UK Invoice Redirection Scam

Run a business?  Don’t get caught out by this invoice redirection scam.  Fraudsters are contacting businesses pretending to be from a regular legit supplier of goods or services and asking them to update their payment details…  Please read the advice below that Natwest and the Met police give on this scam

Natwest Advice on the Invoice Redirection Scam

If you received a letter from a key supplier asking you to update the bank details you hold on file for them, what would you do? Would you take it at face value and update your records? Or would you take steps to verify it? Every day fraudsters create fake instructions that appear to come from legitimate companies. Press releases, testimonials and other sources in the public domain provide information to criminals about trading relationships. The letters look realistic but anyone can obtain logos and the names of directors from the Internet. They tell you the supplier has switched to a different bank and you must update the details recorded in your electronic banking system.

When you next pay the supplier, the money goes to the new account, but that account belongs to the fraudster. Your real supplier has not been paid – you still owe them and that can have severe consequences for your cashflow. We don’t want this to happen to you so if you receive an instruction asking you to update bank details, always make sure that the instruction is genuine. Reach out to someone you know at the company but don’t use any contact details quoted on the instruction itself.

Source: Natwest (youtube)


Met Police Advice on the Invoice Redirection Scam

Being in business is hard work. You’re always busy. Emails and calls come in all the time from suppliers, customers and colleagues… that’s normal. But criminals try to take advantage of the pressure you’re under they call or email pretending to be one of your contractors, customers or suppliers. And they say they’ve changed their details or bank account, or they pretend to be your boss, and say you need to make an urgent and confidential payment.

They send through the new payment details which look totally authentic. It’s got the right logo the right names and maybe it’s even the right email address. Or, it’s a genuine invoice you might have seen before. So you make the payments using the new account details. Job done! But you’ve just been conned. The problem is – emails, phone calls or letters can easily be faked or spoofed. The account details are real but, they’re the criminal’s. They take the cash and disappear. It happens thousands of times a year, and the average loss is in the tens of thousands The best defence is to take five minutes. Don’t do what they’re asking. Instead get in touch with them, using the phone number or email that you usually use, not the ones listed in the email. Ask if it’s genuine.

If it is then that’s fine! But if it isn’t – it’s a scam. And remember… The scammers might try again pretending to be an irate accounts person, or the boss of the company or even your boss. They’re just trying to put pressure on you to pay. If they do, don’t panic take five. Call someone you know and check again. It doesn’t take long but it can save you, and your business a lot of money.

Source Met Police (youtube)

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