Times are tough right now, and scammers know it. Local businesses are being targeted precisely because many of us are under pressure and looking for ways to keep the lights on.
Like most small businesses, we’re feeling the pinch. Cash flow is tighter, costs are up, and every decision matters. But despite that, we are not looking for a loan. Unfortunately, the scammers don’t know — or care — about that.
Over the past week alone, we’ve received more than five calls from a group calling themselves the “Business Finance Department”. They claim to offer low-interest business loans and repeatedly stress that they are an unsecured lender.
It sounds good.
In fact, it sounds too good.
Scams Are Never Straightforward
A common response I hear is:
“But what if I don’t give them any money? How could they scam me?”
Here’s the uncomfortable truth: they may not want your money at all.
What you do have is:
- A business bank account
- An ABN
- Identity documents
- Login details
- A legitimate business name they can hide behind
There’s a very real chance they’re trying to:
- Use your account for money laundering
- Steal your identity
- Create accounts or loans in your name
- Gain access to existing financial systems
If you’re applying for a loan, you’re often willing to hand over a huge amount of sensitive information. That information is valuable — even if your bank balance isn’t.
Scams evolve. Sometimes they want your identity. Sometimes your credentials. Sometimes just access.
How to Spot a Scam
1. It’s Too Good to Be True
We’ve all heard this one, but it matters more when you’re under stress. When you’re desperate, the logical part of your brain that spots red flags can switch off. That’s exactly what scammers rely on.
2. They Contacted You
In every legitimate loan I’ve ever taken out, I had to do the searching. I had to approach lenders, compare terms, and apply.
Random phone calls offering money should always ring alarm bells.
3. They Know Nothing About Your Business
Some scammers do research, but many don’t. Ask yourself this:
If you were a legitimate lender, would you cold-call random businesses without knowing their financials, industry, or history?
Unlikely.
4. Pushy Sales Tactics
I already dislike pushy salespeople. But someone being aggressive about giving you money? That’s a whole new level of suspicious.
In these calls, the “salesperson” barely listens. They talk over you, ignore questions, and push for a yes.
More than once, I asked for an ASIC registration number. Each time, the question was ignored and replaced with:
“So do you want the money or not?”
That tells you everything you need to know.
Dangerous Assumptions That Can Cost You Everything
Many people believe they understand scams — right up until they become victims. Here are some common assumptions that make people vulnerable.
“All Scammers Are Overseas”
This is a big one.
Yes, many scams originate overseas — but some of the most dangerous scammers sound exactly like you. Native-born Australians, fluent, confident, and convincing.
An Australian accent does not mean legitimacy.
“Bad Spelling Means They’re Stupid”
Surprisingly, poor spelling is often deliberate.
Scammers don’t want people who are alert and questioning. They want people who won’t notice red flags. Filtering out careful readers saves them time and reduces the risk of being reported.
It’s not incompetence — it’s strategy.
“Some of What They Say Must Be Real”
After being scammed, many victims try to track down the person responsible. They Google names, search social media, and look up businesses.
What they often don’t realise is this:
Almost everything the scammer told them was likely fake.
Names, locations, companies, and profiles are often stolen or completely fabricated. Even when details appear to check out, they may belong to an innocent third party.
Final Thought
Scams don’t rely on stupidity — they rely on pressure, timing, and trust.
If someone calls you offering money, pushing for quick decisions, and avoiding basic verification, slow down and step away. No legitimate business deal falls apart because you took time to verify it.
Stay cautious. Stay sceptical. And when in doubt, hang up.