According to the Australian Competition and Consumer Commission, nearly 6000 businesses reported being targeted by scams in 2016, and small businesses with less than 20 staff were the most vulnerable.
Some recent examples are:
1. Silo purchase from a regular supplier, replacement invoice advised new bank details, payment made to new bank details. Money lost as invoice had been intercepted and change of bank details was fraudulent.
2. Cattle purchase from a new supplier, invoice paid as received. Invoice had been intercepted and bank details changed prior to receipt of the invoice. Money lost.
3. Invoice received from usual fuel supplier advising new bank details. Client contacted supplier to confirm change of details and found that this was not the case. Problem intercepted and no money lost.
It’s important for AgriRisk clients to be aware that these scams exist and to scrutinise any requests they receive for payment of an invoice or change of banking details on invoices. To reduce your risk of becoming a victim of fraud, AgriRisk suggests always phoning to check:
• (when paying a new supplier) to confirm their bank details prior to payment of the invoice
• when advised of new banking details for an existing supplier to confirm the change prior to payment.
AgriRisk has access to many insurers that now offer Cyber Insurance either as a stand-alone policy or as an add-on to a Business or Management Liability policy. Premiums for a stand-alone cyber policy can start from as low as $150 plus charges for a $25,000 Limit for a business with a turnover of up to $5,000,000. Limits up to $1,000,000 are available.
Contact your Account Manager to find out more or obtain a quote.