A Timeline of Payment Redirection Scams

Multiple farmers defrauded over $100k by invoice scams

Cattle producers and livestock agencies are currently feeling the moo-d go sour as online invoice fraud surges, with many reports of $100,000 or more invoice scams in recent weeks. Cybercriminals are manipulating legitimate invoices, slyly altering bank account details and diverting hard-earned funds to their own back pocket. Taking farmers on a wild and often unsuccessful goose chase to recover their funds.

$4.4m stolen in 5 years, with fake invoices, by an employee.

This is a classic one. U.S. Attorney Damian Williams said: “For years, Barot created fraudulent invoices and processed them for payment at the Manhattan-based company where he used to work as a procurement manager. Barot designed the invoices to closely resemble the invoices that the company received from real vendors and other entities owed payment from the company.”

'Trusted insider' steals $90K from Australian Maritime Museum

IT News reports a 'trusted insider' changed banking details across multiple accounting and payments systems to steal $90K from the Australian Maritime Museum. The 23-year-old was later arrested after forensic investigators identified the fraudulent behaviour dating to November 2022. This would-be pirate faced court on Friday, and it's unclear if they will walk the plank. More to come.

ICC Hit for Six in $2.5m Phishing Scam

ESPN has revealed the ICC has become a victim of a cyber crime involving a substantial sum of money - about US$ 2.5 million - being wire transferred. While the exact sum involved has not been confirmed, ESPNcricinfo has learned that the alleged scam originated in the USA and happened in 2022.

Tasmanian Police recover $73,000 following BEC scam

Tasmanian Police have recovered more than $73,000 after a Tasmanian business was the victim of an email compromise scam. It occurred after the invoice detail in an email sent to a customer were intercepted and changed, resulting in a $73,371 payment being made to the incorrect account. Detective Sergeant Paul Turner from Tasmania Police’s Serious Financial Crime team said scams like these, known as business email compromise (BEC), were an increasing and persistent threat worldwide. “Across Australia, it seems like cyber criminals engaged in this sort of activity are particularly targeting the building and construction industry,” he said.

€220k scammed by Deepfake audio call

In 2019, a UK-based energy firm's CEO was scammed over the phone when he was ordered to transfer €220,000 into a Hungarian bank account by an individual who used audio deepfake technology to impersonate the voice of the firm's parent company's chief executive.

Scammers were able to steal $100,000 in a car transaction deal

In the second episode of Anatomy of a Scam, host Deborah Knight speaks to Rob Heathcote, who opens up about his personal experience of falling victim to a sophisticated business email compromise scam. Scammers were able to steal $100,000 from Mr Heathcote, intervening in a car transaction deal, in a “very sophisticated email trail.” This scam not only convinced Mr Heathcote, but also tricked the car dealership.

Losses from BEC scams are up 21% over the previous year to $98 million

According to a 2021 Credit Suisse report, Australia has the highest median wealth per adult in the world. In 2021–22, cybercrimes directed at individuals, such as online banking and shopping compromise, remained among the most common, while Business Email Compromise (BEC) trended towards targeting high-value transactions like property settlements.

Customers lose as banks, telcos pass buck on scams

One woman who lost $47,000 in such an attack said she was shocked by the sophistication of the scammers, who repeatedly asked her to look at NAB’s website to verify the call’s authenticity and also sent several “two-factor authentication” SMS messages throughout the call to again impersonate the bank.

$40k lost in real estate deposit scam

Queensland couple lost $39,000 to fake instructions on a contract, sending money to the fraudster's account instead of realtors.

Payment redirection scams cost Australian businesses $227 million in 2021

Australian businesses lost $227 million to payment redirection scams in 2021, a 77 per cent increase compared to 2020, the ACCC’s latest Targeting Scams report reveals. The report compiles data from Scamwatch, ReportCyber, major banks and money remitters, and other government agencies. It shows that payment redirection scams, also known as business email compromise, were the most financially damaging scams for Australian businesses in 2021."

ACCC Estimates only 13% of attacks are reported

Australian Federal Police cybercrime operations commander Chris Goldsmid said about one-third of the 67,500 cyberattacks reported to the Australian Competition and Consumer Commission in the past financial year related to fraud and BEC, including invoicing fraud and employee impersonation. "In July 2021, we saw an Australian financial firm fall victim [to BEC]. They received a falsified invoice for over $600,000. The finance area paid that invoice, thinking they were paying a legitimate invoice that they received from a business that they normally deal with," said Mr Goldsmid.

$4.3m lost in NSW property settlement scams

NSW, which has the nation's most expensive property market, accounts for three-quarters of the $4.3 million lost through this scam around the country from January 2021 to the end of March 2022.

IC3 receives 19,954 BEC/EAC complaints with losses at $2.4 billion

In 2021, the IC3 received 19,954 Business Email Compromise (BEC)/ Email Account Compromise (EAC) complaints with adjusted losses at nearly $2.4 billion. BEC/EAC is a sophisticated scam targeting both businesses and individuals performing transfers of funds. The scam is frequently carried out when a subject compromises legitimate business email accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds.

South Australia's Tailem Bend Netball Club loses $150,000 in online invoice scam

A netball club in a small South Australian town has lost $150,000 after a sophisticated scam led to money in the club's account being paid into a false account.

Toyota Subsidiary Loses $37 Million Due to BEC Scam

The latest corporate titan to fall victim to hackers is automotive giant Toyota. A European subsidiary of the company, Toyota Boshoku Corporation, was targeted by hackers as part of a business email compromise (BEC) scam. Total financial losses from the BEC scam are reportedly close to $37 million (¥4 billion), and the company is now trying to recover this money with the help of law enforcement officials.

Perth car dealership loses $65,000 to invoice scam despite best security practices

A Perth-based car dealership has been slammed with a $65,000 loss after falling victim to an invoice scam, despite taking best efforts to verify the invoice as legitimate. In such cases, businesses will often receive an invoice from a party claiming to be a supplier, with the invoice looking almost identical to a real invoice. Many business owners then pay the invoice unknowingly, assuming it to be legitimate.