The watchdog has received 20 reports about the scam since October 2014 – and about a third of the companies who contacted ScamWatch reported losses, according to ACCC acting chair Michael Schaper.
“In total, we have received reports of $600,000 being lost. One firm reported a loss of approximately $500,000, while another [company] lost $10,000,” he said.
The overseas scammers hack into vendor and/or supplier e-mail accounts and obtain information such as customer lists, bank details and previous invoices. The legit business subsequently receives an e-mail, supposedly from a vendor, requesting a wire transfer to a new or different bank account.
Businesses trading overseas – particularly with companies in Asia – are at higher risk of being ripped off by these scams, the ACCC says.
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