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Posts by erica

Invoice Fraud – Is your business Protected? What is it worth to you?

April 7th, 2020 Posted by Featured, Internet Safety, Payments, Staysmartonline 0 thoughts on “Invoice Fraud – Is your business Protected? What is it worth to you?”
07/04/2020
Police Arrests following Invoice Fraud
NSW Police last week arrested and charged two men over their alleged involvement in a $2.6 million Business Email Compromise (BEC) scam syndicate. The scam involved sending altered invoices to businesses who unknowingly paid the scammers into their accounts.

One of the men is believed by police to be the leader of the syndicate and faces charges related to directing a criminal group. Police allege he gained more than $1.6 million, and unsuccessfully tried to gain nearly another $1 million through email scams from mid-2018 until early this year.

Commander of the NSW Cybercrime Squad, Matthew Craft, said cybercrime presents “a unique challenge for law enforcement”.
“These arrests are a timely reminder for all individuals and businesses to have strong cyber security measures in place for protection,” Craft said.

“During this investigation, officers uncovered a criminal network targeting hard-working Australian businesses through a series of sophisticated email scams,” Det Supt Craft said.
Police charged three other people last year in relation to the same investigation.

Business email compromise scams
Business email compromise (BEC) scams – where finance staff are deceived into paying fake invoices –are becoming increasingly common.

In 2018 alone, it was estimated that Australian businesses lost more than $60 million from this type of scam.

An ice rink in Sydney’s South West fell victim to a BEC scam earlier this year after receiving changed payment details for a new ice resurfacer it was purchasing, transferring $77,000 into an unknown Hungarian bank account.

Currently, the COVID-19 outbreak is creating a new set of challenges for businesses trying to shore up their cyber defences. There has been a rise in the number of coronavirus-related scams in recent weeks. With many Australian businesses trying to operate remotely to help encourage social distancing, networks could be more vulnerable as they are spread away from centralised IT systems.

How can you protect your business?
The Australian Cyber Security Centre has a list of strategies to mitigate the effects of cyber-attacks during the COVID-19, but one of the simplest steps business owners or accountants/bookkeepers can take to reduce their risk is to implement Gobbill as their accounts payable solution.

Gobbill is a simple, affordable bill payment automation and fraud protection tool that protects users from scams like Business Email Compromise. Our unique Know Your Biller process checks every document before it is scheduled to be paid, and intervenes to stop payment of any bills which are suspicious or have been tampered with.

Plans start from $25 per month, with a free 1 month trial on our small business plan.

To arrange a demo contact erica@gobbill.com.au or call 0444 599 715.

Source Articles: https://ia.acs.org.au/article/2020/police-arrest-men-over–2-6m-email-scam.html
https://www.infosecurity-magazine.com/news/australians-arrested-over-26m/

International Women’s Day 2020 – Insights into how successful young women build wealth and independence. Simple and effective tips.

March 10th, 2020 Posted by Uncategorized 0 thoughts on “International Women’s Day 2020 – Insights into how successful young women build wealth and independence. Simple and effective tips.”

Photo of Gabi, Gobbill user.

Setting goals and being in control of her finances has helped Gabi build wealth and achieve greater financial independence. We asked Gabi to sit down and answer a few simple questions in order to share her experiences and insights with others.

  • Who has influenced you the most about money management? 

Definitely Robert Kiyosaki through his book “Rich Dad, Poor Dad”- he taught me the importance of assets and investments for passive income. Also, Tony Robbins – his personal development series taught me a lot about discipline and goal setting which I then applied to saving and investing.

  • How would you describe your relationship with money?

I think a little controlling! My family didn’t have a lot of money growing up so the need to have savings has always been a high priority for me.

  • How has your relationship with money changed over the years?

I have actually become more relaxed about it, and now enjoy spending it much more than I used to! I think it is important to save for the future, but also enjoy the fruits of your labour in the present. You need a good balance.

  • What advice would you give others? i.e. women wanting to better at managing money…

Absolutely do a budget, and separate your money – the Barefoot Investor has a great ‘bucket’ method for this, where you separate money for essentials, luxuries, and savings into different accounts. It gives incredible peace of mind and no ‘savings shock’ at the end of the month (which is what I call it when you’ve spent more than you thought in a month and eaten into your savings). Also invest in some assets, no matter how small an amount you can manage – you can start with some simple managed funds and work up to shares or property from there.  I also have a list of goals, with savings plans attached to them.

  • What does financial wellness mean to you?

Being able to pay for whatever I need without worrying about it, but also knowing my limits and how going over these will impact my long-term financial goals.

  • What are your financial goals?

Long term, to pay off our home and have a comfortable retirement. Medium term to travel and improve our house. Short term to go to my friend’s wedding in New York in 2020!

  • How does using Gobbill help you manage your finances?

It’s a “set and forget” method similar to the savings buckets. I have Gobbill linked to the bank account I use for essentials, so I know that I always have enough money to pay my bills, and then Gobbill makes sure the payments are made on time. It’s pretty much an automatic system!

Find out more about how Gobbill can help you manage your bills and improve your financial well-being, contact Erica at erica@gobbill.com.au or call 0444 599 715.

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