iscoverScam tactics continue to become increasingly sophisticated with small businesses needing to be more vigilant than ever, according to the big four bank.
ANZ champions SME cyber security to protect financial assets
08 October 2025
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8 minute read
ANZ is urging small businesses to stay vigilant and disciplined towards their scam protection as cyber criminals increasingly target small and medium-sized businesses with sophisticated tactics.
According to the bank, it had seen an increase in cyber criminals taking advantage of businesses and individuals by exploiting vulnerabilities in email systems and financial systems.
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Cyber criminals were also hacking internal systems to update invoice payment details and asking for payments to be sent to a new or updated bank account controlled by the scammer.
This type of criminal activity was known as business email compromises (BEC), with data in the Cyber threat trends report highlighting that BEC scams were among the most common scam types and cost Australian businesses over $84 million in 2024 alone, while representing 13 per cent of the 87,400 reported cyber crime incidents.
Cosi De Angelis, ANZ head of transaction banking, said as it was Cyber Security Awareness Month, it was an opportune time for ANZ to remind Australian businesses about the kinds of scams out there, and how they could work to protect their staff and finances.
“Too often, I see scammers attempt to target small business owners by impersonating trusted business partners or long-term suppliers. Business owners are often run off their feet, and cybercriminals will look to exploit this and take advantage of hardworking Australians,” he said.
“Given the sheer volume of emails, text messages, instant messages and social media messages business owners and employees send and receive each day. It’s not surprising we tend to act on things straight away and sometimes overlook circumstances in correspondence.
“Scammers will take advantage of this – I implore Australians to double check all communication and if in doubt, contact your vendors and suppliers.”
De Angelis added that scammers were also attempting to target small businesses by impersonating banks or other financial institutions and government agencies, tricking people into sharing personal information, transferring money, or clicking on malicious links.
The report revealed that small businesses were being disproportionately targeted, with the average cost of a cyber crime incident having increased by 8 per cent in 2024 compared to the previous year, costing them up to $49,000 each year.
The bank encouraged all businesses and their employees to continue building their awareness through available education and opportunities to effectively protect themselves.
“ANZ teams are working around the clock to help prevent cybercriminals from targeting small-medium Aussie businesses. Between October 2024 and June 2025, ANZ successfully prevented and recovered over $100 million in scam and fraud-related funds,” De Angelis said.
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