Cyber Safety: Preventing Invoice Fraud

August 7, 2023

As cybercrime continues to evolve, one concerning trend impacting CDF clients is the rise of Invoice Fraud, also known as Invoice Hacking or Invoice Redirection.

Invoice Fraud occurs when cybercriminals impersonate legitimate businesses and suppliers, intercepting emails containing invoices. These criminals send altered emails with invoices bearing their own bank account details, tricking recipients into making payments to fraudulent accounts.

The impact of Invoice Fraud has been significant. Since the Covid-19 pandemic, Scamwatch has reported that Australia's small businesses suffered losses of $14 million due to Invoice Fraud scams.

What makes Invoice Fraud particularly challenging to detect is its sophisticated nature, as there may be no obvious signs of a scam. Unlike traditional email scams, these fraudulent invoices often do not contain spelling mistakes or fake email addresses that would raise suspicions. Victims may remain unaware of the deception until weeks later when the genuine supplier contacts them to request payment, by which time their money has already been lost to cybercriminals.

To help safeguard your business against invoice fraud:

1. Always verify changes

When you receive requests to alter bank account details, email addresses, or payment information, take the time to verify these changes over the phone, using a contact number you already know or from the supplier's official website. Avoid using the contact information provided in the invoice, as it could be fraudulent. Human interaction during verification can minimize the risk of falling victim to invoice hacking.

2. Exercise caution and diligence

Avoid rushing or being pressured into making payments quickly; instead, carry out due diligence by double-checking the legitimacy and accuracy of the provided account details.

3. Review email addresses

Closely scrutinize any change requests to ensure they are not spoof emails. Look for any anomalies or inconsistencies in the email addresses, font or language, which could be indicative of fraudulent activity.

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Staying Fraud Safe: A Recent Case Study

April 1, 2025

In a world where the threat of fraud is constantly evolving, staying safe online is not just good practice — it’s essential. CDF recently helped identify and stop a fraud attempt on a client account that could have led to the loss of a significant amount of money. Here’s how it unfolded and what you can learn to protect your own digital security at home and at work. The power of human firewalls This situation, involving a current CDF customer, showcases a recent prevented fraud attempt: CDF received a transfer request from a registered client’s email address The transfer request involved making a payment to a new account, which the client had not previously transacted to CDF staff followed internal processes, requesting additional verification from the client When the fraudster couldn't provide further information, the staff member called the client directly This phone call revealed the email account had been compromised In this attempt, it was the human element that added the extra layer of security to an already robust internal process – it demonstrates the importance of proper security procedures when handling transfer requests, especially to new bank accounts. " Technology like emails can be compromised and used for fraud. Staying proactive, adhering to processes, and maintaining regular training is critical ," says CDF Information Security Manager, David Huang.

New National Platform for Catholic Events Launches: Introducing CathEvents Australia

