The ATO has warned businesses that cybercriminals are targeting them with business email compromise scams.

Cybercriminals send fraudulent emails posing as a legitimate business contact or staff member. They typically request a change in bank account details for a deposit, wages or invoice payment. Victims then unknowingly send money to the cybercriminal.

These fraudulent emails may come from hacked email accounts, or cybercriminals might register domain names that are similar to legitimate companies. ACCC Scamwatch reported that more than $132 million was lost as a result of business email scams in 2019 alone.

The ATO advises that you can protect yourself, and the reputation of your business, by taking a few simple steps.

Read our complete February 2022 TaxWise Business Newsletter here.