Australian businesses lost $60 million through scams last year, according to the Australian Competition and Consumer Commission (ACCC).

Attacks included hacking businesses’ email systems and impersonating key personnel to trick companies into directing payments to scammer accounts.

The ACCC is working with banks, money remitters and online classified sites to combat scams, resulting in improved detection and the blocking of suspect transactions.

Fraudsters are turning to unusual payment methods such as gift cards and cryptocurrency to avoid the detection systems used by banks. iTunes cards remain the most requested payment method, but demands for payment via Google Play are gaining in popularity.

Overall, a record $489 million, lost through more than 378,000 scams, was reported to the ACCC and other agencies last year – up 44% on 2017.