Eunexus Warns of Growing Business Fraud

August, 2011    
Current News

Eunexus has received numerous reports from banking clients of businesses suffering significant losses as a result of an emerging fraud trend involving fraudulent requests for an organisation's supplier's banking details to be updated. Losses from this style of fraud can be significant and business who have fallen victim to this scam are often not aware of it until they are chased for payment by the genuine supplier.

The scam is perpetrated by fraudsters contacting business purporting to be from a supplier that the business has genuine dealings with, the fraudsters are then advising that the suppliers banking details have changed and that all future invoices should be paid to the new account details as provided. Advice may be received via email, fax or letter and may include official looking, but fraudulently created, names, letter heads and signatures.

Fraud such as this are not and with a few simple checks are often easily identified. Eunexus advises all business to closely scrutinise any requests to update supplier details – be it banking or other contact information – and if possible confirm the request by initiating contact on historic or known details of the supplier.

Tips on how to avoid falling victim to a similar scam:

• Always be wary of providing sensitive data about suppliers, clients, business partners or staff to unknown parties.
• Always be wary of requests to update banking or contact details and where possible seek to confirm the changes by making contact with the third party via a known contact method.
• If you receive an unexpected phone call requesting to discuss any sensitive information then request that you call them back on a number that you find listed publically for the respective business or individual.
• Restrict access to supplier's sensitive data from all but those who require it for their job.

If you would like more information on any of Eunexus' practical fraud solutions or services please contact Eunexus.

Click here to return to Eunexus news.

If you would like more information on any of Eunexus' solutions or services please contact us now.