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Scammers are getting away with millions of dollars as BEC scams rise across the country.
The Australian Federal Police (AFP) has warned of an alarming rise in business email compromise (BEC) scams targeting Australian businesses in the construction sector.
“The construction sector, with its high-value transactions and complex subcontracting chains, has become an attractive target for organised cyber crime groups operating both domestically and offshore,” AFP Assistant Commissioner Cyber Command Richard Chin said in a 28 October joint statement with the NSWPF, SAPOL, TASPOL, and QPS.
“Unfortunately, victims often don’t realise they’ve been defrauded until it’s too late and the funds have already been moved through multiple international accounts.
“We’re all busy, and it’s easy to rush through tasks, but when it comes to payments, taking a moment to stop and verify can be the difference between protecting your hard-earned cash and becoming a victim to cyber crime.”
Business email compromise schemes involve scammers posing as employees and other businesses via email, often via a compromised account, who then trick their victims into paying fraudulent invoices.
In 2024 alone, BEC scammers stole more than $152.6 million from Australian organisations, a 66 per cent increase over the previous year. BEC scams are the number three most self-reported form of cyber crime in Australia.
“No matter how legitimate a request may appear, always confirm payment instructions through a secondary communication channel, such as a trusted contact you’ve previously engaged with,” Assistant Commissioner Chin said.
“Cyber crime prevention is a shared responsibility, and even small steps can stop significant financial losses.
“The AFP is working closely with industry partners, state, territory and international law enforcement, and financial institutions to disrupt these criminal syndicates. Through initiatives such as Operation Dolos, we are actively identifying offenders and recovering stolen funds where possible.”
Operation Dolos is a multiagency taskforce established by the AFP in 2020 to target BEC scams. It comprises the AFP-led Joint Policing Cybercrime Coordination Centre, state and territory police, Australian Criminal Intelligence Commission, Australia Cyber Security Centre, AUSTRAC, and the financial sector.
The construction sector is a particularly juicy target for BEC campaigns. Frequent invoicing between firms and individuals and high-value transactions make for a juicy target. Combine with often under-resourced cyber security departments – if a company has one at all – and you have a perfect storm for fraudulent activity.
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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