Stop and check: Suncorp Bank urges customers to stay scam safe this festive season

Suncorp Bank is urging customers to stay scam safe and be on the look-out for Business Email Compromise (BEC) scams.

BEC scams involve the scammer using email to trick someone into sending money, with the culprit posing as a trusted figure, before asking for a fake bill to be paid.

Executive Manager, Financial Crime, Operations and Strategy, Paul Gardner said December is a particularly high-risk month for scams.

“People often have a lot of things to pay for at this time of year,” he said.

“They’re also likely busy and may not think to stop and check, but it’s really important to do so, because the consequences can be costly.” 

Mr Gardner said there were several tips for customers to ensure it doesn’t become the most wonderful time of year for scammers.  

“Where the payment details are new to you for either a new or existing payee, take a moment and call the payee on a publicly listed or trusted phone number and confirm the account details, including the BSB and account number, are correct,” Mr Gardner said. 

“It is important to do this verbally and not via email as the email may be controlled by offenders who use this to intercept your payments. 

“Spending a few moments checking before making the payment can potentially prevent you from experiencing a life changing financial loss.”  

What is a BEC scam?

1. Scammers research their targets (businesses and/or their customers) and figure out how to fake their identity or compromise their email accounts.
2. Once they have access, scammers monitor emails to figure out who might send or receive money. They also look at conversation patterns and invoices.
3. The scammer tries to gain the target’s trust and then asks for money, gift cards, or information. The scammer could also alter payment details on invoices going to the customer or to the business which are then paid to the scammer’s bank account.

Suncorp Bank’s top tips to prevent a BEC scam

1. Call to validate all new or updated invoice details prior to sending any funds. The call should be to a trusted known number and not off the invoice directly, as this may have also been altered.  
2. Use a secure email solution with multi-factor authentication to protect your email accounts.  
3. For business owners: teach employees to spot the warning signs. These include signs of phishing, changes to invoices, domain/email address mismatches etc. 

For more information on how to keep yourself scam safe, visit: Understanding Online Safety | Suncorp Bank