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Change of bank account details scam – how fraudsters intercept your invoices

Change of bank account details scam – how fraudsters intercept your invoices

Scammers are getting more sophisticated with every passing day. The latest is the change of bank account details scam. By hacking your email account, they intercept and redirect invoices, and then alter the banking account details to defraud you.

You will never see the original invoice and only realise the deception when a disgruntled creditor or supplier demands payment. Whether you are an individual or a business, you can be vulnerable to this change of bank details scam.

How the scammers do it

The scammers often get your user name and passwords through phishing emails and then hack your personal or business email account.

They troll and monitor your email account for an opportunity to intercept an invoice. For example, when you are purchasing goods and awaiting an invoice on email, or if your business is sending an invoice by email.

The scammers intercept an email, change the bank details on the invoice and send it on for payment. In many cases, they use spoofing to make the email address seem credible and trustworthy. Spoofing changes a letter or domain in the email address to make it appear legitimate.

The recipient pays the invoice thinking it comes from a legitimate source – when in fact the money is paid into the scammer’s account.

What are the consequences?

Here are some tips to help you prevent this fraud:

  • If you are running a business, you can pre-empt this type of attack. Let current and new clients know that your banking details will never change. If they receive any correspondence announcing a change in bank details, advise them to contact you and verify your banking details before they pay.
  • You can also consider leaving your bank details off your invoices and call clients to give them this information instead.
  • If you’re an individual who is supplying banking details, don’t email invoices with bank details. Rather give your banking information directly over the telephone.

If you become a victim of the change of banking details scam, contact the Investec Fraud Team immediately +27 (0)11 290 8955

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Change of bank account details scam – how fraudsters intercept your invoices

Change of bank account details scam – how fraudsters intercept your invoices Scammers are getting more sophisticated with every passing day. The latest is the change...

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