A surge in cybercriminals from Africa and Eastern Europe targeting Australian businesses has prompted the Australian Federal Police (AFP) to take action. In the past three years, the AFP has managed to recover a staggering $45 million that had been stolen by online thieves. This recovery represents almost half of the total amount stolen via email scams targeting businesses in the year 2021/2022.
This year alone, businesses in Australia reported losses exceeding $98 million due to email compromise scams. These scams involve criminals gaining access to legitimate email accounts and tampering with bank and contact details on invoices before sending them to unsuspecting customers. They also resorted to impersonating businesses to initiate fake transactions with customers, diverting salaries into their own bank accounts, or tricking employees into disclosing sensitive business information.
According to Cybercrime Operations Commander Chris Goldsmid, Australian criminals, along with criminal groups from Africa and Eastern Europe, are among those targeting businesses in the country. He emphasized the importance of protecting businesses, especially small ones, as they are the backbone of the Australian economy. Commander Goldsmid described cybercrime as the modern-day break-in, highlighting the need to reimagine what a crime scene looks like.
To combat cybercrime and recover stolen funds, affected businesses are encouraged to use the Australian government’s cybercrime reporting tool, ReportCyber, and promptly contact their banks within 24 hours of discovering a breach. In cases where businesses managed to retrieve some or all of their stolen money, these steps were found to be key.
In preparation for Cyber Security Awareness Month in October, the AFP recently released 11 videos explaining how individuals and businesses can avoid cybercrime. The videos also provide guidance on what actions to take if targeted. Commander Goldsmid urges businesses to report cybercrimes immediately, strengthen the security of their accounts, and notify third parties who could also be at risk. Limiting access levels, being cautious with suspicious emails containing links or attachments, and engaging with the AFP’s Joint Policing Cybercrime Coordination Centre are recommended measures to minimize the risk of falling victim to cyber attacks.
In conclusion, the AFP’s efforts to combat cybercriminals and recover stolen funds have been commendable. With cybercrime becoming an increasingly prevalent issue, it is crucial for businesses to stay informed, adopt preventive measures, and swiftly report any incidents to protect themselves and others. By working together, it is possible to tackle the modern-day threat posed by cybercriminals and safeguard the Australian business landscape.
