Beware of Change-of-Banking-Details Scam

Beware of Change-of-Banking-Details Scam

Businesses need to stay alert as scammers are using increasingly clever tactics to deceive them, especially during payment transactions. It's crucial to double-check supplier details thoroughly before making payments to minimise the risk of falling victim to scams like the change-of-banking-details scheme..

HOW SCAMMERS OPERATE:

• Your company receives correspondence purportedly from a supplier, indicating altered banking details.
• You're urged to update your records accordingly and direct future payments to the new account.
• However, the provided account information is fraudulent, diverting payments to the scammers instead of your legitimate supplier.

PROTECT YOURSELF WITH THESE 4 STEPS:

SCRUTINISE EMAILS:

• Watch out for minor discrepancies in email addresses or domain names, which scammers often exploit.
• Pay attention to subtle alterations, such as misspelled domains or domain suffixes (for example, .com instead of .co.za).

VERIFY SUPPLIER IDENTITY:

• Maintain direct communication with trusted contacts within your supplier network.
• Exercise caution when receiving requests from unfamiliar sources claiming to represent suppliers.

INDEPENDENTLY VERIFY REQUESTS:

• Always authenticate any change-of-banking-details requests through separate channels.
• Avoid responding directly to the email or contact provided in the suspicious correspondence.

SAFEGUARD INFORMATION:

• Protect sensitive company data and refrain from disclosing it to unverified parties.
• Consider alternative methods for sharing banking details with trusted contacts, such as secure communication channels.

WHAT TO DO IF SUSPICIOUS:

• Immediately report suspicious activity to your bank's fraud department.
• Forward the questionable email as an attachment to the designated fraud email address provided by your bank.
• Promptly delete the suspicious correspondence after reporting.

Remember, your bank will never solicit your card details via email or SMS. Stay vigilant and report any suspicious activity promptly to safeguard your business from financial scams.

DOCUMENT

You can download the infographic here:

Change-of-Banking-Details Scam (PDF)