

New research has revealed the extent to which scammers are affecting people around Australia, which could have drastic effects for SME owners if they fall foul of them. 

The fact that the majority of these scam artists are financially motivated can put a dampner on business development as they can disrupt financial security. In age where cybersecurity is a prime motivator for IT spending, it's important that business owners are aware of all possible threats to their financial wellbeing. 

The Australian Competition and Consumer Commission (ACCC) recently published research that outlines just how damaging these scams are. So far this year around $45 million has already been lost in these incidents. This is divided amongst the 45,000 claims the commission received in the first half of 2015 alone. 

According to the ACCC, investment schemes were the second-most dangerous scams Australians fell for in terms of financial damages. These accounted for just over $9 million in damages this year. 

Despite the reliance on e-commerce trends and other online business tools, the internet is only the second-most common method for scammers to contact people, with a little over a third (33.1 per cent) of all incidents occurring through this medium. The ACCC found most scammers are using tried and true phone techniques, accounting for just under half of all reports (45.1 per cent). 

Consumer Affairs prepared some guidelines SMEs can follow to limit the impact of these scams on their operations. While some of them seem obvious, it's always good to have a refresh and review security processes. 

The advice ranges from basic reminders to more in-depth workflow solutions. This includes ensuring all records are kept up to date and are backed up, to limiting the number of people that have access to ordering systems and other financial processes that could encourage risk.