A small business in Victoria recently fell victim to a sophisticated false billing scam, almost losing $900,000. Fortunately, most of the funds were recovered. The incident involved a construction company, a customer of Bendigo Bank, that had hired a local supplier for a routine task.
After completing the work, the supplier sent a draft invoice to verify details before requesting payment.
Unbeknownst to the construction company, a scammer intercepted the communication and altered the account details on the invoice. The construction company received an invoice for $938,600, along with a note explaining the change in bank details, urging immediate payment to avoid delays. The invoice appeared legitimate, coming from the supplier’s genuine email and signed by the director, prompting the company to transfer the money.
When the supplier later inquired about the payment, the construction company realized the scam. Upon contacting Bendigo Bank, they managed to retrieve $897,083 of the stolen funds. This case underscores the prevalence of false billing scams, which were the second most common scam reported to ScamWatch, costing Australians $16.2 million last year.
Jason Gordon, Bendigo Bank’s Head of Customer Protection, highlighted the importance of vigilance, stating, “Quick action is crucial if something seems off.
However, prevention is always better than cure, so we advise customers to Stop, Think, and Protect.”
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