- Change in work practices prompts a notable increase in fraud on Irish business.
- Businesses urged to treat any requests to change supplier bank account details or transfer funds with extreme caution.
- Businesses should check with a known contact at a known number every time.
Invoice redirection fraud is where fraudsters pretend to be a supplier or service provider in order to trick employees into changing bank account payee details. A common tactic is to tell the business that their bank account details have changed and for all payments to be sent to a new account, controlled by the fraudster.
What to look out for:
- Fraudsters may write to a company’s finance or payments department either on forged headed paper or by email, pretending to be a supplier.
- Typically, they will say that their account details have changed.
- The payee account may be located either in Ireland or overseas.
- The fraudster may ask an employee to send a pending payment to the new account or to ensure that all future payments are sent to the new account.
“Business email fraud at any time has the potential to have a devastating impact on business. Training staff on the warning signs and verbally checking requests with a known contact will help safeguard business against avoidable losses. We are urging businesses not to drop their guard against email scams.”
Bank of Ireland’s advice to business:
- Be skeptical of urgent requests that do not follow typical company procedures and policies.
- Establish a documented internal process for requesting and authorising all payments.
- Consider how your business issues and accepts payment instructions. Email is NOT considered a secure means of communication unless encrypted.
- Always verify that the email is from the real sender before making any payment.
- Under no circumstances should contact details contained in the email or attachments be relied upon to verify the request.
- Notify the Bank immediately if you receive a suspicious email relating to payments or if you think you have been the victim of fraud.
- Visit /security-zone/protect-your-business/ for examples of business fraud and for advice on how to protect your business.