March 31, 2025

Media Release A new online hub for Catholic events, CathEvents, has officially launched, providing a central platform for Catholics across Australia to find, share, and promote events that foster connection, faith, and Catholic leadership. CathEvents has been developed through the foresight and leadership of the Association of Ministerial Public Juridic Persons (AMPJP), in partnership with and supported by the Catholic Development Fund (CDF). This innovative initiative is designed to serve as Australia’s pre-eminent site for Catholic events, creating new opportunities for individuals and organisations to engage with one another and grow in their fa ith. For some years, Catholic events have been promoted to members on the AMPJP website, but in response to the call of the Plenary Council and Synod on Synodality to increase formation, AMPJP has established CathEvents as a national service to all Catholics and Catholic organisations. "CathEvents represents an important step in connecting Catholic communities around Australia. It is a place where anyone—whether from a parish, school, ministry, or community group—can easily find and share events that bring many more people together in faith and fellowship," said Moira Najdecki, Chair of AMPJP. The platform features a wide variety of events, including retreats, workshops, conferences, faith formation sessions, leadership training and special celebrations. It is designed to be user-friendly, enabling organisations to submit events for free and allowing visitors to search by category, location, and date. "We are proud to support CathEvents as part of our commitment to strengthening Catholic communities," said Brendan Hoy, General Manger Client Services at CDF. " This platform will provide a valuable resource for all those across the sector seeking to learn, grow and engage more deeply with their faith or one another." Key Features of CathEvents: Comprehensive listing of Catholic events nationwide. Easy-to-use search and filter functions. Free event submission for Catholic organisations and groups. Focus on community connection, faith formation and leadership development. CathEvents is now live and can be accessed at: www.cathevents.org.au Catholic organisations, parishes, schools, and individuals are warmly invited to visit the site, explore upcoming events, and contribute their own events to share with the wider community. Please note - CathEvents is not associated with CathNews, and is a separate service to the Australian Catholic community. About AMPJP The Association of Ministerial Public Juridic Persons (AMPJP) is a national association of Catholic entities entrusted with the mission of governance and leadership within the Church. Its member organisations minister in health, aged care, community services and education. AMPJP promotes collaboration, formation, and shared mission among Catholic organisations. About Catholic Development Fund (CDF) CDF provides financial solutions to Catholic organisations that balance margin and mission for the common good. Guided by Catholic Social Teaching, CDF supports Catholic schools, parishes, healthcare, aged care, and social service facilities, primarily through funding capital development projects, that strengthen the Church’s mission and ensure its lasting impact on the community. For media enquiries, please contact: Martin Teulan Executive Director, AMPJP 0408 867 046 executive.director@ampjp.org.au For website enquiries and advertising, please contact: Tony Biviano Project Leader 0448 465 128 cathevents@ampjp.org.au

Congratulations to Bishop George Kolodziej, the new Bishop of Bunbury

March 24, 2025

Catholic Development Fund (CDF) congratulates Bishop George Kolodziej SDS on his ordination and installation as the fifth Bishop of Bunbury. The ceremony took place on March 19, 2025, the Solemnity of Saint Joseph, at St Patrick's Cathedral in Bunbury. Archbishop Timothy Costelloe SDB, President of the Australian Catholic Bishops Conference (ACBC), presided over the ceremony as principal consecrator, and was joined by more than 19 bishops from across Australia, including CDF’s Board Member Most Rev. Anthony J. Ireland, Auxiliary Bishop of Melbourne. Tim O’Leary, CDF Deputy Chair of the Board, and Matthew Cassin, CDF Chief Executive Officer, were also in attendance amongst distinguished guests. Apostolic Nuncio Charles Balvo presented the Papal Bull during the ceremony, which brought together the entire Bunbury Catholic community—clergy, seminarians, acolytes, altar servers, musicians, choir members, Salvatorian priests from across Australia, and representatives from Catholic Education Western Australia Ltd and Catholic Religious Australia. In his poignant homily, Archbishop Costelloe highlighted the significance of Bishop George's middle name being Joseph, noting, "Perhaps today, as we celebrate the Solemnity of Saint Joseph, we might look to him as a model of this tender and compassionate presence to others, a model especially, though not only, for our soon-to-be Bishop George."

CDPF Limited, a company established by the Australian Catholic Bishops Conference, has indemnified the Catholic Development Fund ABN 15 274 943 760 (the Fund) against any liability arising out of a claim by investors in the Fund. In practice, this means your investment is backed by the assets of the Catholic Archdiocese of Melbourne. The Fund is required by law to make the following disclosure. Investment in the Fund is only intended to attract investors whose primary purpose for making their investment is to support the charitable purposes of the Fund. Investors’ funds will be used to generate a return to the Fund that will be applied to further the charitable works of the Archdiocese of Melbourne and the Dioceses of Sale and Bunbury. The Fund is not prudentially supervised by the Australian Prudential Regulation Authority nor has it been examined or approved by the Australian Securities and Investments Commission (ASIC). An investor in the Fund will not receive the benefit of the financial claims scheme or the depositor protection provisions in the Banking Act 1959 (Cth). The investments that the Fund offers are not subject to the usual protections for investors under the Corporations Act (Cth) or regulation by ASIC. Investors may be unable to get some or all of their money back when the investor expects or at all and investments in the Fund are not comparable to investments with banks, finance companies or fund managers. The Fund’s identification statement may be viewed here or by contacting the Fund. The Fund does not hold an Australian Financial Services Licence.