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Banking Details Scam

In this scam, you will receive a letter on a company letterhead that appears to be authentic (or an email from a company that you believe is one of your trusted suppliers) informing you of a change to their bank account details. The letter may be accompanied by a ‘cancelled cheque’ showing the ‘new’ bank account details. As soon as you make a payment to the 'new' account, the fraudster withdraws the funds immediately.

How to protect yourself from banking details scams

  • Always call the beneficiaries (creditors) before updating or changing their banking details on your systems
  • Alternatively, you can make use of the account verification service (AVS)
  • Always check for spelling and grammar errors, or other mistakes that will give the fraudsters away