The Claim That Started With an Email
When it comes to the Business Insurance Tasmania trusts not every claim begins with something dramatic.
Sometimes, it starts with a completely ordinary email.
A staff member opens their inbox and sees what looks like a routine supplier invoice.
The branding is right.
The wording feels familiar.
Even the contact details look correct.
The only thing that’s changed?
The bank account number.
In many cases, nothing raises suspicion. The invoice is processed, the payment is made, and business continues as usual.
Until the real supplier follows up.
That’s when the problem becomes clear — the original payment didn’t go where it was meant to. And by the time it’s discovered, the money is often long gone.
This type of scam isn’t new, but it is becoming more refined. It doesn’t rely on hacking systems or breaking through security software.
Instead, it relies on timing, familiarity, and trust.
For many small businesses, that’s exactly what makes it so effective.
According to the ACCC Scamwatch, business email compromise and invoice scams continue to cause significant financial losses across Australia, particularly for small and medium-sized businesses.
From an insurance perspective, situations like this can be more complex than people expect.
Some policies may respond to certain types of cyber incidents or fraudulent activity. Others may not, particularly where the payment was authorised by the business — even if it was based on incorrect information.
That distinction matters.
It’s also worth noting that recovery isn’t always straightforward. Banks may attempt to trace funds, but success depends heavily on how quickly the issue is identified and reported.
Delays can make a difficult situation even harder to resolve.
At RSM Tasmania, we often see that the real issue isn’t just the scam itself — it’s the gap between what business owners think is covered, and what actually is.
A quick review of your current cover, combined with simple internal checks (like verifying changes to supplier payment details), can make a meaningful difference.
If you’d like to understand how your current policies respond to scenarios like this, talk to us today.
Because sometimes, the biggest risks don’t look like risks at all — until after the payment has been made.
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.
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