HELP PROTECT YOUR BUSINESS FROM FRAUD

Scammers pose as an organisation that you’re due to pay and tell you there’s been a change of bank account details. Instead of paying your bill, the money then goes direct to the criminal’s account.

Fraudulent emails may appear to come from senior people, such as the CEO or Finance Director, within your business requesting an urgent payment to be made.

Emails are not always what they seem and although the payment instructions may look genuine, if the money is paid as requested, it could go straight to the fraudster's account. 

Fraudsters may also pretend to be clients, employees and supply chain partners.

They may also pretend to be a genuine employee and tell you their personal bank details have changed. The communication might ask you to make all future salary payments to a new fraudulent account, for example. 

This type of fraud predominantly targets businesses but individuals may still be targeted, especially those who buy and sell items online. Overpayment fraud is when a fraudster pays for goods or services by a fraudulent cheque. The cheque is made for a higher amount than the actual value.

The business reimburses the fraudster with the excess amount of money that was apparently paid to it in error, before the fraudster returns the correct cheque which gets unpaid ('bounces').

Not only does the business not get paid for the goods or services, but also loses further money because of the ‘excess payment’ it paid the fraudster.

Cheque overpayment fraud is often a method used in employment opportunity scams or transactions for goods and services sold through classified adverts.

Be vigilant. Check and challenge any requests, especially if they include any changes to usual account details, even if they come from someone senior.

Always contact the sender.

Always contact the individual to check the request is genuine. Speak to them in person or via the telephone, using a number you know and trust. Don’t respond to the email, use contact details you already hold and not those included in the request.

Make sure all staff are aware of this type of fraud and help them to stay vigilant, including the senior directors and CEO. Make sure staff feel able to approach senior people to verify if a request is genuine.

Have a documented process for the arrangement of payments. Any requests outside of this process, particularly if they are by email, should be treated as suspicious until verified with the individual directly.