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As we step into 2024, the digital landscape continues to evolve, and with it, the sophistication of scams targeting businesses. These nefarious actors are constantly refining their tactics, making it important for businesses to be aware of the latest scamming strategies.

Protecting Your Business From Emerging Scams in 2024

February 27, 2024

As we step into 2024, the digital landscape continues to evolve, and with it, the sophistication of scams targeting businesses. These nefarious actors are constantly refining their tactics, making it important for businesses to be aware of the latest scamming strategies.

Accelerating A2P messaging fraud

When you receive a text message from a business, there’s a good chance the SMS was automatically generated by Application-to-Person (A2P) messaging. Examples include two-factor authentication (2FA), appointment reminders, marketing campaigns, banking transaction and balance alerts, and notification that goods have been shipped (a particular risk for businesses receiving regular deliveries). These are all useful communications when they are genuine, but scammers are now using A2P for fraudulent purposes:

Phishing scams

A legitimate-looking message may contain a link or phone number to lure the recipient to a phishing source that could download malware. Most Australian banks and government departments have now discontinued using links in SMS, so exercise extreme caution if you see a link appearing to be from one of these sources. Treat links in all other app messages with suspicion until you are totally confident that they are genuine. 

Artificially inflated traffic

It’s not just message recipients that can be scammed. Message senders can also be deceived by Artificially Inflated Traffic (AIT). Businesses are paying fees to fraudsters generating large volumes of fake new customer traffic by using bots.

If you use an automated service to send messages (such as one-time passwords) to new customers when they sign up, signs of potential fraud could include a sudden surge in messages, or a series of messages sent to adjacent phone numbers or overseas numbers. You can combat this type of spam by employing message verification software tools.

Phone scammers are still prevalent

Even though most people are now alert to the standard tricks of phone scammers, there are new types of telephone traps to be aware of.

The fraudsters may try to convince you that they are representing a trusted organisation, such as your bank, telephone company or internet service provider. They may even simulate the voice of someone you know, assisted by Artificial Intelligence (AI), and try to exploit your emotional reactions (for example, you may think a friend or employee is in serious trouble) to obtain sensitive information, such as bank account passwords or even cash.

You can no longer rely on the caller’s odd-looking phone number as a giveaway, because they can simulate a local presence (even one with your own area code) by using local-number telecom technology while making their real identity and location untraceable.

Software tools are available to assess the fraud potential of inbound telephone traffic, and to automatically set and enforce rules about handling incoming calls.

Premium rate phone number fraud

Outgoing calls can be a problem, too. If cybercriminals gain access to your phone system, they could make a large volume of calls to premium international numbers. The fraudsters are rewarded with a share of the revenue from the calls, and you will not find out that the scam has occurred until your business receives a hefty telephone bill.

This type of fraud can be countered by bot detection software and monitoring tools to highlight suspicious calls in real time, giving you the opportunity to block calls to these numbers long before your phone bill arrives.

Investing in scam prevention could save your business

Spending on fraud prevention tools and staff training now could save you an amount equal to many times your investment in the future. Some types of scams can very quickly bring a business to its knees.

By prioritising cybersecurity, you are protecting your business from immediate threats while fortifying it against future vulnerabilities. The cost of inaction can far exceed the investment in cybersecurity measures. The decision to invest in cybersecurity is not just a defensive measure; it is an investment in your business’s continuity and integrity.

This information is for general information purposes only. The information contained herein does not constitute financial or professional advice or a recommendation. It has not been prepared with reference to your financial circumstances or business and should not be relied on as such. You should seek your own independent financial, legal and taxation advice as to whether or not this information is appropriate for you. 

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