Notably, there has been a spike in scams around buying heavy machinery, which makes up more than $1 million worth of total scam losses.
“These reported figures are likely the tip of the iceberg,” Australian Banking Association chief executive officer Anna Bligh said.
“With the number of scams for farmers and small businesses in regional areas increasing, there are some simple steps that can be taken to help protect people from scams.
“Services in Australia such as PayID, BPAY and e-invoicing will show who you’re paying before you pay, ensuring you pay the correct person, before you make the payment.
“PayID is user friendly, free to register and is offered by more than 100 banks, building societies, credit unions and other organisations.
“We encourage farmers and small businesses in regional areas to use a PayID as the more payments made with PayID the more protected customers will be.”
Ms Bligh said protecting customers’ information and funds was the highest priority for banks and that they stand ready to help customers.
“Farmers and small businesses are encouraged to speak with their bank about the best way to protect their accounts and if they notice any suspicious activity or think they have been scammed, it’s important to report this to their bank immediately.”
She said they were seeing instances of scammers taking advantage of flood-impacted communities.
“Sadly, we all need to be on the lookout for those impersonating government, volunteer, insurance and other organisations and report scammers to Scamwatch.”