Pause before you pay: Protecting your business from scams

Estimated reading time
 5 min

Scams and cybercrime are among the fastest growing risks facing Australian small businesses.

The end of financial year (EOFY) is a particularly high‑risk period, with cybercriminals exploiting the increase in online activity as businesses focus on tax preparation and financial reviews.

As EOFY approaches, heightened awareness is critical. It’s a time for business owners to slow down, stay alert, and be extra vigilant - because scam activity typically peaks during this busy period.

To help business owners understand what’s really happening and what practical steps can make the biggest difference - we spoke with Cosi De Angelis, General Manager, Transaction Banking at ANZ.

Cosi works closely with small businesses every day and is on the frontline of scam prevention and customer protection.

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Cosi, how big a problem are scams for small businesses right now?

They’re happening far more often than people realise. Every week, we see small businesses lose hard‑earned money to scams - particularly payment redirection scams and business email compromise.

What’s important to understand is that these scams don’t just cause financial loss. They can be emotionally devastating. People feel embarrassed, stressed, and shaken in their confidence. That’s why prevention is so important, because once the money is gone, it can be very hard to recover.

What do these scams typically look like?

A very common example is when a business is paying a supplier they’ve paid many times before. An email comes through saying, “Our account number has changed.”

The business might even check - they reply to the email, or they get a response confirming the change. What they don’t realise is that the supplier’s email has been compromised, and they’re dealing with a scammer.

The money gets sent, and only later does everyone realise what’s happened.

What’s the single most important thing businesses can do to protect themselves?

Scammers rely on urgency, distraction, and pressure. If something feels rushed, especially a payment - slow things down. Don’t act immediately. Make an independent check.

If account details have changed, or it’s the first time you’re paying someone, pick up the phone and call them using a number you already know and trust - not the number on the invoice or email.

That pause alone can save a business from a major loss.

Banks sometimes ask a lot of questions. Why is that?

I know those questions can feel annoying or intrusive, but they’re there to protect you.

One of the worrying trends we’re seeing is that scammers coach people on what to say and sometimes even tell them to lie to their bank. If anyone ever tells you not to tell your bank what you’re doing, that’s a massive red flag.

At ANZ, we will never judge or blame you. We ask questions because the sooner we understand what’s really happening, the better chance we have of stopping the payment or helping you recover funds.

What are some things ANZ will never ask you to do?

This is really important for every business owner and staff member to know:

• ANZ will never ask for your password
  
  
• ANZ will never ask you to transfer money to a “safe” or “secure” account
  
  
• ANZ will never ask you to lie or withhold information

If anyone claiming to be from the bank asks for those things, it’s a scam.

If a business thinks they’ve been scammed, what should they do first?

Call your bank immediately.

The sooner you let us know, the better chance we have of stopping the payment or recovering funds.

And please don’t feel embarrassed. Scams are designed to manipulate human behaviour. Staying silent only helps scammers. By speaking up, you may also prevent the same scam from happening to someone else.

Are scams just a financial issue?

Not at all. We see the emotional toll every day. Even when money is recovered, confidence can be shaken. It can affect families, staff, and whole communities.

That’s why we work closely with organisations like IDCARE, a free national support service that helps people and small businesses recover from scams, not just financially, but technically and emotionally as well.

Cybersecurity isn’t just an IT issue. It’s a team effort, and the weakest link is often where scammers focus.

What final message would you leave small business owners with?

Scams are becoming more sophisticated, but small actions make a big difference.

Slow down. Pause before you pay. Make the phone call. Talk to your bank. Educate your staff.

And remember, you’re not alone. Banks, industry, government and community organisations are working together to stop scams. If even one conversation like this prevents one business from having their worst day, then it’s worth it.

To learn more about how you can protect your business from cybersecurity risks watch our webinar.