Scams targeting businesses: EOFY edition

With the end of the financial year fast approaching, many business owners are finding themselves even busier than normal with tax-time tasks and extra paperwork. Unfortunately, this busy period also makes it easier for scammers to strike.

Scammers and online criminals are experts at exploiting those who are short on time, and small business owners are no exception. In fact, small businesses lost a staggering $13.1 million to scams in 2024*, with Queensland businesses suffering the most losses.

When you’re under pressure, it’s easy to overlook red flags. That’s why we’ve compiled some simple tips to help you stay alert and protect your business during this critical time.

Tax-related scams

As June draws to a close, there’s typically a spike in tax-related scams. Fraudsters often pretend to be from the Australian Taxation Office (ATO), aiming to blend their messages in with legitimate tax communications.

Tax refund scams

These scams usually arrive via email or text, claiming you’re entitled to a tax refund due to an overpayment. The catch? You need to pay an administration or transfer fee to access it.

Tax owed scams

Sent the same way as above, these messages insist that you owe money to the ATO and must pay it immediately. They might request your banking details, ask for money to be transferred, or even demand payment through gift cards.

Key things to keep in mind:

• The ATO will never send you an email or text message with a link or attachment.
• Legitimate ATO contact will ask you to reach out through their official website or via your MyGov account.

When in doubt, always stop and verify the message’s validity by contacting the ATO directly.

Year-round business scams

Tax time isn’t the only season when businesses are at risk. There are ongoing scams that affect small and medium businesses, constantly doing the rounds. Two of the most common are email compromise scams and false billing scams.

Business email compromise (BEC) scams

In this scam, cyber criminals either hack or spoof a legitimate email address and then send requests for payments – often marked urgent or overdue. Another tactic involves asking you to update your payment details with new (fraudulent) account information.

Stay protected by:

• Double-checking whether requests make sense and align with previous communications you’ve received.
• Verifying any payment changes directly with the sender through a known contact method.
• Strengthening your email security with strong passwords, two-factor authentication, and email filtering tools.

False billing and refund scams

In a false billing scam, the scammer may send emails about expiring domains, trade directory listings, or fake ads that you have “agreed” to, and say that you need to pay. Some criminals will also attempt this type of scam over the phone.

In refund scams, scammers contact businesses and claim an overpayment has been made and demand a refund. This overpayment is usually because of a “bank error” or is blamed on a customer.

Protect yourself and your team by:

• Maintaining accurate records and double-checking invoice details before paying or sharing information.
• Confirming refunds with your payment provider and never sending money to an unfamiliar account or via gift cards.
• Taking your time. Scammers often rely on urgency to rush your decisions and get to your money quickly.

Stop, check, protect

Criminals scam Australian businesses for millions of dollars every year, so whatever the time of year, it pays to be scam aware. Keep up-to-date with current scam threats by visiting the ScamWatch and National Anti-scam Centre websites, and remember to STOP, CHECK, PROTECT.

*National Anti-Scam Centre report on scams data and activity 2024, March 2025