Scam Alert : We should positively identify bank details before payment.There is an increasingly prevalent scam by fraudsters who hack a business email account and then intercept emails or invoices with bank account details. The payment details are altered, and the email is sent to the original recipient. This can happen on either side of a transaction.
The recipient believes the details received and pays the fraudster. That money is often lost, with little prospect of recovery. In the UK this is so common that the Guardian complained that neither the police nor the Financial Services Ombudsman could do anything due to being overwhelmed by the number of such cases. Australia seems to be subject to the same kind of attack now. Couple that with privacy laws, and it could be a difficult to recover any money, not to mention the business risk of not meeting a due payment.
So, what to do? Well, there’s nothing like face-to-face for positive identification or calling to speak to a known “voice” to verify the payment details. A small step, but it could save a lot of pain…
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