Payment fraud, explained for finance teams
News, comparisons, case studies, and how-to guides for finance teams that move money.
The Archive
Two Perth Men Arrested: How a Supply Chain Attack Targets Australian Payments
AFP and FBI charged two Perth men over TeamPCP - a supply chain attack stealing 500,000 credentials. Here is what it means for your payment rail.
AFCA Proposes Doubling the Scam Cap to $1.26 Million Per Claim
AFCA proposes doubling the scam claim cap to $1.26M and introducing multi-party liability rules. What Australian banks, platforms and telcos must do before March 2027.
Charged: Telco Employee Sold Customer Data to Fund Payment Fraud
A Sydney telco worker sold customer data to criminal gangs - and fraud victims followed. Here's how stolen identity data fuels payment fraud, and how to stop it.
Nick Scali's Ransomware Hit Exposed Australia's Payment Control Blind Spot
Nick Scali's August 2026 ransomware attack forced manual payment processing. Here's what that reveals about payment fraud controls - and what businesses must fix before it happens to them.
The $3 Billion Mortgage Ring That Put Accountants Inside AUSTRAC's Net
A $3B mortgage fraud ring has charged accountants, brokers and bankers. Tranche 2 now makes those same professions AML reporters. Here's what changed.
The $4 Billion Syndicate: AI-Forged Loans and Australia's Mortgage Fraud Crisis
Australia's Big Four banks are under siege. A $4B AI mortgage fraud probe shows how AI-forged documents now launder crime into property.
HSBC's $35 Million Penalty and What It Means for Every Australian Business Making Payments
HSBC was fined $35M for failing to protect customers from scams. Here's what Australia's landmark ruling means for businesses making payments in 2026.
AUSTRAC Tranche 2 Is Live: You Can Verify Clients, Not the Bank Account
AUSTRAC Tranche 2 is live. 90,000 firms must now do KYC - but a WA court ruling shows the real liability is still the bank account. Here's what's missing.
PayTo's $3 Million Wake-Up Call: Why Faster Rails Demand Smarter Verification
A $3M fraud via 250 zombie accounts exposed a critical verification gap in Australia's PayTo rails. Here's what every business needs to know before money moves.
Australia's Scams Prevention Framework Is Now Law - and the September Clock Is Ticking
Australia's Scams Prevention Framework is now law. Banks, telcos and platforms face $50M fines per breach. Here's what changed on 1 July 2026 and what's coming 1 September.
Your Next Invoice Could Be a Deepfake: AI Fraud Targets Australian Businesses
AI deepfakes and voice cloning are behind a new wave of payment fraud hitting Australian businesses in 2026. Here's what changed, what it costs, and how to stop it.
Confirmation of Payee Is Live: What It Covers, What It Misses
Australia's banks reached industry-wide Confirmation of Payee coverage in 2026. What it covers, what it misses, and what B2B businesses need to do next.
Australia's Scams Prevention Framework Is Live - and Confirmation of Payee Is Now the Law
Australia's SPF Stage 1 went live 1 July 2026. Banks must now verify payees before money moves or face $50M fines. Here's what changed - and what still hasn't.
EOFY 2026: Why the Next 11 Days Are Australia's Highest-Risk Window for Payment Fraud
BEC losses hit $152.6M in 2024 - up 66%. With EOFY 11 days away and Stage 1 of Australia's Scams Prevention Framework now active, here is what finance teams need to know.
Australia's Scams Prevention Framework: What Payee Verification Means for Your Business
Australia's SPF consultation closes 25 June. Banks must verify payees before payments. Here's what changes - and what it means for your business.
$152 Million Lost as Australia's New Payment Fraud Law Arrives in 26 Days
BEC losses jumped 66% to $152.6M in 2024. Three charged in May. Australia's Scam Prevention Framework goes live 1 July. Here's what it fixes - and what it doesn't.
When PayTo Mandates Go Rogue: Inside Australia's $3 Million Zombie Account Fraud
250 zombie mule accounts. $3 million stolen. How fraudsters abused Revolut's PayTo feature weeks after launch - and what account verification would have stopped.
How a Fake Email and a New BSB Cost an Australian Government Agency $3.5 Million
BEC fraud cost Australian businesses $152.6 million in 2024 - up 66%. A real AFP case shows exactly where account verification stops the attack.
AUSTRAC's Warning: AI Is Now Forging the Identities Your Payments Land With
AUSTRAC warns AI is fabricating identities to launder $166.8M in redirected payments. Here is what breaks the chain before money leaves your accounts.
Your Finance Team Spots the Scam. Then the Manager Signs Off Anyway.
CommBank data shows 53% of managers miss BEC scams vs 76% of employees. Why human vigilance alone won't stop payment redirection fraud - and what does.
Australia's CoP Has Run 100 Million Checks - Here's What It Still Can't Stop
CoP hit 100M checks and blocked 10,000+ payments to criminal accounts. Here's what the milestone means - and the fraud gaps that remain wide open.
Stop payment fraud before money moves
Verify the person, business, and bank account before any payment leaves your account.