Businesses are being encouraged to use e-invoicing and secure payment methods like PayID and BPAY to reduce the risk of being scammed.
Australians lost more than $850 million to scammers last year and businesses lost almost $130 million from redirection scams, where a scammer imitates a business and gets customers to change the account funds are paid into.
Australian Banking Association CEO Anna Bligh used the start of Scams Awareness Week to encourage Australians to use identification services which show users who they are paying before they send their money.
“These services are readily available for businesses, and I encourage each and every one of them across Australia to sign up and reduce the chances of being scammed,” she said.
Scammers often target small businesses because they are less likely to have robust cybersecurity measures.
Outside of using secure payment services, Australians have been warned to always call a business to confirm any changes to payment details and use two-factor authentication with their financial services where possible.