5 Steps to Future-Proof Your Small Business Against Scams

• Scam Prevention
• Cybersecurity
• SME Compliance

Get your business scam-safe before new legislation hits. Learn 5 key steps to prepare for Australia’s Scams Prevention Framework and boost cybersecurity.

Why SMEs Must Act Now on Scam Prevention

The Australian government’s proposed Scams Prevention Framework introduces tough new obligations for businesses. While initially targeting banks, telecoms, and digital platforms, it's expected to expand into e-commerce and fintech. Small businesses dealing with customer data or online payments must prepare now — or risk being left behind.

1. Be Proactive, Not Reactive

The framework demands a continuous, proactive approach to scam detection and prevention. Don’t wait to be regulated — implement fraud prevention tools today. Real-time monitoring systems and multi-factor customer verification are a must. In 2022 alone, Australian businesses lost $23.2 million to scams. Act early to protect both your customers and your bottom line.

2. Build a Strategic Anti-Scam Framework

Your business needs a solid governance structure that includes clear scam response strategies. A strong internal process for risk assessment, intelligence reporting, and crisis handling ensures you’re prepared if and when something goes wrong. Having this in place also builds trust with customers and regulators alike.

3. Invest in Risk Management Tools

Cybersecurity is no longer optional. Businesses must allocate resources to scam detection systems and staff training. Tools like Kount, Sift, or NoFraud offer automated fraud analysis that can stop scams before they do damage. Staff should know how to spot red flags and act quickly to contain threats.

4. Strengthen Cyber Leadership

Anti-scam governance starts at the top. Founders and senior leaders must take an active role in cybersecurity. Future compliance may require publishing scam protection policies and completing annual certification. Get ahead by embedding security into your business leadership and culture now.

5. Prepare for What’s Coming

The legislation will likely expand to cover a wider range of businesses. Civil penalties for non-compliance are real — now’s the time to build robust systems. A future-proof business is one that has already taken action before it’s mandated.

How to Become Scam-Ready

• Write a tailored fraud prevention plan based on your industry risks.
• Use smart detection tools to monitor transactions and user behaviour.
• Educate your team on spotting and responding to scams.
• Create reporting systems to alert regulators and inform customers fast.
• Collaborate with industry peers to share intelligence and reduce exposure.

Being scam-safe isn’t just about avoiding penalties — it’s about protecting your brand, your customers, and your future growth.