27 July 2016

ACCC: ransomware scams lead list of small business complaints

The Australian Competition and Consumer Commission received more than 7,600 enquiries and complaints from small business in the first half of 2016, with ransomware such as Cryptolocker  one of the biggest problems.

According to ACCC's report Small Business in Focus report #12, small businesses reported $1.6 million in losses from scam activities in the past six months.

 

"An emerging scam posing a threat to businesses is the business email compromise scam (fake CEO scam). It usually involves a fake instruction from someone pretending to be the CEO or other senior staff member, advising changes to payment arrangements for a supplier and redirecting invoice payments to the scammer," stated the report.

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The ACCC offers advice for small business on the new credit card surcharging laws and new Unfair Contract Term protections. The national competition agency also offers free online education programs intend to educate Australian business owners and staff.

Read more here.