After speaking with a bank manager last week, we have been made aware of a new way fraudsters may attack your business.
First, you will receive an unknown payment into your bank account. The fraudsters then call you to state that they have paid money into your bank account in error and ask that you return it to them. Sometimes they even pose as a customer who has overpaid an invoice and ask for the overpayment to be returned.
Unbeknownst to you, they have paid a cheque into your account which will be returned unpaid.
Nowadays, many businesses make payments using BACS and the fraudsters are counting on you to return their payment via BACS.
By the time you realise that the cheque has been returned unpaid, the BACS payment you have made cannot be recalled and you have suffered a loss.
Take this opportunity to review your payment authorisation system. Make sure that everyone in your team who deals with bank payments is aware of potential fraudulent claims and ensure that all payments are properly approved.
We don’t want you to fall victim to these attacks.
