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Category: Consumer Protection / Law, Crime and Justice

Fake boss, invoice scam nets $500,000 from WA businesses

Wednesday, 17 Aug 2016 10:08:05

The Finance Minister Scott Bacon says it will be a challenge to meet the budget forecast. (ABC)

Scammers posing as bosses or suppliers have stolen at least half a million dollars from West Australian companies in the last two years, sparking a warning from consumer protection authorities.

There are two scams being employed, the Department of Consumer Protection says.

The first scam involves hacking the email of a senior company executive, then using the account to send an email, requesting a subordinate transfer money to a bank account.

The second, which accounts for the majority of money stolen, involves the scammer posing as a supplier to a business and submitting fake invoices with a new bank account.

Acting commissioner for consumer protection David Hillyard said smaller retailers, building companies and an architecture firm had been hit by the complex scams.

"In terms of the way in which they set them up, they are sophisticated. They do a lot of research. They look to cover their tracks," Mr Hillyard said.

"They are very good criminals at what they are doing."

Consumer Protection's WA ScamNet has recorded at least 10 reports of the "false boss scams" since 2015 with a total loss of almost $48,000.

"It looks and sounds legitimate, so off they go and they do it," Mr Hillyard said.

"And it may be a reasonable amount of money $1,500 to 2,000, something of that nature, which is not going to ring serious alarm bells."

Since last year, $461,000 has been stolen from 15 companies through the supplier "payment diversion scams".

"The business receives its invoices in the normal way but it's actually being asked to send them to a different bank account," he said.

Yesterday it was revealed the Brisbane City Council lost $450,000 to a similar scam.

Mr Hillyard said companies needed to independently check whenever they were asked to send funds to a new bank account.

"That seems to be the trigger, that we've changed the bank account details," he said.

"Because neither the company that's invoicing you, nor you making the payment is aware that there's this person in the middle whose changing all the details."

The Department of Consumer Protection has urged organisations targeted by the scam to report it by calling 1300 30 40 54.

AustraliaPlus


 

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