With the end of financial year looming, NAB's Executive for Regional and Agribusiness, Khan Horne has some timely tips for agribusinesses to help protect business wealth and build resilience in a tax-effective manner.
Be vigilant about cyber security and tax time scams
Technology is helping farmers become more productive and profitable, but if not secure, it can also make you more vulnerable to cybercriminals looking to exploit it. Put some of your trusting nature aside and be vigilant in assessing potential risks.
Recent NAB research shows one in three small and medium sized enterprises (SMEs) has been a victim of a cyber-attack or scam, losing, on average, $19,000. At the same time, only four in 10 SMEs believe they are being very vigilant regarding their cyber security.
Farmers hold business data and intellectual property that's very attractive to cyber criminals. For example, most farmers deal electronically with suppliers and their customers, creating masses of business data that cyber criminals look to steal for financial benefit.
Use this time of year to think about how you're protecting yourself and invest in tools to keep your business safe such as Multi-Factor Authentication and antivirus software that is kept up to date. NAB has anti-virus software offers available to customers.
Have separate mobile phones and computers for work and personal use. This helps reduce exposure to a malware attack, which 36% of SMEs surveyed said they had been a victim of.
Quick tips:
- NAB will never ask you to transfer money to another account to keep it safe – it's safe where it is.
- NAB will never ask you to log on to your bank accounts or provide your personal information via a link in an email or SMS.
- Be cautious of any message that has a sense of urgency. Scammers use these tactics to get you to act quickly and pray on people's vulnerabilities.
- Ring and check payment details when paying someone for the first time or if there is a change in account details. This helps reduce the risk of business email compromise scams, including invoice scams.
This is the time of year criminals may attempt to take advantage of EOFY to gain access to your money and information. Some EOFY scam examples include tax refund scams, tax owed scams and ABN scams.
