Protect your business from banking scams

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Small businesses have been warned of the risks associated with doing their banking from mobile devices in light of a widespread mobile scam.

Recently, the ACMA (Australian Communications and Media Authority) issued a public warning about a “persistent and sophisticated” SMS scam that is attacking customers of several banks of the major banks in Australia.

The SMS scam looks like a short text message that contains URLs to fake mobile banking websites that closely resemble legitimate banking sites. The message contains few words, typically beginning with “Account notification” or “Verify your identity”, and the URLs also closely resemble the legitimate domains of the banks by including the bank’s name and words such as “mobile”.

When clicked, the fake URL directs the customer to a series of webpages that are designed to obtain the customer’s account details.

Since small businesses owners are just as vulnerable to SMS banking scams as individual bank customers are, necessary precautions should be taken.

Most banks offer specific services for businesses that utilise different methods of authentication. One such measure now offered by banks is access tokens, which can replace SMS confirmation messages.

Another option offered through business banking services allows business owners to create extra logins for their workers or accountants. Limits can also be placed on these logins to ensure the correct controls are in place.

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