EOFY: When Scammers Love Small Businesses Most
End of financial year — the receipts pile up, the BAS is due, and the scammers circle like seagulls at a hot chip stand. At RSM Tasmania Insurance Brokers Hobart, we’ve seen the real cost.
It’s not just individuals — small businesses are prime targets. Every July, fake invoices, dodgy tax refund emails, and sneaky phone calls ramp up. Why? Because people are distracted. You’re busy trying to square up with the ATO, chasing late payments, and maybe splurging on that new laptop you’ve been putting off.
Scammers know this. And they know that one tiny slip — a fake supplier bank detail, an invoice that looks legit but isn’t — can cost you thousands. Worse, cyber crooks might get access to your customer database, wreaking havoc on your reputation.
One Tasmanian business got stung by a clever impersonation scam. They thought they were paying a trusted supplier — only to find out the bank account had been swapped by a fraudster. The money? Gone. The supplier? Rightfully angry. And the clean-up? Months of headaches, plus legal costs.
🛡️ How can you protect your business?
EOFY is actually the perfect time to check your digital and financial health, not just your tax return.
✅ Talk to your staff — remind them: hover over email addresses, confirm changes to bank details by phone, and never rush a payment under pressure.
✅ Know your normal — spot unusual requests, last-minute changes, or payment redirections.
✅ Check your cyber insurance — does it cover email fraud and social engineering? Many older policies don’t.
✅ Secure your data — back up regularly, use strong passwords, and consider multi-factor authentication.
🤝 How insurance can soften the blow
No business wants to fall victim — but if you do, the right cover can help. Crime insurance, cyber liability, and management liability can cover losses, forensic investigation costs, legal expenses and even crisis communication if your customers are affected.
That’s why we always say: good risk management is a team sport. You, your staff, and your broker should work together to make sure your cover matches the real risks you face.
📝 Extra help
The ACCC’s Scamwatch is a great free resource for spotting the latest tricks:
Scams targeting small business | Scamwatch
If you’re not sure your cover is up to scratch, RSM Tasmania can help you get it right — so you can get back to running your business with confidence.
Remember, this article is general in nature and doesn’t take into account your specific objectives, financial situation, or needs. For advice tailored to your circumstances, have a chat with us at RSM Tasmania Insurance Brokers Hobart.
Talk to Roger Hosie and stay ahead with RSM Tasmania’s insights.
Call Now! (03) 6244 7854, or email .
