Australian firms falling prey to cybercrimes: TT Club


Most incidents still occurring overseas but effects of computer criminality is being felt here

Australian firms falling prey to cybercrimes: TT Club
Iain Sharples has highlighted issues close to home

 

While the transport and logistics industry here has been largely immune to cybercrime, its insidious effects have been felt by at least two Australian companies, mutual trade and transport insurer TT Club says.

The unnamed firms were doing trade in China, a seminar in Melbourne was told.

In one incident, an email was intercepted and the criminals’ bank account details, similar to the original, were substituted for that of the customer.

The unaware consignee used the now-fraudulent bank transfer details when the goods were sought, resulting in a US$60,000 insurance claim.

Local TT Club senior underwriter Iain Sharples raised issue to inform customers and brokers of developments here and overseas after both the TT Club and insurer Zurich both warned of the increasing global need for cyber-security measures earlier in the year.

Sharples says the event was viewed as a breakdown in internal processes, noting that the email intercept was a new way of carrying out an older crime and the details should have been checked.

Lawyer and TT Club senior claims executive Anouk Sireude says the incidents highlight how easy it was to create and terminate a short-term bank account in China for such purposes.

On a development in Europe that may become relevant in this country, Sharples also points to the vulnerability of freight exchange sites to criminal activity.

There, gangs have bought failed trucking companies, run them for a few jobs to create a track record, made an overwhelmingly attractive bid for a valuable cargo on the site and disappeared with it.

Another trick is where stocktake systems are invaded to show fewer goods sent than in actual fact and the difference is then purloined.

Sharples also raised the issue of company vulnerability due to employee disgruntlement coming to the notice of gangs after being aired on social media.

 

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