Fraudulent behaviour can take many forms and because of new technologies, there are always new ones. We therefore warn our clients of illegal actions, within which a diversion of payments can occur.
The whole system works as follows: the perpetrators manage to hack into the supplier’s email account and informs the company (our client) on the supplier’s behalf, to change bank details pertaining to the payment of the supplier invoices. The company in question subsequently modifies the payment instructions for their trading partner and the payments are subsequently remitted in favour of the fraudulent account. The company in question usually finds out only on the basis of the supplier’s urgent notice of claim for unpaid invoices.
For this reason, we recommend our clients to always verify in several ways (other email or phone) if it is really their trading partner who is actually changing the number of the bank account and not a fraudulent third party.