Payment redirection scams cost Australian businesses $227M last year

Andrew Banks

July 8, 2022 9:18

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 has revealed.

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.

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Andrew Banks

Andrew is an editor and journalist with over 27 years' experience, working across publications including news.com.au, The Sunday Telegraph and The Australian newspaper.

Topics

ACCC Mick Keogh payment redirection payment redirection scams payments scams

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Payment redirection scams cost Australian businesses $227M last year

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