ANZ is reminding Australian businesses to remain alert to cyber threats as criminals increasingly target small and medium-sized enterprises (SMEs).
One of the fastest-growing threats is business email compromise (BEC), where scammers hack into email systems to redirect invoice payments.
According to the Australian Signals Directorate’s Cyber Threat Trends report, BEC scams accounted for 13% of all reported cybercrime in 2024, costing Australian businesses more than $84 million. The average cost of a cybercrime incident has risen 8% over the past year, with small businesses losing an average of $49,000 annually.
Cosi De Angelis (pictured), ANZ head of transaction banking, said Cyber Security Awareness Month was a timely reminder for SMEs.
“Cyber Security Awareness Month offers an opportune time for us to remind businesses about the kinds of scams out there, and how they can help keep their staff and finances safe,” De Angelis said in a media release.
He added that scammers often impersonate trusted suppliers to trick busy business owners.
“Business owners are often run off their feet, and cybercriminals will look to exploit this and take advantage of hardworking Australians.”
ANZ promotes a “Stop. Check. Protect” approach, encouraging businesses to pause before acting, verify communication, and look out for red flags.
Melbourne-based Benton’s Plumbing Supplies narrowly avoided a costly scam after cybercriminals impersonated a genuine business contact. Staff unknowingly gave remote access to their computers before ANZ’s Falcon technology flagged suspicious payment activity.
ANZ’s Fraud Detection team intervened before funds were transferred offshore.
“Our team experienced a very significant scam near miss that was averted by the diligence of the ANZ team… Since the incident, our team has been more scam aware and confident in identifying when something doesn’t feel right,” Benton’s CFO, Aleks Nawrocki, said.
Between October 2024 and June 2025, ANZ successfully prevented and recovered more than $100 million in scam and fraud-related funds. The bank’s customer protection teams and fraud systems operate 24/7, helping to safeguard Australian businesses.
ANZ advises SMEs to:
Businesses can access more resources via the ANZ Business Cybersecurity Hub.
ANZ has partnered with the National Office of Cyber Security and other major banks to host a Securing Australia Together webinar on Thursday, Oct. 9 at 10am AEDT. Advisers and business clients can register online using the access code ANZ-JNEUY.
As part of its Scam Safe initiative, ANZ is encouraging businesses and individuals to adopt three guiding principles:
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